Results 171 to 180 of about 292,088 (207)
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Local Market Makers, Liquidity and Market Quality
SSRN Electronic Journal, 2008We examine the role of geographically proximate (local) market makers in providing liquidity and improving the quality of a dealer market. Firms with active participation of local dealers enjoy lower quoted and effective spreads, as well as more informative prices.
Simi Kedia, Xing Zhou
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Measuring Liquidity in Emerging Markets
SSRN Electronic Journal, 2013We propose a modified version of the Amihud illiquidity measure, AdjILLIQ, which performs well in different types of emerging markets. Our AdjILLIQ measure combines the virtues of the original Amihud ratio and the non-trading-frequency measure. It exhibits higher correlation with spread and price impact than other existing low-frequency liquidity ...
Kang, W., Zhang, Huiping
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Balance Sheet, 2000
Discusses a talk given by Ross Jones at the UK Asset and Liability Management Association about the effect globalization is having on the increased lack of financial controls. Looks at the history of liquidation and how it was achieved. Further investigates IT and the markets and how they have changed under technology’s influence – but that it should ...
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Discusses a talk given by Ross Jones at the UK Asset and Liability Management Association about the effect globalization is having on the increased lack of financial controls. Looks at the history of liquidation and how it was achieved. Further investigates IT and the markets and how they have changed under technology’s influence – but that it should ...
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Liquid Capital and Market Liquidity
The Economic Journal, 2009This article considers how the supply of liquid capital affects the liquidity of asset markets. The article views the former notion as a technological property of real investments and the latter as an endogenous property of financial market equilibrium, and describes a channel by which the two are linked. When agents hold more wealth in technologically
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Multimarket Trading and Market Liquidity
Review of Financial Studies, 1991When a security trades at multiple locations simultaneously, an informed trader has several avenues in which to exploit his private information. The greater the proportion of liquidity trading by "large" traders who can split their trades across markets, the larger is the correlation between volume in different markets and the smaller is the ...
Chowdhry, Bhagwan, Nanda, Vikram
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Liquidity and Financial Market Runs
The Quarterly Journal of Economics, 2004Summary: We model a run on a financial market, in which each risk-neutral investor fears having to liquidate shares after a run, but before prices can recover back to fundamental values. To avoid having to possibly liquidate shares at the marginal postrun price -- in which case the risk-averse market-making sector will already hold a lot of share ...
Antonio Bernardo, Ivo Welch
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Market Liquidity and Performance Monitoring
Journal of Political Economy, 1993This paper studies the value of the stock market as a monitor of managerial performance. It shows that the stock price incorporates performance information that cannot be extracted from the firm's current or future profit data. The additional information is useful for structuring managerial incentives.
Holmström, Bengt, Tirole, Jean
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On Market Liquidity and Liquid Balances
SSRN Electronic Journal, 2005Are securities markets more liquid when the economy is more liquid? If so, why? One possibility is that market depth depends on credit constrained intermediaries. This paper offers another explanation, which does not involve frictions or market segmentation.
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Liquidity Measurement in Frontier Markets
SSRN Electronic Journal, 2012Frontier markets, which are countries that have not yet reached emerging market status, have been shown to provide diversification benefits for international investors. However, many stocks in these markets are thinly traded so liquidity is an important consideration.
Ben R. Marshall +2 more
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Liquidity Effects in the Bond Market [PDF]
, 2001 U.S. Treasury securities are nominal assets that are subject to two sources of risk: inflation risk, and bond-supply risk. Inflation risk is well-known, but supply risk has received little attention. For reasons we shall discuss in the body of the paper, the amount of securities offered to the public or withdrawn from circulation is not fully ...
Boyan Jovanovic, Peter L. Rousseau
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