Market liquidity
asset pricing, risk, and crises
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Publication
2013 - Cambridge University Press, Cambridge, England
Language
English
Word Count
73,000 words, Guess
Page Count
292 pages
Identifiers
- ISBN-100521191769
- ISBN-139780521191760
- ISBN-139780521139656
- ISBN-100521139651
- Library of Congress Control Number2012010868
and 4 more
- OCLC Control Number780415776
- Better World Books9780521139656
- Better World Books9780521191760
- Open LibraryOL25253338M
Classifications
- DDC332.63/222
- LCCHG178 .M37 2013
- LCCHG178.M37 2013
Description
"This book is about the pricing of liquidity. We present theory and evidence on how liquidity affects securities prices, why liquidity varies over time, how a drop in liquidity leads to a drop in prices, and why liquidity crises create liquidity spirals. The analysis has implications for traders, risk managers, central bankers, performance evaluation, economic policy, regulation of financial markets, management of liquidity crises, and academic research. Liquidity and its converse, illiquidity, are elusive concepts: You know it when you see it, but it is hard to define. A liquid security is characterized by the ability to buy or sell large amounts of it at low cost. A good example is U.S. Treasury Bills, which can be sold in blocks of $20 million dollars instantaneously at the cost of a fraction of a basis point"--
Other Editions
- Market liquidity: asset pricing, risk, and crises
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