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portada Market Liquidity Hardback
Type
Physical Book
Author
Publisher
Year
2012
Language
English
Pages
292
Format
Hardcover
Dimensions
23.1 x 15.0 x 2.3 cm
Weight
0.52 kg.
ISBN
0521191769
ISBN13
9780521191760
Categories

Market Liquidity Hardback

Haim Mendelson (Author) · Yakov Amihud (Author) · Lasse Heje Pedersen (Author) · Cambridge University Press · Hardcover

Market Liquidity Hardback - Amihud, Yakov ; Mendelson, Haim ; Pedersen, Lasse Heje

New Book Imported to South Africa
Delivery: 24 Aug - 02 Sep Shipping: 5 to 6 business days.
R 2,837
R 2,837

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Synopsis "Market Liquidity Hardback "

This book presents the theory and evidence on the effect of market liquidity and liquidity risk on asset prices and on overall securities market performance. Illiquidity means incurring a high transaction cost, which includes a large price impact when trading and facing a long time to unload a large position. Liquidity risk is higher if a security becomes more illiquid when it needs to be traded in the future, which will raise trading cost. The book shows that higher illiquidity and greater liquidity risk reduce securities prices and raise the expected return that investors require as compensation. Aggregate market liquidity is linked to funding liquidity, which affects the provision of liquidity services. When these become constrained, there is a liquidity crisis which leads to downward price and liquidity spiral. Overall, the volume demonstrates the important role of liquidity in asset pricing.

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The binding of this edition is Hardcover.

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