market liquidityS&P 500US Equitiesjumpsspectral analysisWe use a new framework to analyze the liquidity trends in the US equity markets, based on the intra-day price trend. The analysis suggests that the proportion oGoel, RohitMalik, Sheheryar...
The Value of (Stock) Liquidity in the Market for M&A Massimo Massa* and Moqi Xu** Abstract We study the value of stock liquidity in the market for corporate control. We argue that the degree of liquidity of the target s stock spreads to the combined firm. Public acquirers, especially ...
Recent research on liquidity has reported that aggregate liquidity in the stock market varies over time, and evidence suggests that this variation affects stock returns. Although the importance of market liquidity in asset pricing has been well documented, little is known about what causes stock marke...
In the recent financial crisis we saw liquidity in the stock market drying up as a precursor to the crisis in the real economy. We show that such effects are not new; in fact, we find a strong relation between stock market liquidity and the business cycle. We also show that investors' ...
Stock Market Liquidity 2024 pdf epub mobi 电子书 图书描述 Market microstructure, the study of financial market frictions at a micro level, helps us refine our understanding of what may be driving market liquidity and provides tools to investors of all stripes to profit from this knowledge. In St...
The Value of (Stock) Liquidity in the M&A Market We study the value of stock liquidity in the market for corporate control and show that the target firm's liquidity has an impact on the transaction itself... M Massa,M Xu - 《Journal of Financial & Quantitative Analysis》 被引量: 14...
As such, liquid stock markets become demand side substitutes for bank debt since corporations can now raise money from the stock market more cheaply. Lin (2020), in a recent paper provides evidence to this phenomenon. The author finds that the deposit growth and the lending growth in the ...
Ownership Structure Stock Market Liquidity and Firm Value in China We document a positive relation between stock liquidity and firm value. We examine the mechanism through which stock market liquidity enhances firm value b... 邱壢金,Chiu LiJin 被引量: 0发表: 2012年 Product Market Power and Stock...
Levine & Zervos ( 1998 ) presented cross-country econometric evidence showing that, in a sample of 47 countries, stock market liquidity contributed a significant positive influence on GDP growth between 1976–93. We show that the Levine–Zervos results are not robust to alternative specifications be...
A credit crunch at Chinese banks in June 2013 caused interbank interest rates to surge to double digits and pounded the stock market, sparking concern among investors and leaving them with a long-lasting memory. "We believe that liquidity conditions are likely to further tighten slightly in June...