Liquidity and market crashes
"In this paper, we develop an equilibrium model for stock market liquidity and its impact on asset prices when constant market presence is costly. We show that even when agents' trading needs are perfectly matched, costly market presence prevents them from synchronizing their trades and h...
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| Format: | UnknownFormat |
| Sprache: | eng |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
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| Schriftenreihe: | NBER working paper series
14013 |
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