000			02140nam a22003377a 4500
001			sulb-eb0017055
003			BD-SySUS
005			20160405140630.0
008			101027s2012||||enk o ||1 0|eng|d
020			_a9780511844393 (ebook)
020			_z9780521191760 (hardback)
020			_z9780521139656 (paperback)
040			_aUkCbUP _beng _erda _cUkCbUP _dBD-SySUS.
050	0	0	_aHG178 _b.M37 2013
082	0	0	_a332.63/222 _223
100	1		_aAmihud, Yakov, _eauthor.
245	1	0	_aMarket Liquidity : _bAsset Pricing, Risk, and Crises / _cYakov Amihud, Haim Mendelson, Lasse Heje Pedersen.
264		1	_aCambridge : _bCambridge University Press, _c2012.
300			_a1 online resource (292 pages) : _bdigital, PDF file(s).
336			_atext _btxt _2rdacontent
337			_acomputer _bc _2rdamedia
338			_aonline resource _bcr _2rdacarrier
500			_aTitle from publisher's bibliographic system (viewed on 04 Apr 2016).
520			_aThis 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.
650		0	_aLiquidity (Economics)
700	1		_aMendelson, Haim, _eauthor.
700	1		_aPedersen, Lasse Heje, _eauthor.
776	0	8	_iPrint version: _z9780521191760
856	4	0	_uhttp://dx.doi.org/10.1017/CBO9780511844393
942			_2Dewey Decimal Classification _ceBooks
999			_c38493 _d38493