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Das Informations-Zeitalter bringt dramatischen betrieblichen
Wandel. Mit ihrem Konzept eines Organisations-IQ entwickeln die
Autoren quantitative Instrumente, um festzustellen, wie
Organisationen Informationen aufnehmen und ihre
Informations-Architektur aufbauen. Mit vielen Fallstudien.
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.
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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