29
Identification and Valuation Implications of Financial Market Spirals
Chapter Outline
29.2.1 Market Illiquidity Spirals
29.2.2 Market Liquidity and Security Valuation
29.2.3 Studies Motivating our Control Variables
29.3 Data and Descriptive Statistics
29.3.1 Spiral Measures: Illiquidity Spiral and Loss Spiral
29.1 Introduction
Liquidity is a critically important factor for financial market stability and efficiency. Reduced liquidity played a crucial role in exacerbating the 1987 stock market crash, and in causing the near collapse of both financial ...
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