000			02765nam a22003257i 4500
005			20250810155003.0
008			250728q2023 nyua fr 001 0 eng d
020			_a9780197542064
040			_aEG-GaU‬‬ _cEG-GaU‬‬ _dEG-GaU‬‬ _erda
082	0	4	_223 _a332.63 _bF.T.M
100	1		_aFoucault, Thierry, _eauthor. _962000
245	1	0	_aMarket liquidity : _btheory, evidence, and policy / _cThierry Foucault, Marco Pagano, Ailsa Röell.
250			_aSecond edition.
264		1	_aNew York : _bOxford University Press, _c[2023].
300			_a510 pages : _billustrations ; _c24 cm.
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
504			_aIncludes bibliographical references and index.
505			_aPreface -- Introduction -- Part One: Institutions -- 1. Trading Mechanics and Market Structure -- 2. Measuring Liquidity -- 3. Order Flow, Liquidity, and Security Price Dynamics -- 4. Trade Size and Market Depth -- 5. Estimating the Determinants of Market Illiquidity -- Part Two: Market Design and Regulation -- 6. Limit Order Book Markets -- 7. Market Fragmentation -- 8. Market Transparency -- 9. Algorithmic and High Frequency Trading -- Part Three: Implications for Asset Prices, Financial Instability, and Corporate Policies -- 10. Liquidity and Asset Prices -- 11. Financial Stability and Market Liquidity -- 12. Liquidity, Price Discovery, and Corporate Policies -- References -- Index.
520			_aThe way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. In Market Liquidity, Thierry Foucault, Marco Pagano, and Ailsa Röell offer a more accurate take on the liquidity of securities markets, its determinants, and its effects. They start from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of participants who are have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors.
650		4	_aLiquidity (Economics). _962001
650		4	_aFinancial markets. _962002
650		4	_aMarket structure. _962003
650		4	_aFinancial regulation. _962004
700	1		_aPagano, Marco, _eauthor. _962005
700	1		_aRöell, Ailsa, _eauthor. _962006
942			_2ddc _cBK
999			_c11649 _d11649