| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2641 |
| 来源ID | Working Paper 2641 |
| Liquidity and Market Structure | |
| Sanford J. Grossman; Merton H. Miller | |
| 发表日期 | 1988-07-01 |
| 出版年 | 1988 |
| 语种 | 英语 |
| 摘要 | Market liquidity is modeled as being determined by the demand and supply of immediacy. Exogenous liquidity events coupled with the risk of delayed trade create a demand for immediacy. Market makers supply immediacy by their continuous presence. and willingness to bear risk during the time period between the arrival of final buyers and sellers. In the long run the number of market makers adjusts to equate the supply and demand for immediacy. This determine the equilibrium level of liquidity in the market. The lower is the autocorrelation in rates of return, the higher is the equilibrium level of liquidity. |
| 主题 | Financial Economics ; Industrial Organization |
| URL | https://www.nber.org/papers/w2641 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559900 |
| 推荐引用方式 GB/T 7714 | Sanford J. Grossman,Merton H. Miller. Liquidity and Market Structure. 1988. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2641.pdf（269KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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