학술논문
The Limits of Liquidity.
Document Type
Article
Author
Source
Subject
*Liquidity (Economics)
*Capital assets pricing model
*Stock exchanges
*Prices
*Industrial organization (Economic theory)
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Language
ISSN
0192-5660
Abstract
The article offers information on the subject of stock market liquidity. It describes a frictionless environment of the Capital Asset Pricing Model where liquidity is perfect. It discusses two major functions of a marketplace which are price discovery and quantity discovery. It analyzes the role of market structure in the production of liquidity. It also presents an overview of the limits of liquidity.