Liquidity revisited
Article Abstract:
A review on the increases in average liquidity ratios in the New York Stock Exchange (NYSE), the American Stock Exchange (ASE) and the National Market System (NMS) for the past decade showed that those trading environments present increased liquidity of common stocks. On the other hand, large capitalization companies demonstrated reduced liquidity of stock when traded on exchanges or NASDAQ. The price range at which the stocks were traded is found to influence the liquidity of the stocks.
Publication Name: Studies in Economics and Finance
Subject: Economics
ISSN: 1086-7376
Year: 1996
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Liquidity revisited
Article Abstract:
The stocks traded at the New York Stock Exchange, the American Stock Exchange and the NASDAQ Market System exhibit differences in liquidity due to the increasing amount of issues traded and trader interests in topics such as market mechanisms and transaction costs. A statistical analysis of market data from 1990 to 1994 reveals that liquidity changes may have been caused by the sensitivity of traders to prices and changes in liquidity ratios.
Publication Name: Studies in Economics and Finance
Subject: Economics
ISSN: 1086-7376
Year: 1996
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Factors and the pricing of IPO aftermarket returns
Article Abstract:
The aftermarket performance of initial public offerings (IPOs) in hot and cold markets is analyzed using a multifactor logit model. It is found that IPOs behave differently in hot and cold markets and that the return of IPOs in each market is affected by risk aversion. Results also show that hot market investors are less risk averse than those in cold markets and use several factors to protect against uncertainty of returns.
Publication Name: Studies in Economics and Finance
Subject: Economics
ISSN: 1086-7376
Year: 1998
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