This book presents the theory and evidence on the effect of market liquidity and liquidity risk on asset prices and on overall securities market performance. Illiquidity means incurring a high transaction cost, which includes a large price impact when......

This book is about the pricing of liquidity in securities markets. The authors present theory and evidence on the positive effect of liquidity on asset prices, why liquidity varies over time, and how liquidity risk affects prices. The book then explains how liquidity crises create downward price and liquidity spirals....

This is a reprnit of a previously published book. it deals with changes on the U.S. financial market by the Securities Acts Amendment of 1975....

This is a reprint of a previously published book. It consists of a series of papers by experts in the field on how the exchange rate volatility of the 1980s affected the financial policies of international firms....

As the financial services industry becomes increasingly international, the more narrowly defined and historically protected national financial markets become less significant. Consequently, financial institutions must achieve a critical size in order to compete....