Market Liquidity 在线电子书 图书标签: 金融 Finance 经济学 教材 英文 经济 market 经济金融
发表于2024-12-23
Market Liquidity 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2024
Limits to Market Efficiency, Foucault老师很棒啊
评分Limits to Market Efficiency, Foucault老师很棒啊
评分市场微观结构经典教科书
评分越来越不喜欢看这类理论的书了,感觉没有什么指导意义。
评分市场微观结构经典教科书
Thierry Foucault is Professor of Finance, HEC Paris International Business School. Marco Pagano is Professor of Economics, University of Naples Federico II. Ailsa Roell is Professor of International and Public Affairs, Columbia University.
The 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. Market Liquidity offers a more accurate and authoritative take on liquidity and price discovery. The authors 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. This book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have accumulated in the last thirty years, and have come to form a well-defined field within financial economics known as 'market microstructure.' Focusing on liquidity and price discovery, they analyze the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity suffers. The book also confronts many puzzling phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time, why large trades move prices up or down, and why these price changes are subsequently reversed, why we see concentration of securities trading, why some traders willingly disclose their intended trades while others hide them, and why we observe temporary deviations from arbitrage prices.
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Market Liquidity 在线电子书 pdf 下载 txt下载 epub 下载 mobi 下载 2024