排序方式： 共有15条查询结果，搜索用时 15 毫秒
1.
2.
Haim Mendelson 《Journal of Economic Theory》1985,37(2):254-280
This paper studies the behavior of a competitive exchange under uncertain preferences and random indivisible endowments. We obtain explicit closed-form results for the price distribution and expected gains from trade, both for case where the market is “thin” and the number of traders is low, and for the asymptotic case where the number of traders tends to infinity. We demonstrate that increasing the number of traders reduces price variability and increases the expected gains from trade, and that increasing the variability of traders' reservation prices increases price variability as well as the expected asymptotic gains from trade. 相似文献
3.
Number of Shareholders and Stock Prices: Evidence from Japan 总被引：4，自引：0，他引：4
Merton (1987) proposes that an increase in a firm's investor base increases the firm's value. In Japan, companies can reduce their stock's minimum trading unit—the number of shares in a round lot—which facilitates trading in the stock by small investors. We find that a reduction in the minimum trading unit greatly increases a firm's base of individual investors and its stock liquidity, and is associated with a significant increase in the stock price. Further, the stock price appreciation is positively related to an increase in the number of shareholders. 相似文献
4.
5.
An asset is liquid if it can be traded at the prevailing market price quickly and at low cost. We show that in addition to
risk, liquidity affects asset prices and returns. Theories of asset pricing suggest that the expected return of an asset is
increasing in its risk, because risk-averse investors require compensation for bearing more risk. Because investors are also
averse to the costs of illiquidity and want to be compensated for bearing them, asset returns are increasing in illiquidity. Thus, asset prices should depend on two asset characteristics: risk and liquidity. This paper surveys research on the effects
of liquidity on asset prices and returns, showing that liquidity is an important factor in capital asset pricing. 相似文献
6.
Donald S. Elliott Jr. Michael A. Quinn Robert E. Mendelson 《Real Estate Economics》1985,13(4):424-445
7.
The theory of corporate finance has been based on the idea that a company's market value is determined mainly by just two variables: the company's expected aftertax operating cash flows or earnings, and the risk associated with producing them. The authors argue that there is another important factor affecting a company's value: the liquidity of its own securities, debt as well as equity. The paper supports this argument by reviewing the large and growing body of evidence showing that differences—and, perhaps even more important, sudden changes—in liquidity can have major effects on the pricing of corporate stocks and bonds or, equivalently, on investors' required returns for holding them. The authors also suggest that the liquidity of a company's securities can be managed by corporate policies and actions. For those companies whose value is likely to be increased by having more liquid securities—which is by no means true of all companies (for example, mature firms with little need for outside equity are likely to benefit from having more concentrated ownership and hence less liquidity)—management should consider actions such as reducing leverage and substituting dividends for stock repurchases as well as measures designed to increase the effectiveness of their disclosure and investor relations program and the size of their retail investor base. 相似文献
8.
9.
10.
The theory of corporate finance has been based on the idea that a company's market value is determined mainly by just two variables: the company's expected after‐tax operating cash flows or earnings, and the risk associated with producing them. The authors argue that there is another important factor affecting a company's value: the liquidity of its own securities, debt as well as equity. The paper supports this argument by reviewing the large and growing body of evidence showing that differences—and changes—in liquidity can have major effects on the pricing of corporate stocks and bonds or, equivalently, on investors' required returns for holding them. The authors also suggest that the liquidity of a company's securities can be managed by corporate policies and actions. For those companies whose value is likely to be increased by having more liquid securities—which is by no means true of all companies (mature firms that don't need outside capital may well benefit from having more concentrated ownership and hence less liquidity)—management should consider actions such as reducing leverage and substituting dividends for stock repurchases as well as measures designed to increase the effectiveness of their disclosure and investor relations program and the size of their investor base. 相似文献