||2 of 2 people found the following review helpful.| excellent set of papers|By Donna M. Howe|this is a hot topic at present. These authors provide an excellent view of the current state of the field as well as what questions are till left to be answered.|0 of 0 people found the following review helpful.| A very in-depth book on market liquidity|By Fred Zhikang Yu|This book focu||'These authors were writing and teaching about the importance of understanding liquidity way before we all learned more about it than we cared to. They have made major contributions to understanding the real, not purely theoretical, world that investors face
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 trading and facing a long time to unload a large position. Liquidity risk is higher if a security becomes more illiquid when it needs to be traded in the future, which will raise trading cost. The book shows that higher il...
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