interpreted in terms of liquidity risks. The factor is related nonlinearly to rollover and margin funding liquidity risks. The … sensitivities to the factor are funding liquidity risk exposures, which depend on the redemption and leverage policies of fund … managers. The causal scheme captures the reinforcing spiral between funding and market liquidity …

Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial …Der Artikel gibt einen Literaturüberblick zur Fragestellung, warum Unternehmen Risikomanagement betreiben und …

This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge … measure governance intent rather than only studying instances of actual governance. We find that liquidity increases the … likelihood that a hedge fund acquires a block in a firm. Conditional upon acquiring a stake, liquidity reduces the likelihood …

We examine whether the drastic improvement in liquidity in the US stock market after 2003 has impacted the systematic … time-varying long bias in US-stock market exposure. The reversal of the relationship points towards liquidity timing by …