resulting volatility can induce risk-averse transactors who face transaction costs to desert these markets altogether. Thus … thinness and the consequent price volatility may become joint self-perpetuating features of an equity market, whatever the … volatility of asset fundamentals. If, however, appropriate incentive schemes are adopted to encourage entry of additional …

option is positive, informational efficiency is higher in the market for the stock, and volatility is lower. We argue that …

event study analysis we find that intervention has important short-run effects on exchange ate returns and volatility. In …