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We measure the extent to which consolidated liquidity in modern fragmented equity markets overstates true liquidity due … to a phenomenon that we call Ghost Liquidity (GL). GL exists when traders place duplicate limit orders on competing … identified consistently across venues, we find that simply measured consolidated liquidity exceeds true consolidated liquidity …
Persistent link: https://www.econbiz.de/10012849815
How does bank distress impact their customers' probability of default and trade credit availability? We address this … question by looking at a unique sample of German firms from 2000 to 2011. We follow their firm-bank relationships through times … of distress and crisis, featuring the different transmission of bank distress shocks into already weakened firm balance …
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How does bank distress impact their customers' probability of default and trade credit availability? We address this … question by looking at a unique sample of German firms from 2000 to 2011. We follow their firm-bank relationships through times … of distress and crisis, featuring the different transmission of bank distress shocks into already weakened firm balance …
Persistent link: https://www.econbiz.de/10012103361
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bank-firm CDS net notional and credit exposures we find that the probability of default for CDS firms drops when the effect … financially safer firms are less affected by empty creditors. Banks that are not capital constrained and that are liquidity …
Persistent link: https://www.econbiz.de/10012697959
bank-firm CDS net notional and credit exposures we find that the probability of default for firms with CDS traded on them … capital constrained, and that are liquidity constrained recognise the empty creditor effect to a larger extent. Furthermore …
Persistent link: https://www.econbiz.de/10012181510