Extreme market outcomes are often followed by a lack of liquidity and a lack of trade. This market collapse seems … particularly acute for markets where traders rely heavily on a specific empirical model such as in derivative markets. Asset …-returns distribution. To explore the connection of uncertainty with liquidity, we specify a simple market where a monopolist financial …

We hypothesize that macro-level liquidity affects the choice between tender-mergers and mergers. We employ a novel … finds that the structural breaks coincide strikingly well with major changes in macro-level liquidity. Consistent with our … hypotheses our regression analysis finds that the number of tender offers increases with liquidity and also that the acquirer …