. Democratization of the capital markets with financial and investment products such as securities based crowdfunding, peer … including democracy, capital formation and equality …

We provide a theory of fire sales in which potential buyers are subject to liquidity shocks and frictions that limit … through the lens of the model, the liquidity requirements proposed by the Securities and Exchange Commission for these …

productive capital as repo collateral to fund the margin for their arbitrage positions. A tiny drop in the market liquidity of …We investigate the channel through which fluctuations in the market liquidity of real-sector repo collateral cause … capital induces higher haircuts and forces arbitrageurs to collectively unwind trading positions, resulting in adverse price …

We provide a theory of fire sales in which potential buyers are subject to liquidity shocks and frictions that limit … through the lens of the model, the liquidity requirements proposed by the U. S. Securities and Exchange Commission for these …

, flight-to-safety or liquidity premiums? Using data on German nominal bonds between 2005 and 2015, we study the differential … pricing and liquidity of short and long maturity bonds. We find statistically significant, but economically negligible … segmentation in yields and some degree of liquidity segmentation of short-term versus long-term bonds. These results have important …

This paper provides an explanation for reversals in global equity market integration through the funding liquidity …, explains how reversals occur as funding liquidity becomes scarce. Empirically, the betting against beta portfolios of the model … that load on funding liquidity comove less across markets during global funding distress periods. This suggests that at …

We merge the literature on downside return risk and liquidity risk and introduce the concept of extreme downside … liquidity (EDL) risks. The cross-section of stock returns reflects a premium if a stock's return (liquidity) is lowest at the … same time when the market liquidity (return) is lowest. This effect is not driven by linear or downside liquidity risk or …

Consistent with the credit channel theory of monetary policy transmission, this paper finds novel evidence that asset … market liquidity as one of the proxies for the external finance premium explains bank liquidity creation. While efficacy of … monetary policy depends on how banks create liquidity, the existing literature does not find any conclusive evidence that …

do not cancel; rather, a banking catastrophe can occur even if beliefs simply return to their initial state. Capital …