Liquidity Sentiments

We develop a rational theory of liquidity sentiments in which the market outcome in any given period depends on agents’ expectations about market conditions in future periods. Our theory is based on the interaction between adverse selection and resale considerations giving rise to an intertemporal c...

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Bibliographic Details
Published in:The American economic review 2019-11, Vol.109 (11), p.3813-3848
Main Authors: Asriyan, Vladimir, Fuchs, William, Green, Brett
Format: Article
Language:English
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