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Equilibrium Interest Rate and Liquidity Premium Under Proportional Transactions Costs (Classic Reprint) - Softcover
Synopsis
Excerpt from Equilibrium Interest Rate and Liquidity Premium Under Proportional Transactions Costs
Since our objective is to understand the effects of asset liquidity on asset pricing, we take risk out of the picture: All the assets that we consider (liquid or illiquid) pay a constant stream of dividends.
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Equilibrium Interest Rate and Liquidity Premium Under Proportional Transactions
Print on DemandSeller: Forgotten Books, London, United Kingdom
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Paperback. Condition: New. Print on Demand. This book examines the impact of transactions costs on asset returns and liquidity premiums in a general equilibrium framework. The author considers a dynamic model where agents face both life cycle and income uncertainty motives for trading. The book analyzes how these costs affect the liquidity premium, which is the difference between the rates of return on illiquid and liquid assets. The findings show that when transactions costs increase, the rate of return on liquid assets decreases, while the rate of return on illiquid assets may increase or decrease. The liquidity premium also increases in this scenario. The effects of transactions costs on both the rate of return on the liquid asset and the liquidity premium, are stronger the higher the fraction of the illiquid assets in the economy. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781332245437_0
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Equilibrium Interest Rate and Liquidity Premium Under Proportional Transactions Costs Classic Reprint
Seller: PBShop.store US, Wood Dale, IL, U.S.A.
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781332245437
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Equilibrium Interest Rate and Liquidity Premium Under Proportional Transactions Costs Classic Reprint
Seller: PBShop.store UK, Fairford, GLOS, United Kingdom
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781332245437
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Quantity: 15 available