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Hedging costs, liquidity, and inventory management: The evidence from option market makers

✍ Scribed by Wu, Wei-Shao; Liu, Yu-Jane; Lee, Yi-Tsung; Fok, Robert C.W.

Book ID
120571368
Publisher
Elsevier Science
Year
2014
Tongue
English
Weight
597 KB
Volume
18
Category
Article
ISSN
1386-4181

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## ABSTRACT Banks have a unique ability to hedge against market‐wide liquidity shocks. Deposit inflows provide funding for loan demand shocks that follow declines in market liquidity. Consequently, banks can insure firms against systematic declines in liquidity at lower cost than other institutions