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Liquidity in auction and specialist market structures: Evidence from the Italian bourse

✍ Scribed by Alex Frino; Dionigi Gerace; Andrew Lepone

Book ID
116615214
Publisher
Elsevier Science
Year
2008
Tongue
English
Weight
223 KB
Volume
32
Category
Article
ISSN
0378-4266

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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