Leverage and Liquidity: Evidence from the Closed-End Fund Industry

This paper uses the February 2008 auction rate security (ARS) market freeze to examine the spillover effects of an exogenous rollover financing shock on asset markets. Stocks held by ARS-levered closed-end funds (CEFs) experience larger declines in market liquidity and lower returns than other stock...

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Bibliographic Details
Main Author: TANG, Yuehua
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2014
Subjects:
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/4526
https://ssrn.com/abstract=1729296
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Institution: Singapore Management University
Language: English
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