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...
محفوظ في:
| المؤلف الرئيسي: | |
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| التنسيق: | text |
| اللغة: | English |
| منشور في: |
Institutional Knowledge at Singapore Management University
2014
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| الموضوعات: | |
| الوصول للمادة أونلاين: | https://ink.library.smu.edu.sg/lkcsb_research/4526 https://ssrn.com/abstract=1729296 |
| الوسوم: |
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