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 funding liquidity shock on the underlying asset markets. Consistent with theory, I find that the stocks held by closed-end funds (CEFs) that borrow from the ARS market experie...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2013
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| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research_smu/155 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1261&context=lkcsb_research_smu |
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| Institution: | Singapore Management University |
| Language: | English |
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