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the liquidity theory of asset prices
gordon pepper, michael oliver
Synopsis "the liquidity theory of asset prices"
this book is the best practical explanation of the liquidity theory of asset prices currently available for investment managers. for those more interested in theoretical issues it also explains how the liquidity theory of asset prices interacts with and complements the efficient markets hypothesis. professional investors are bombarded on a day to day basis with assertions about the role liquidity is playing and will play in determining prices in the financial markets. few, if any, of the providers or recipients of such advice can truly claim to understand the wellsprings of such liquidity and the transmission mechanisms through which it impacts asset prices. this is a book guaranteed to go a long way to remedy that embarrassing lack of understanding of an economic force which will increasingly move to the centre stage of financial market understanding.
