Asset Prices and Trading Volume Under Fixed Transactions Costs
收藏NBER2001-05-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w8311
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资源简介：
We propose a dynamic equilibrium model of asset prices and trading volume with heterogeneous agents facing fixed transactions costs. We show that even small fixed costs can give rise to large 'no-trade' regions for each agent's optimal trading policy and a significant illiquidity discount in asset
提供机构：
美国国家经济研究局
创建时间：
2001-05-01
