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Cited by 367

The DOI matches its Crossref record; 36 of the 36 references it cites were found in a registry or an index.

Endogenous Liquidity in Asset Markets

Open access
Eisfeldt, Andrea L.·2004·The Journal of Finance
DOI 10.1111/j.1540-6261.2004.00625.x
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Abstract

This paper analyzes a model in which long‐term risky assets are illiquid due to adverse selection. The degree of adverse selection and hence the liquidity of these assets is determined endogenously by the amount of trade for reasons other than private information. I find that higher productivity leads to increased liquidity. Moreover, liquidity magnifies the effects of changes in productivity on investment and volume. High productivity implies that investors initiate larger scale risky projects which increases the riskiness of their incomes. Riskier incomes induce more sales of claims to high‐quality projects, causing liquidity to increase.

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Crossref · 10.1111/j.1540-6261.2004.00625.x

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Metadata

Authors
Eisfeldt, A. L.
Venue
The Journal of Finance
Publisher
Wiley
Published
2004-02
Volume
59
Issue
1
Pages
1-30
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2004.00625.x
OpenAlex
W3121238310
Cited by
367
References
36
FWCI
40.30
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Endogenous Liquidity in Asset Markets. https://app.cochat.ai/papers/10.1111/j.1540-6261.2004.00625.x
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Eisfeldt, A. L. (2004). Endogenous Liquidity in Asset Markets. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2004.00625.x

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.