시장미시구조에서의 유동성 분석

다국어 초록 (Multilingual Abstract)

This study examined how to affect volume, price, order imbalance, each time dummy variables on the market liquidity. It used the bid－ask spread, and the market depth as the measure of market liquidity. The results are as follows. The correlations of market depth, volume, price, order imbalance with bid－ask spread are individually significant negative. At the time of SEO, the increase of volume had caused the shorter bid－ask spread, meaning that
offering the market liquidity. And there appeared that a little symptom of the increase of bidask spread and volatility, the decrease of market depth. The overall conclusion remains that the seasoned equity offering(or SEO) didn t make the market unstable situation. These states disappeared before long. Here seasoned equity offering is an equity issue by a company after its IPO

참고문헌 (Reference)

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