| dc.contributor | 財管系 | |
| dc.creator (作者) | 邱健嘉 | |
| dc.creator (作者) | Chiou, Calvin J.;Zhou, Xiaozhou;Chan, Chang | |
| dc.date (日期) | 2022-12 | |
| dc.date.accessioned | 21-Feb-2024 13:54:53 (UTC+8) | - |
| dc.date.available | 21-Feb-2024 13:54:53 (UTC+8) | - |
| dc.date.issued (上傳時間) | 21-Feb-2024 13:54:53 (UTC+8) | - |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/149935 | - |
| dc.description.abstract (摘要) | Using trade-level data from the Taiwan Stock Exchange, we document an asymmetric pattern of liquidity provision by individual investors who serve as de facto market makers. Specifically, on average, individual investors provide more liquidity during market declines. We further investigate the impact of asymmetric individual liquidity provision on market efficiency. Despite being uninformed, individual investors’ liquidity provision ameliorates market efficiency more during market declines. Our results suggest that individual investors provide liquidity to help those with private information correct prices toward efficient prices, in turn, enhancing market efficiency. | |
| dc.format.extent | 105 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | Finance Research Letters, Vol.50, 103246 | |
| dc.subject (關鍵詞) | Liquidity provision; Individual investors; Market efficiency; De facto market makers | |
| dc.title (題名) | A taxonomy of individual liquidity provision: Evidence from the Taiwan stock exchange | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.frl.2022.103246 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.frl.2022.103246 | |
