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UID:calendar.136933.field_date.0@www.tse-fr.eu
DTSTAMP:20260515T191521Z
CREATED:20250228T081001Z
DESCRIPTION:Guillermo Ordonez (University of Pennsylvania\, USA)\, “Busines
 s\, Liquidity\, and Information Cycles”\, Finance Seminar\, Toulouse: TSE\
 , March 17\, 2025\, 11:00–12:30\, room Auditorium 6.\n\nStock markets play
  a dual role: improve capital allocation across firms by conveying informa
 tion about their fundamentals and provide liquidity to traders by quickly 
 turning stocks into cash. We propose a trading model in which these two ro
 les are endogenously related: if stocks are used more intensively for liqu
 idity\, then prices reveal less information. We structurally estimate stoc
 k price informativeness for several countries and show that it declines wh
 en alternative liquidity sources\, such as the banking system\, are in dis
 tress. To study the real effect of this mechanism\, we devise a strategy t
 o integrate our trading module into a dynamic general equilibrium model wi
 th heterogeneous firms. We calibrate the model to the US and show that in
 \nrecessions\, prices become more informative and allocation improves\, bu
 t only if alternative sources of liquidity function normally. Otherwise\, 
 traders rely more on stock markets for liquidity\, prices become less info
 rmative\, allocation deteriorates\, and the output loss is 43% larger.
DTSTART;TZID=Europe/Paris:20250317T110000
DTEND;TZID=Europe/Paris:20250317T123000
LAST-MODIFIED:20260113T095129Z
LOCATION:Toulouse: TSE\, March 17\, 2025\, 11:00–12:30\, room Auditorium 6
SUMMARY:Finance Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2025-business-liquidity-and-inf
 ormation-cycles
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