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dc.contributor.authorApergis, Nicholas
dc.contributor.authorArtikis, Panagiotis
dc.contributor.authorKyriazis, Dimitrios
dc.date.accessioned2019-01-26T14:14:36Z
dc.date.available2019-01-26T14:14:36Z
dc.date.issued2015-05-19
dc.identifier.citationApergis, N., Artikis, P.G., and Kyriazis, D. (2015) 'Does stock market liquidity explain real economic activity? New evidence from two large European stock markets', Journal of International Financial Markets, Institutions and Money, 38, pp. 42-64.en_US
dc.identifier.issn1042-4431
dc.identifier.doi10.1016/j.intfin.2015.05.002
dc.identifier.urihttp://hdl.handle.net/10545/623387
dc.description.abstractThis paper examines the relationship between stock market liquidity, which proxies for the implicit cost of trading shares, with macroeconomic conditions. We provide evidence that stock market liquidity contains strong and robust information about the condition of the economy for both the UK and Germany in the presence of well-established leading indicators. Our findings exemplify the importance of small cap firms’ liquidity in explaining the state of the economy and support the “flight-to-quality argument”. Finally, the empirical findings show that there is not any differential role of liquidity in explaining the course of macroeconomic variables between a capital market and a bank-oriented economy.en_US
dc.description.sponsorshipN/Aen_US
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.relation.urlhttps://www.sciencedirect.com/science/article/pii/S1042443115000554en_US
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectStock market liquidityen_US
dc.subjectEconomic conditionsen_US
dc.subjectGerman marketen_US
dc.subjectUK marketen_US
dc.titleDoes stock market liquidity explain real economic activity? New evidence from two large European stock markets.en_US
dc.typeArticleen_US
dc.contributor.departmentNorthumbria Universityen_US
dc.contributor.departmentUniversity of Piraeusen_US
dc.identifier.journalJournal of International Financial Markets, Institutions and Moneyen_US
dcterms.dateAccepted2015-05-14


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