Labour income risk is key to the welfare of most people and this risk is mainly insured 'within the firm' and by public institutions, rather than by financial markets. This book asks why such insurance is provided within the firm, and what determines its boundaries. It also explores the connection between risk sharing and firms' capital structure.
The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. Market Liquidity offers a more accurate and authoritative take on liquidity and price discovery.
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