Market Liquidity

Thierry Foucault (HEC Paris) and Marco Pagano (University of Naples Federico II)

June 10-12, 2015 at the National Bank of Belgium, Brussels

Liquidity has a key role in Financial Markets and has centered attention from various fields in science of Finance. Accountants, Risk Managers, Quant Analysts, Asset Managers have to deal with liquidity issues in their work. This Ph.D. course offers a good opportunity to participants to be exposed to the role of the liquidity in financial markets. Professor Pagano and Professor Foucault will offer an introduction to the structure of the market, its trading mechanisms and the price dynamics. The effect of the liquidity to asset pricing and to corporate finance will be discussed. Moreover, the course will make use of analytical tools in order to explain puzzling phenomena in securities markets i.e. why liquidity changes over time, why we see concentration of securities trading, why some traders willingly disclose their intended trades while others hide them, and why we observe temporary deviations from arbitrage prices.

As the Belgian member of the CEMS network, the Louvain School of Management and the CeSAM are actively participating in the doctoral program of the CEMS partnership. This year, the CeSAM jointly organizes the 5th of its regular Ph.D. courses in finance together with the National Bank of Belgium (NBB), the Center for Operations Research and Econometrics (CORE) and the finance department of KU Leuven (AFI). The 3-day intensive course will be taught by Professors Thierry Foucault and Marco Pagano at the NBB in Brussels.

https://www.uclouvain.be/en-323840.html