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首页> 外文期刊>Journal of financial economics >Institutional trading and stock resiliency: Evidence from the 2007-2009 financial crisis
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Institutional trading and stock resiliency: Evidence from the 2007-2009 financial crisis

机译：机构交易和股票弹性：来自2007-2009年金融危机的证据

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摘要

We examine the impact of institutional trading on stock resiliency during the financial crisis of 2007-2009. We show that buy-side institutions have different exposure to liquidity factors based on their trading style. Liquidity supplying institutions absorb the long-term order imbalances in the market and are critical to recovery patterns after a liquidity shock. We show that these liquidity suppliers withdraw from risky securities during the crisis and their participation does not recover for an extended period of time. The illiquidity of specific stocks is significantly affected by institutional trading patterns; participation by liquidity supplying institutions can ameliorate illiquidity, while participation by liquidity demanding institutions can exacerbate illiquidity. Our results provide guidance on why some stocks take longer to recover in a crisis.
机译：我们研究了2007-2009年金融危机期间机构交易对股票弹性的影响。我们显示，买方机构根据其交易方式而具有不同的流动性敞口。流动性供应机构吸收了市场中的长期订单失衡，对于流动性冲击后的复苏模式至关重要。我们表明，这些流动性供应商在危机期间退出了有风险的证券，并且他们的参与在很长一段时间内都没有恢复。特定股票的流动性严重受到机构交易模式的影响；流动性提供机构的参与可以改善流动性不足，而流动性需求机构的参与可以加剧流动性不足。我们的结果为为何某些股票在危机中恢复需要更长的时间提供了指导。

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