NO.PZ2023100905000003
问题如下:
Gilbert has been analyzing bid-ask spreads on over-the-counter equities for the last several years in his job as an equity analyst. He notes that with the exception of the 2007—2008 financial crisis, spreads have generally narrowed over his period of study. If Gilbert is correct, this is an indication that
选项:
A.Liquidity has improved over the period.
B.The market has become more resilient over the period.
C.The depth of the market has improved over the period.
Credit risk has fallen over the period.
解释:
Factors such as
tightness, depth, and resiliency are characteristics used to measure market
liquidity. Tightness (Or width) refers to the cost of a round-trip transaction,
measured by the bid-ask spread and brokers’ commissions. The narrower the
spread, the tighter it is. The tighter it is, the greater the liquidity. Depth
describes how large an order must be to move the price adversely. In other
words, can the market absorb the sale? Resiliency refers to the length of time
it takes “lumpy orders” to move the market away from the equilibrium price. In
other words, what is the ability of the market to “bounce back” from temporary
incorrect prices? In this case, narrowing spreads is indicative of a more
liquid market.
老师,BC可以解释一下吗