January 1971
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96 Reads
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88 Citations
Financial Analysts Journal
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January 1971
·
96 Reads
·
88 Citations
Financial Analysts Journal
... The theoretical underpinning of illiquidity risk stems from Black's (1971) liquidity preference theory. Black (1971) proposes that illiquidity risk in financial markets arises from slow price recovery mechanisms, mainly from uninformative shocks. ...
January 1971
Financial Analysts Journal