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Pim van Vliet – A Detailed Dive into Low Volatility Investing (S6E10)
Flirting with Models
The Impact of Excessive Trading on Markets and Intraday Liquidity
The representative agent model describes the dynamics of markets in a one period model./nStudies have shown that trading is done excessively, leading to an agency problem and a need for incentives./nIn an efficient market, price discovery can be determined by just one transaction./nExcessive trading and high turnover rates are detrimental to economies and can be seen as a tax./nRegulators implementing a single moment of trading at the close could save citizens billions while still maintaining intraday liquidity.
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