| Document Date: 2007-01-30 10:04:00
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City Philadelphia / New York / / Company OTC markets / / Currency USD / / / Event Reorganization / Dividend Issuance / / Facility University of Pennsylvania / New York University / / IndustryTerm search times / bank account / search model / time-consuming search / risk management / search time increase / liquidity-based risk management / search intensity / internal risk management / / Organization New York University / Wharton School / University of Pennsylvania / NBER / CEPR / Stern School of Business / / Person Jeff Wurgler / Dimitri Vayanos / Franklin Allen / / / Position search model for financial securities / risk manager / asset manager / trader / / ProvinceOrState Pennsylvania / New York / /
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Liquidity and Risk Management Nicolae Gˆarleanu and Lasse Heje Pedersen∗ Abstract This paper provides a model of the interaction between risk-management practices and market liquidity. On one hand, tighter risk manage