A Liquidity Program to Stabilize Equity Markets
研究了一个由发行人设立、第三方管理的流动性计划，通过回购和发行股票稳定市场，模拟分析显示该计划能为实施公司带来利润。
The authors consider a program that, by bringing additional liquidity to the equity markets, would benefit market participants, listed companies, an exchange, and the broader economy. Established by an issuer, managed by a third-party, broker-dealer intermediary, formally structured and maximally transparent, the program involves corporate share repurchase in a falling market and issuance in a rising market. Simulation analysis is used to assess the procedure for 30 DOW and 30 DAX stocks over the five-year span of 2008 to 2012. Their findings indicate that the program can generate profits for firms that institute it. The authors suggest that additional steps be taken to refine, further test, and implement the procedure. <bold>TOPICS:</bold> <ext-link>Exchanges/markets/clearinghouses</ext-link>, <ext-link>equity portfolio management</ext-link>, <ext-link>in markets</ext-link>