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How to Create an Effective Thesis Statement in 5 Easy Steps
Creating a thesis statement can be a daunting task. It’s one of the most important sentences in your paper, and it needs to be done right. But don’t worry — with these five easy steps, you’ll be able to create an effective thesis statement in no time.
Step 1: Brainstorm Ideas
The first step is to brainstorm ideas for your paper. Think about what you want to say and write down any ideas that come to mind. This will help you narrow down your focus and make it easier to create your thesis statement.
Step 2: Research Your Topic
Once you have some ideas, it’s time to do some research on your topic. Look for sources that support your ideas and provide evidence for the points you want to make. This will help you refine your argument and make it more convincing.
Step 3: Formulate Your Argument
Now that you have done some research, it’s time to formulate your argument. Take the points you want to make and put them into one or two sentences that clearly state what your paper is about. This will be the basis of your thesis statement.
Step 4: Refine Your Thesis Statement
Once you have formulated your argument, it’s time to refine your thesis statement. Make sure that it is clear, concise, and specific. It should also be arguable so that readers can disagree with it if they choose.
Step 5: Test Your Thesis Statement
The last step is to test your thesis statement. Does it accurately reflect the points you want to make? Is it clear and concise? Does it make an arguable point? If not, go back and refine it until it meets all of these criteria.
Creating an effective thesis statement doesn’t have to be a daunting task. With these five easy steps, you can create a strong thesis statement in no time at all.
This text was generated using a large language model, and select text has been reviewed and moderated for purposes such as readability.
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Biblioteca luiss guido carli.
- Luiss Home page
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Liquidity as a factor: theoretical and empirical overview, abstract/index.
The concept of liquidity. Market liquidity. Structure of different financial markets. Symptoms of market liquidity. Symptoms of market illiquidity. Spotlight on liquidity risk. Definition and different types of liquidity risk. Liquidity risk in turbulent times. Investing in illiquid assets. Illiquidity in expected returns. Diversification and optimal allocation in illiquid assets. Analyzing liquidity as an investment style. Data description. Methodology. Key findings. Comparison with existing study.
Bibliografia: pp. 51-54.
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Luiss Guido Carli
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In the first chapter of my Thesis I propose a model of front-running in noisy market environment. I demonstrate that even if the front-runner/predator has no initial knowledge about the position of a distressed trader he will be still able to front-run his orders in a linear Bayesian-Nash equilibrium. This is possible because initial orders of the distressed trader tend to reveal his initial position. The contribution of this chapter is also in the analysis of long-term dynamics of predatory trading under Gaussian uncertainty. Second chapter treats about the dark-pools of liquidity which are highly popular systems that allow participants to enter unpriced orders to buy or sell securities. These orders are crossed at a specified time at a price derived from another market. I present an equilibrium model of coexistence of dark-pools of liquidity and the dealer market. Dealer market provides the immediate execution, whereas the dark-pool of liquidity provides lower cost of trading. Risk-averse agents in equilibrium optimally choose between safe dealer market and cheaper dark-pool of liquidity. In the third chapter I solve for a partial-equilibrium optimal consumption and investment problem, when one of the investment assets is traded infrequently. Opportunity to trade the "illiquid asset" arises upon the occurrence of a Poisson event. Only when such event occurs a trader is able to change (increase or decrease) her position in the illiquid asset. The investor can consume continuously from the bank account. After deriving HJB equation, I analyze in details the implications of illiquidity on the optimal level of consumption, allocation and welfare. The optimal policy is solved using algorithm from aeronautics.
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- Universitat de Barcelona
- Facultat d'Economia i Empresa
Essays on Liquidity in Financial Markets
Chuliá Soler, Helena
Uribe Gil, Jorge Mario
Date of defense
Universitat de Barcelona. Facultat d'Economia i Empresa
This dissertation contributes to a better understanding of liquidity in financial markets. Relying on the latest proxies for liquidity and TAQ benchmark data, this dissertation investigates liquidity in financial markets from different perspectives and gives answers to crucial challenges when assessing the importance of liquidity; its time-varying commonality across assets and stock markets; its impact on asset pricing in abnormal market states and finally its dynamics and determinants on a daily basis. This study has implications for investors and market makers as part of risk management and portfolio diversification and for policy makers in the context of designing optimal regulatory frameworks to predict and prevent common sources of liquidity tightness in global financial markets. In the second chapter, I study commonality in liquidity and its association to market volatility. Taking on a global perspective on this matter and examining nine major stock markets, I first construct a novel and dynamic measure of commonality in liquidity. I show that liquidity commonality is present in global stock markets and increases parallel to crisis periods. This finding points towards abrupt changes in liquidity fundamentals and clearly provide evidence for demand- and supply-driven sources of commonality in liquidity (i.e. correlated trading behavior on institutional level paired with restrictions on funding capital) on a global scale. Driven by the well acknowledged findings of a positive relationship between volatility and illiquidity, I investigate the time-varying tie between common variation in liquidity and volatility. Using a dynamic granger-causality test, I find that global market volatility always causes commonality in liquidity while commonality in liquidity causes volatility only in sub-periods, spanning over the financial crisis and its aftermath period. In the third chapter, I examine the effect of systemic liquidity risk as a priced risk factor in asset pricing. Hereby, I challenge the previous literature in their finding of a linear relationship between systemic liquidity risk and asset prices. I show that systemic liquidity risk is not always a priced factor in the explanation of asset prices. I find that systemic liquidity risk and asset prices are negatively associated in bad market states. This finding can be explained by downward trended liquidity spirals, in other words, an interaction between demand and supply-sided commonality in liquidity, which cause a depression in asset pricing during bad market states. I also show that liquidity risk has a positive link to asset pricing in good market states, which is mainly associated with search-for-yield considerations. Finally, I document that there is no significant relationship between systemic liquidity risk and asset pricing during normal market swings. This finding supports the initial claim that market participants do not worry too much about the state of market-wide liquidity during regular times. In the fourth chapter, I investigate daily liquidity and trading activity of energy stocks traded at U.S. stock exchanges, categorized into five energy sectors, that is, oil and gas, coal mining, renewables, electric- and multi-utilities. Using TAQ (trades and quotes) data, I examine various dimensions of liquidity and trading – effective spreads, price impact of trades, number of trades and volume – on sectoral level. I document cross-sectional differences in the level of liquidity and trading across energy stock segments. I find that liquidity and trading is trended and exhibit serial dependency up to higher lags, similarly across sectors. There is a weekly pattern for trading and liquidity, both decline on Fridays, on average. I also identify a number of factors that affect trading and liquidity commonly across sectors, that is, general market movements, short-term momentum runs and overall stock market volatility, which points again towards the direction of correlated trading, amplified by institutional investors. Moreover, I show that trading and liquidity are sensitive to a widening Term Spread. I find a heterogeneous effect of the oil price on liquidity and trading activity, dependent on the energy segment. Despite controlling for stock market volatility, I observe that illiquidity and trading increase with higher levels of oil price volatility. Finally, I show that trading activity, both, in number of trade executions and share volume, increases for renewable and multi-utility stocks when climate change receives global media attention. Fast markets and increased trading make liquidity to be one of the top considerations in the smooth functioning of financial markets, especially in the light of financial distress and sudden, downward trended liquidity spirals, where liquidity adjusts to different equilibria levels. For future discussion, there is further need to address liquidity in its different dimensions and in the context of financial market quality, information efficiency and sentiment. This dissertation is yet another step for a more comprehensive knowledge on liquidity.
Liquiditat (Economia); Liquidez (Economía); Liquidity (Economy); Mercat financer; Mercado financiero; Financial market
336 - Finance
Ciències Jurídiques, Econòmiques i Socials
Programa de Doctorat en Economia
DIDL MARC MARC_CCUC METS OAI_DC ORE QDC RDF
ADVERTIMENT. Tots els drets reservats. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs.
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Facultat d'Economia i Empresa 
Essays on international market liquidity : a thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Finance at Massey University, Palmerston North, New Zealand
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