How large is liquidity risk in an

automated auction market ?

Pierre Giot, Joachim Grammig

August 2002 Discussion paper no. 2002-23

Department of Economics University of St. Gallen

Editor: Prof. Jrg Baumberger
University of St. Gallen
Department of Economics
Bodanstr. 1
CH-9000 St. Gallen
Phone ++41 71 224 22 41
Fax ++41 71 224 28 85
Email joerg.baumberger@unisg.ch
Publisher: Forschungsgemeinschaft fr Nationalkonomie
an der Universitt St. Gallen
Dufourstrasse 48
CH-9000 St. Gallen
Phone ++41 71 224 23 00
Fax ++41 71 224 26 46
Electronic Publication: www.fgn.unisg.ch/public/public.htm
 How large is liquidity risk in an automated auction market ?1

Pierre Giot, Joachim Grammig

Authors address: Prof. Dr. Joachim Grammig

Schweizerisches Institut fr Banken und Finanzen
Universitt St. Gallen
Rosenbergstr. 52
CH-9000 St. Gallen
Tel. ++41 71 2247090
Fax ++41 71 2247088
Email joachim.grammig@unisg.ch
Website www.sbf.unisg.ch

1Pierre Giot is Professor of Finance at the Department of Business Administration & CEREFI at University of Namur,
Rempart de la Vierge, 8, 5000 Namur, Belgium. Phone: +32 (0) 81 724887. Email: pierre.giot@fundp.ac.be. Both authors are
research fellows at CORE, Universit Catholique de Louvain, Belgium. We are grateful to Deutsche Brse AG for providing
access to the limit order data and to Kai-Oliver Maurer and Uwe Schweickert who provided invaluable expertise regarding
the Xetra trading system, as well as Rico von Wyss, Michael Genser and participants at the Department of Economics
Brown Bag workshop who offered helpful comments. We also thank Helena Beltran-Lopez for her cooperation in the
preparation of the datasets and Bogdan Manescu for research assistance.
Abstract

We introduce a new empirical methodology that takes account of liquidity risk in a Value-at-
Risk framework, and quantify liquidity risk premiums for portfolios and individual stocks
traded on the automated auction market Xetra which operates at various European
exchanges. When constructing liquidity risk measures we allow for the potential price
impact incurred by the liquidation of a portfolio. We study the sensitivity of liquidity risk
towards portfolio size and VaR time horizon, and interpret its diurnal variation in the light of
market microstructure theory.

Keywords

Liquidity, Value-at-Risk, Microstructure

JEL Classification

G10, G14, G15


 
  


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