IlliquidityMaße

Illiquiditätsmaße, or illiquidity measures, are metrics used to quantify the degree to which an asset or a market can be converted into cash quickly and without significant price concession. High illiquidity means an asset is difficult to sell rapidly without a substantial loss in value. Conversely, low illiquidity indicates an asset can be traded easily at or near its current market price.

These measures are crucial for investors, financial institutions, and regulators. For investors, understanding illiquidity helps in assessing the risk associated with an investment. Illiquid assets often require a liquidity premium, meaning they may offer higher potential returns to compensate for the difficulty in selling them. For financial institutions, managing illiquidity is vital for meeting short-term obligations and ensuring solvency. Regulators use illiquidity measures to monitor systemic risk within the financial system, as widespread illiquidity can trigger financial crises.

Various methods exist to measure illiquidity, depending on the asset class and market. For publicly traded securities, measures might include bid-ask spreads, trading volume, and market depth. For less liquid assets like real estate or private equity, measures can involve time to sell, transaction costs, and the availability of buyers. Analyzing these measures helps in making informed investment decisions and managing financial risk effectively.