Illiquiditätsmaße

Illiquiditätsmaße, also known as measures of illiquidity, are financial metrics used to quantify the degree to which an asset or a security cannot be quickly converted into cash without a significant loss in value. They are crucial for understanding the risks associated with holding less liquid investments, which can become problematic during periods of market stress or when immediate cash is needed.

Several types of measures exist. One common approach involves analyzing the bid-ask spread, which is the difference between the highest price a buyer is willing to pay for an asset and the lowest price a seller is willing to accept. A wider spread generally indicates higher illiquidity. Another measure is the market depth, which reflects the volume of buy and sell orders at various price levels. Limited market depth suggests that executing large trades could significantly move the price, thus indicating illiquidity.

Turnover ratios, such as the trading volume relative to the total market capitalization, also serve as illiquidity indicators. Low turnover suggests that an asset is traded infrequently, making it harder to find a buyer or seller quickly. Additionally, time-to-liquidity measures estimate how long it would take to sell a specific quantity of an asset without impacting its price.

Understanding and monitoring illiquiditätsmaße is vital for investors, portfolio managers, and regulators. It helps in assessing potential liquidity risk, which is the risk of not being able to meet financial obligations as they come due. High illiquidity can lead to significant price declines if an asset needs to be sold rapidly, potentially causing substantial financial losses.