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University of Groningen Leverage and inefficiencies in financial markets Qiao, Kenan

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University of Groningen

Leverage and inefficiencies in financial markets

Qiao, Kenan

DOI:

10.33612/diss.135593185

IMPORTANT NOTE: You are advised to consult the publisher's version (publisher's PDF) if you wish to cite from it. Please check the document version below.

Document Version

Publisher's PDF, also known as Version of record

Publication date: 2020

Link to publication in University of Groningen/UMCG research database

Citation for published version (APA):

Qiao, K. (2020). Leverage and inefficiencies in financial markets. University of Groningen, SOM research school. https://doi.org/10.33612/diss.135593185

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 91PDF page: 91PDF page: 91PDF page: 91

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   

  

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

                                                                                                        

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

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                                                                                                                                                                                                                                               

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 93PDF page: 93PDF page: 93PDF page: 93

                                                                                                                                                                                                                                                          

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 94PDF page: 94PDF page: 94PDF page: 94

  





                                             



 

                                                                                                                                                                             

      

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 95PDF page: 95PDF page: 95PDF page: 95

   

  

                                                                                                                                                                                                                                                                                           

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 96PDF page: 96PDF page: 96PDF page: 96

                                                                        

    

                                                                                                                                                                                                                                                                                  

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 97PDF page: 97PDF page: 97PDF page: 97

                                                                                              

      

                                                                                                                                                                                 

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

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  



     

                                                                                                                                                                                                                    

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 99PDF page: 99PDF page: 99PDF page: 99

                                                                                                                                                                                                                                                                                 

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 100PDF page: 100PDF page: 100PDF page: 100

           

                                                                                                                                                                                                                   

                                                                                                                                                   

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 101PDF page: 101PDF page: 101PDF page: 101

                                                                                                                                                                                                                                                        



 

                     

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 102PDF page: 102PDF page: 102PDF page: 102

                                                                                                                                                                                                                                                                                                        

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 103PDF page: 103PDF page: 103PDF page: 103

                                                                                                                                 

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 104PDF page: 104PDF page: 104PDF page: 104

  





                                                                                                                      

  

                                                   



 



 

                          

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 105PDF page: 105PDF page: 105PDF page: 105

                                                                                                                                                                                                                                                                                                                          

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541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM 541043-L-bw-SOM Processed on: 4-2-2020 Processed on: 4-2-2020 Processed on: 4-2-2020

Processed on: 4-2-2020 PDF page: 106PDF page: 106PDF page: 106PDF page: 106

                                                                                                                                                                                                                                                                                         

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