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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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Downloaded from the University of Groningen/UMCG research database (Pure): http://www.rug.nl/research/portal. For technical reasons the number of authors shown on this cover page is limited to 10 maximum.

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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: 117PDF page: 117PDF page: 117PDF page: 117

 

   

 

   





                                                                                         

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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: 118PDF page: 118PDF page: 118PDF page: 118

                                                                                                                                                                                                                                                                                                                                   

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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: 119PDF page: 119PDF page: 119PDF page: 119                                                                                                                                                                                                                                                                                                                 

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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: 120PDF page: 120PDF page: 120PDF page: 120

                                                                       



 

                                                                                                    

(6)

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: 121PDF page: 121PDF page: 121PDF page: 121                                                                                                                                                                                                                                                     

(7)

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: 122PDF page: 122PDF page: 122PDF page: 122

  





                                                                                                                                                                                                  

(8)

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: 123PDF page: 123PDF page: 123PDF page: 123           



 

                                                                                                                                                                                                                                                                          

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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: 124PDF page: 124PDF page: 124PDF page: 124

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







      



                                                                            

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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: 125PDF page: 125PDF page: 125PDF page: 125                                                                                                                                                                                                           

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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: 126PDF page: 126PDF page: 126PDF page: 126

                      





                                                                                                                                         



   

                                                                                           

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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: 127PDF page: 127PDF page: 127PDF page: 127                                                                                                                                                                                                                                          

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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: 128PDF page: 128PDF page: 128PDF page: 128

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

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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: 129PDF page: 129PDF page: 129PDF page: 129           

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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: 130PDF page: 130PDF page: 130PDF page: 130

                                                                                                                          

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