In the aftermath of the recent bank-centred financial crisis it is still unclear how much of the decline in non-financial firms' stock prices was due to liquidit0y shortage, and how much of this decline was due to lower expected consumer demand. The stock returns are examined over nine periods...

In the aftermath of the recent bank-centered financial crisis it is still unclear how much of the decline in non-financial firms' stock prices was due to liquidity shortage, and how much of this decline was due to lower expected consumer demand. The stock returns are examined over nine periods...

In the aftermath of the recent bank-centered financial crisis it is still unclear how much of the decline in non-financial firms' stock prices was due to liquidity shortage, and how much of this decline was due to lower expected consumer demand. The stock returns are examined over nine periods...