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leverage of a firm from the perspective of market turnover

koga

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I hope this is the correct platform for my question.
Will it be correct to picture leverage of a firm from the perspective of market turnover(bullish or bearish market) as follows:
if the market is bullish, ie, high turnover, then high volatility implying high leverage AND if bearish, then low turnover low volatility and low leverage?
I am trying to figure out if there is a possibility of linking the US dollar value and market turnover in unpacking leverage?
Thanks
 
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