It shows that the liquidityriskpremium depends on the investor's risk aversion, the variance of his future consumption flow and the liquidation probability of each share type.
Rishi Goyal sand Ronald Mckinnon theory of negative riskpremium shows that Japans banks are hard to make profit under the circumstances of liquidity trap.
麦金农的负风险溢价理论说明，在流动性陷阱的情况下，日本银行业很难赢利。
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Thus, it can come to the important conclusion in this essay that noise trading is the origin of liquidityrisk and liquiditypremium.