We investigate whether liquidity is an important price factor in the US corporate bond market. In particular, we focus … on whether liquidity effects are more pronounced in periods of financial crises, especially for bonds with high credit … range of liquidity measures and find that liquidity effects account for approximately 14% of the explained market …

, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with central dealers and at … times of market-wide illiquidity. Central dealers thus serve as liquidity providers of last resort. …

not be transparent, that is, might not be mutually observable. We show that a lack of position transparency results in a … organized via a centralized clearing mechanism that provides transparency of trade positions. Collateral requirements and … settings such as over-the-counter (OTC) markets which feature a lack of position transparency. …

portion of the upgrade that reduced latency for electronic orders had significant impacts on liquidity, turnover, and returns … liquidity produced by the upgrade. …

, transparency increases market liquidity and reduces price volatility, whereas these results may not hold under imperfect …This paper analyzes the implications of pre-trade transparency on market performance. In competitive markets … incentives for liquidity traders to engage in sunshine trading. We obtain that the choice of sunshine/dark trading for a noise …

research. Recently, Lang and Maffett show that transparency reduces firm-level liquidity uncertainty, while Ng shows that …This paper highlights the different avenues through which stock liquidity can potentially transcend into accounting … increased information quality can reduce a firm's exposure to systematic liquidity risk. These studies respectively suggest that …

We describe a new mechanism that explains the transmission of liquidity shocks from one security to another ("liquidity … precise information, a drop in liquidity for one security raises the uncertainty for dealers in other securities, thereby … affecting their liquidity. The direction of liquidity spillovers is positive if the fraction of dealers with price information …

We characterize the price-transparency role of benchmarks in over-the-counter markets. A benchmark can, under … dealers and customers, and reducing search costs. Although the market transparency promoted by benchmarks reduces dealers …