others, suggesting that there is no speed advantage. HFTs lead price discovery, and neither harm nor improve liquidity. They …

-opening period contributes to market quality, defined by price discovery and liquidity provision, in the opening auction. We use a …

determine asset liquidity. In our model, two asset suppliers try to profit from the liquidity services their assets confer …. Asset liquidity is indirect in the sense that assets can be sold for money in over-the-counter (OTC) secondary markets … liquidity of two assets. Asset demand curves can slope upward for evenmodest degrees of increasing returns in the matching …

rates of return to compensate agents for their relative lack of liquidity. Consistent with empirical findings, our model …