this switch to anonymity on market liquidity and the informational content of the limit order book. Our empirical analysis … information on future volatility is public, the informational content of the bid-ask spread and market liquidity are identical in … anonymity alters the informational content of the bid-ask spread and market liquidity. For our sample stocks, we find that the …

spread and volatility is weaker after the switch to anonymity. … which some traders have better information on future price volatility. As limit orders have option-like features, this … signals that informed limit order traders expect volatility to be high (resp. low). However the quality of this signal and …

, higher price impact and increased volatility. In particular, as large hidden orders fail to attract (latent) liquidity to the … and posted liquidity. Our findings moreover suggest that large hidden orders are associated with larger transaction costs … market, hidden liquidity provision gives rise to negative liquidity externalities. …

has generally increased over time, and that in times of crisis liquidity is lower and the volatility of liquidity is …This paper presents the most extensive analysis of liquidity in the German equity market so far. We examine the … evolution of liquidity over time, the determinants of liquidity, and commonality across liquidity measures and countries. We …

. We exploit this quasi{ natural experiment to investigate the impact this change had on liquidity and trading behavior …

informed trading on firm characteristics that is largely consistent with intuition and earlier theory and empirical evidence …

This paper considers the growth of dark pools: trading venues for equities without pre-trade transparency. It first … adversely affect volatility in stock markets. …