Does trader leverage drive equity market liquidity? We use the unique features of the margin trading system in India to … identify a causal relationship between traders' ability to borrow and a stock's market liquidity. To quantify the impact of … trading eligibility. We find that liquidity is higher when stocks become eligible for margin trading and that this liquidity …

market. In particular, we investigate the effect of changes in credit, liquidity and rollover risk. This is important, as … significantly change the debt maturity structure and liquidity risk of these bonds. We find the size of the average announcement …. Furthermore, we document a permanent increase of 15% in the liquidity of these bonds. We find only small negative returns for …

liquidity. Our analysis of a panel of firm-level ownership data indicates that Japanese stocks that are held more by foreign …

This paper investigates resiliency to provide a dynamic perspective on liquidity. We define resiliency as the rate of … mean reversion in liquidity. Resiliency increases with the proportion of patient traders, decreases with order arrival rate … robust with respect to the order book depth at which liquidity is measured. …

reducing liquidity. Furthermore, risk information causes the firm's price to contain more information when its investment …

Ghost liquidity (GL) in fragmented markets, is defined as the observable but not accessible liquidity that is mostly … the spreads. A rise in the share of suddenly disappearing liquidity also affects the message traffic providing signals for …

We present comprehensive evidence in support of giving liquidity equal standing to size, value/growth, and momentum as … investment styles, as defined by Sharpe (1992). First, we show that financial market liquidity, as identified by stock turnover …, is an economically significant indicator of long-term returns. Then, we show that liquidity, as a characteristic, is not …

We examine the influence of investor conferences on firms' stock liquidity. We find that firms participating in … conferences experience a 1.4% to 2.8% increase in stock liquidity compared to non-conference firms. Consistent with investor … conferences improving firm visibility, the increase in liquidity is larger for firms with low pre-conference visibility and varies …