Using trade-level data from the Taiwan Stock Exchange, we document an asymmetric pattern of liquidity provision by … individual investors who serve as de facto market makers. Specifically, individual investors, on average, provide more liquidity … during market downturns. We further investigate the impact of asymmetric individual liquidity provision on market efficiency …

Sector Purchase Programme (CSPP). Did these purchases lead to a deterioration of liquidity conditions in the corporate bond … combine the Bundesbank’s detailed CSPP purchase records with a range of liquidity indicators for both purchased and … nonpurchased bonds. We find that while the flow of purchases supported secondary market liquidity, liquidity conditions …

liquidity shock. We show that discretionary decisions about emergency liquidity assistance result in either excessively small or … excessively large liquidity injections in a wide variety of circumstances. Also, adding a lender of last resort does not generally … preferences by either subsidizing or taxing liquidity aid …

We use an asset pricing approach to compare the effects of expected liquidity and liquidity risk on expected U ….S. corporate bond returns. Liquidity measures are constructed for bond portfolios using a Bayesian approach to estimate Roll …'s measure. The results show that expected bond liquidity and exposure to equity market liquidity risk affect expected bond …