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 …

stricter disclosure requirements. We find evidence that OMRs are timed to benefit non-selling shareholders. We present evidence … timing profits and at high levels it reduces them. Stock liquidity increases profits from timing OMRs …

stricter disclosure requirements. We find evidence that OMRs are timed to benefit non-selling shareholders. We present evidence … timing profits and at high levels it reduces them. Stock liquidity increases profits from timing OMRs …

available following stricter SEC disclosure requirements in 2004. The data allow us to investigate the timing of OMRs. We find … evidence that OMRs are timed to benefit non-selling shareholders. Our analysis identifies ownership and liquidity as … significant determinants of timing gains: stock liquidity increases and institutional ownership decreases timing gains, while the …

messages on intraday price discovery, liquidity, and trading intensity in an electronic limit order market. We take an …. Negative messages are associated with higher adverse selection costs than positive or neutral messages. Liquidity increases …

vulnerabilities of short-term credit markets and the role of central banks as back-stop liquidity providers to financial markets. The … Federal Reserve's response to financial disruptions in the United States importantly included creating liquidity facilities … interventions — the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility. Our findings indicate that this …