portion of the upgrade that reduced latency for electronic orders had significant impacts on liquidity, turnover, and returns … liquidity produced by the upgrade. …

, transparency increases market liquidity and reduces price volatility, whereas these results may not hold under imperfect …This paper analyzes the implications of pre-trade transparency on market performance. In competitive markets … incentives for liquidity traders to engage in sunshine trading. We obtain that the choice of sunshine/dark trading for a noise …

We describe a new mechanism that explains the transmission of liquidity shocks from one security to another (“liquidity … precise information, a drop in liquidity for one security raises the uncertainty for dealers in other securities, thereby … affecting their liquidity. The direction of liquidity spillovers is positive if the fraction of dealers with price information …

research. Recently, Lang and Maffett show that transparency reduces firm-level liquidity uncertainty, while Ng shows that …This paper highlights the different avenues through which stock liquidity can potentially transcend into accounting … increased information quality can reduce a firm's exposure to systematic liquidity risk. These studies respectively suggest that …

We describe a new mechanism that explains the transmission of liquidity shocks from one security to another ("liquidity … precise information, a drop in liquidity for one security raises the uncertainty for dealers in other securities, thereby … affecting their liquidity. The direction of liquidity spillovers is positive if the fraction of dealers with price information …

We characterize the price-transparency role of benchmarks in over-the-counter markets. A benchmark can, under … dealers and customers, and reducing search costs. Although the market transparency promoted by benchmarks reduces dealers …

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 …

their liabilities means that these funds are important sources of liquidity demand, often in already unsettled markets. The … concomitant reduction in liquidity supply by dealers raises the question of which intermediaries accommodate mutual funds' sales … demand liquidity, and insurance companies, which hold large amounts of corporate bonds. They often trade in opposite …