Bergman, Nittai K.; Kadan, Ohad; Michaely, Roni; … - 2020
Whether proprietary traders provide or take liquidity, and how their behavior evolves over the business cycle and … across stocks, remains at the center of an ongoing debate. Using a unique dataset from the NYSE, we document that proprietary … intermediary balance sheets are weak, proprietary traders do not provide any liquidity. Furthermore, proprietary traders do not …