Cover -- Copyright -- Contents -- Acknowledgments -- Introduction -- The Prewar Labor Market -- 1. State Initiatives and National Ambitions: Origins of the U.S. Employment Service -- 1917: Labor Market Politics in Wartime -- 2. Federalist Aspirations in the States -- 3. Nationalist Initiatives...

In this paper we develop a measure of liquidity, price impact, which quantifies the change in a firm's stock price associated with its observed net trading volume. For a large set of institutional trades we compare out-of-sample, characteristic-based estimates of price impact to actual price...