largest capital market for state and municipal issuers. Prior research has documented tax, credit, liquidity, and segmentation … effects in municipal bonds. Recent regulatory initiatives to improve transparency have made granular trade data available to …

Traditional liquidity measures can provide a false impression of the liquidity and stability of financial market … show that a standard measure of liquidity, the effective bid-ask spread, dramatically underestimates the true cost of … immediacy because it does not account for failed attempts to trade. The true cost of immediacy is substantially higher than the …

). • Considering Management of Liquidity Issues, banks should carefully consider Collateral Management in case of liquidity issues (e …

Spanish stock exchange and the liquidity of their stocks for the period of 2000 to 2010. Liquidity around the announcement day … is analyzed using different liquidity measures proposed by the equity market literature. The study also examines the … factors that determine the intensity of the announcement’s effect on liquidity. The evidence shows that both positive and …

I study a model of market-liquidity provision by levered intermediaries that, besides operating trading desks, run … deposit-taking franchises. Levered intermediaries’ heightened incentive to absorb risk helps to counteract liquidity …. However, liquidity provision may also overshoot, leading to unhealthy price bubbles and causing asset origination to become …

This paper measures the time-varying provision of liquidity by buy-side customers (e.g., mutual funds and pension funds … simple theory model, shocks to the relative willingness of customers and bond dealers to provide liquidity affect, in … events, such as exposing the increased role of buy-side customers for liquidity provision after the many regulatory changes …

initial underpricing and higher liquidity: New bonds generally have lower yields than seasoned benchmarks, and average … benchmark-adjusted returns form a humped pattern by horizon. We then test whether liquidity effects in bonds are linked to … issuers' equity liquidity. Generally, we find that equity and bond illiquidity are linked at the firm level, and that equity …