paper evaluates the impact of dark trading and fragmentation in visible order books on liquidity. We consider global … liquidity by consolidating the limit order books of all visible trading venues, and local liquidity by considering the … traditional market only. We find that fragmentation in visible order books improves global liquidity, whereas dark trading has a …

, across all countries, mandatory IFRS reporting had little impact on liquidity. The liquidity effects around IFRS introduction … reporting enforcement. There is little evidence of liquidity benefits in IFRS countries without substantive enforcement changes … even when they have strong legal and regulatory systems. Moreover, we find similar liquidity effects for firms that …

market liquidity and trading of other market participants. IDT contribute 10% to volume while losing 3.2 bp (73% of the half …-spread) on average on trades with others, including proprietary day traders (PDT), the primary intraday-liquidity providers, and …

We model a trader’s decision to supply liquidity by submitting limit orders or demand liquidity by submitting market … rate of traders and increases the number of value traders arriving — liquidity supply is more competitive after periods of … arriving — liquidity supply is less competitive when the spread widens. …

We examine how commonality in liquidity varies across countries and over time in ways related to supply determinants … (funding liquidity of financial intermediaries) and demand determinants (correlated trading behavior of international and … institutional investors, incentives to trade individual securities, and investor sentiment) of liquidity. Commonality in liquidity …

factor is low. (4) Increased funding liquidity risk compresses betas toward one. (5) More constrained investors hold riskier …

intensity into liquidity and information components. Duration between transactions exerts a positive influence on price changes …, while increases in order flow and trade volume exert positive and negative influences, respectively. The liquidity component … dominates the information measure, suggesting that liquidity considerations dictate trade timing. These findings are …

observe that market frictions account to some extent for negative spreads, we also found that volatility and liquidity widen …