more highly correlated; moreover, at these times, money supply positively affects financial market liquidity, albeit with a … lag of two weeks. During normal times, increases in mutual fund flows enhance stock market liquidity and trading volume …, but during financial crises, U.S. government bond funds see higher inflows, resulting in increased bond market liquidity …

. The stock picks show substantial short- and long-run price and liquidity gains, although no new information is revealed … about them. For example, liquidity one year after the pick day remains higher for these stocks than for a sample matched … according to size, book-to-market value, and liquidity in the preceding year. In addition, after controlling for fundamental and …