portfolio size and degree of risk aversion of potential investors, the ability to borrow, and the hedging opportunities provided …

represents a positive cash balance for the dealer that can be an important source of liquidity. The model shows that dealers with … higher default risk are more exposed to runs by collateral providers than to runs by cash lenders, who are completely …

In today's markets where high frequency traders (HFTs) act as both liquidity providers and takers, I argue that … information asymmetry induced by liquidity-taking HFTs' use of machine-readable information is important. This particular type of … experiment of index inclusion, I show that liquidity-providing HFTs supply less liquidity to stocks that suffer more from this …

-sectional differences in response to liquidity risk depend on the banks' shares of core deposit funding. By contrast, differences across …While the balance sheet structure of U.S. banks influences how they respond to liquidity risks, the mechanisms for the … global banks (those with foreign affiliates) are associated with ex ante liquidity management strategies as reflected in …

controlling for standard risk factors. Liquidity deteriorates on FTS days both in the bond and equity markets. Both economic …

provision, rather than volume of orders, over volatility. To this end, we propose a new measure, relative liquidity (RLIQ … price. Higher liquidity provision farther away from the best quotes, relative to the rest of the book, is associated with a …

, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with central dealers and at … times of market-wide illiquidity. Central dealers thus serve as liquidity providers of last resort. …

of financial assets. Forced sales of the intermediary's assets could consume liquidity, depressing the liquidation value …