and market liquidity are different in each market design. We test these predictions using a natural experiment. As of …

Information asymmetry and liquidity concentration has been widely discussed in literatures. This study shows how … liquidity influences not only forecasting performances of term structure estimation, but also information transmission and price …, and provides a rationale for incorporating, liquidity in estimating term structure. Forecasting performance can be greatly …

cap stocks at market close than at open. Search cost is related significantly to order-based market liquidity measures …

presumably do so in the near future in crucial issues such capital requirements, liquidity, leverage, systemic risk, etc. This …