Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of 2007 …–2009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market … considerably enhance transparency in securitization transactions at the expense of some transaction costs, while reducing the need …

and posted liquidity. Our findings moreover suggest that large hidden orders are associated with larger transaction costs …, higher price impact and increased volatility. In particular, as large hidden orders fail to attract (latent) liquidity to the … market, hidden liquidity provision gives rise to negative liquidity externalities. …

direction of company-specific news. Information-implied reactions in returns, volatility as well as liquidity demand and supply …, this is only true if news items are classified as highly relevant. Liquidity supply reacts less distinctly due to a …

We provide elementary insights into the effectiveness of certification to increase market transparency. In a market …. This difference alone implies that seller-certification yields more transparency and higher social welfare. Under buyer …-certification profit maximizing certifiers further limit transparency, but because seller-certification yields larger profits, active …