liquidity provision by hedge funds to noise traders to rationalize our findings, and empirically verify auxiliary predictions of …

, 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. …

This paper examines the extent to which individual investors provide liquidity to the stock market, and whether they … predict short-term future returns is significantly enhanced during times of market stress, when market liquidity provisions … uncertainty. Despite this high aggregate performance, individual investors do not reap the rewards from liquidity provision …

, liquidity, and asset prices. Arbitrageurs exploit price discrepancies between assets traded in segmented markets, and in doing … so provide liquidity to investors. A collateral constraint limits their positions as a function of capital. We show that … markets, liquidity in each market generally becomes less volatile, but the reverse may hold for aggregate liquidity because of …

liquidity demanders rather than providers. The effects on security markets were large and persistent: Prices dropped relative to …

We study how actively managed equity mutual funds select the liquidity level of their equity portfolio and the effects … of this selection on performance. We provide evidence of five key determinants of portfolio liquidity: portfolio size …, portfolio concentration, the manager’s trading frequency, investment style, and fee structure. We also show that liquidity is a …

liquidity - but longer-term profits. One source of these profits is that institutions anticipate both earnings surprises and …

more sensitive to a liquidity-risk factor. Our results imply that information asymmetry has a substantial effect on asset … prices and that a primary channel linking asymmetry to prices is liquidity. …

liquidity, especially for stocks with small market capitalization, high volatility and no listed options; (ii) slowed down price …