counterparty credit risk. Central bank interventions helped to reduce the funding liquidity risk of global institutions …

the role of the market maker. Most theory characterizes him as an uninformed passive liquidity supplier. Our results … suggest that some market makers actively demand liquidity for a substantial part of the day and are informed speculators …

transmitted to small stocks with a lag. Such trading impacts large stock liquidity, so that, in equilibrium, large stock … role of order flow and liquidity in predicting small stock returns is stronger prior to macro announcements (when …

). Aggregate liquidity can be seen as the rate of change of the aggregate balance sheet of the financial intermediaries …

responsibilities. In April 2020, the Federal Reserve announced the establishment of the Municipal Liquidity Facility (MLF) to help …

depth, and improved price efficiency.Moreover, slow traders become more competitive in liquidity provision and price …

We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions … eligibility population cutoffs introduced by the federal sector’s Municipal Liquidity Facility (MLF) to study the effects of an … emergency liquidity option on yields, primary debt issuance, and public sector employment. We find that while the announcement …