Digital platforms like Uber can enhance market transparency and mitigate moral hazard via ratings of buyers and sellers …

We characterize the price-transparency role of benchmarks in over-the-counter markets. A benchmark can, under … dealers and customers, and reducing search costs. Although the market transparency promoted by benchmarks reduces dealers …

-market liquidity …

Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting … to examine the impact of liquidity on expected returns. Our main liquidity measure is a transformation of the proportion … of zero daily firm returns, averaged over the month. We find that our liquidity measures significantly predict future …

Market liquidity is modeled as being determined by the demand and supply of immediacy. Exogenous liquidity events … coupled with the risk of delayed trade create a demand for immediacy. Market makers supply immediacy by their continuous … the number of market makers adjusts to equate the supply and demand for immediacy. This determine the equilibrium level of …

We consider a model of liquidity demand arising from a possible maturity mismatch between asset revenues and … consumption. This liquidity demand can be met with either cash reserves (inside liquidity) or via asset sales for cash (outside … liquidity). The question we address is, what determines the mix of inside and outside liquidity in equilibrium? An important …