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 …

We study how competition in the mutual fund industry affects stock market liquidity. We argue that mutual fund families … number of funds. The presence of more and relatively less-informed funds impacts the market, increasing stock liquidity. This … informativeness (i.e., fees, size and performance of the funds and number of funds per family), to explain stock market liquidity. We …

We investigate how short sellers strategically exploit the liquidity generated by the arrival of ambiguous information … content. Measures of stock liquidity increase and the news-day return mean-reverts more on days with intangible news releases …, intangibility has a bigger effect on short sellers' trading after an exogenous decrease in liquidity following a deletion of the …

liquidity and fire-sale shocks respond to an increase in informed trading by shifting their portfolios away from stocks with …