Exchanges and shows that competition among exchange platforms does not have a negative effect on the level of liquidity of …

market liquidity and trading of other market participants. IDT contribute 10% to volume while losing 3.2 bp (73% of the half …-spread) on average on trades with others, including proprietary day traders (PDT), the primary intraday-liquidity providers, and …

others, including proprietary day traders (PDT), the primary intraday-liquidity providers, and longer-term traders …

This paper investigates the effect of investor protection on the value impact of stock liquidity. Using a sample of … the value impact of stock liquidity. This association is robust to various endogeneity tests including a difference … increases the value impact of liquidity by reducing managerial entrenchment, encouraging informed trading, and enhancing pay …

important aspect of the market microstructure – liquidity. Potentially, herding could simultaneously affect the liquidity of … 'commonality in liquidity' – a term which expresses the idea that the liquidity of individual stocks may have common determinants …. We find strong evidence of commonality in liquidity in what is the first study of this phenomenon since the ASX adopted …

- retail investors, domestic and foreign institutions - influence priceformation for different liquidity levels. We find that … trading participants contribute heterogeneously toprice formation, and that liquidity affects the size, but not the relative … both high and low-liquidity stocks. In particular, retail investors’ trade imbalances are associated with the highest five …

This study investigates the informational effect of stock liquidity on dividend payouts. Using a sam- ple of Polish … robust to the use of alternative measures of liquidity, and holds after we control for endogeneity concerns. In accord with … my hypothesis that stock liquidity provides information and increases insiders’ incentive to pay out dividends, I do not …

of algorithmic trading on stock market liquidity and commonality in liquidity under different market conditions on the … Tokyo Stock Exchange. After controlling for endogeneity, we find algorithmic trading increases stock liquidity by narrowing … spreads and increasing market depth. Furthermore, algorithmic trading increases commonality in liquidity at both high and low …