double the roundtrip markups to investors compared to peripheral dealers. In turn, central dealers provide immediacy by …

in equilibrium such that observed spreads can appear invariant to expected liquidity …

and posted liquidity. Our findings moreover suggest that large hidden orders are associated with larger transaction costs …, higher price impact and increased volatility. In particular, as large hidden orders fail to attract (latent) liquidity to the … market, hidden liquidity provision gives rise to negative liquidity externalities. …

Transparency ; Iceberg Orders ; Informed Trading ; Market Impact ; Market Quality ; Liquidity Externalities ; Upstairs Markets … and posted liquidity. Our findings moreover suggest that large hidden orders are associated with larger transaction costs …, higher price impact and increased volatility. In particular, as large hidden orders fail to attract (latent) liquidity to the …

are lower. However, the cost dimension of liquidity is significantly more beneficial for investors with higher price … level of pre-trade transparency, which indicates the high relevance of this subject …

We study the association between the stock liquidity of SMEs in the US and their likelihood of bankruptcy, using a … substantial heterogeneity across industries regarding the predictive power of the liquidity measure on the likelihood of … performance tests conclude that adding a liquidity measure variable to the Campbell et al. (2008) model improves its predictive …