the market's liquidity and price efficiency. Employing difference-indifference regressions, we find that the bid …

show that the larger tick size raised the cost for retail-sized liquidity demanding orders by almost fifty percent, and … raised profits to liquidity providers by forty percent. The bulk of the effects occurred for tick-constrained stocks for …

order book liquidity in NASDAQ-listed stocks on the NASDAQ exchange. For treatment stocks with an average pre-pilot quoted … spread less than $0.05, the tick size increase is binding and leads to a significant decrease in liquidity in the limit order … book becomes less resilient – the amount of time required for a deviation in liquidity to return to its long-run mean. For …

Dealers, who strategically supply liquidity to traders, are subject to both liquidity and adverse selection costs …. While liquidity costs can be mitigated through inter-dealer trading, individual dealers' private motives to acquire … information compromise inter-dealer market liquidity. Post-trade information disclosure can improve market liquidity by …

a mechanism for discovering dark liquidity. We quantify its role in the price formation process in a model of the … dynamics of price and segmented order flow induced by the protocol. We find that the dark liquidity pool generally contains … liquidity providers to guard against adverse price movements than as a channel to hide private information. …