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 …

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 …

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 …

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. …