the usage of hidden liquidity. Thus the Iceberg-trader is faced with the problem to find the right trade-off. Our model … to 60%. -- Hidden Liquidity ; Iceberg Orders ; Limit Order Book ; Market Impact of Limit Orders ; Optimal Exposure …

, how liquidity reacts to financial shocks. According to our results, spillovers from liquidity volatility to returns … volatility and viceversa are more intense after the crisis. Further, the volatility persistence of both returns and liquidity … volatility and more unstable liquidity that is more prone to evaporation …

(temporarily) stemming liquidity loss during crises. -- short selling ban ; liquidity ; volatility …-09 improved market liquidity or at least had a neutral impact; a result we argue could be expected in theory, given a simple … United States. Furthermore, we find that bans on covered short sales generally succeeded in lowering volatility. Banning …

quality, liquidity and crash risk, across firms and regulatory regimes. We find that OTC firms that are subject to stricter … regulatory regimes and disclosure requirements have higher market quality (higher liquidity and lower crash risk). Our analysis …