documents the existence of an asymmetric relationship between market liquidity and trading imbalances: when quoted spreads rise … (fall) and liquidity falls (increases) buy (sell) orders tend to prevail. Risk-averse market-makers, with inventory … characteristics, stock market volatility, macroeconomic releases and liquidity management operations of the monetary authorities. …

system which operates at various European exchanges. We study how present and past liquidity supply and demand as well as …

documents the existence of an asymmetric relationship between market liquidity and trading imbalances: when quoted spreads rise … (fall) and liquidity falls (increases) buy (sell) orders tend to prevail. Risk-averse market-makers, with inventory … characteristics, stock market volatility, macroeconomic releases and liquidity management operations of the monetary authorities. …

differences in market design and liquidity, can be exploited to estimate unique information shares. The empirical application of …

differences in market design and liquidity, can be exploited to estimate unique information shares. The empirical application of …

break local price trends, make liquidity suppliers revise positions, and enhance price discovery. In contrast, pauses do not …