hot markets, with low offer price, low-reputation underwriters or no VC backing face higher liquidity frictions, higher …

Market liquidity is impacted by the presence of financial intermediaries that are informed and active participants in … instrumental variables, we identify the simultaneous equations model of liquidity and dual market maker decisions. We find that the … presence of dual market makers improves the liquidity of the more competitive and transparent equity markets, but widens the …

institutions during the resolution of a financial crisis. First, we examine how Morgan coordinated emergency liquidity infusions … applicants for liquidity had participated in earlier bond underwriting syndicates with Morgan. The single denial of aid was to an … or liquidity infusions to Morgan-backed issuers than to issuers backed by other bankers. These findings provide support …

Using eight measures of liquidity, and addressing the potential endogeneity of initial returns, we find underpricing … generally increases the secondary market liquidity of IPOs over the first year of trading, irrespective of the horizon over … which liquidity is measured. For two model specifications over the eight measures, fifteen regressions display signs …

average, institutional shareholders are net sellers during share repurchases. After controlling for liquidity provision and … attributed to institutional investors executing liquidity provision strategies, 8% is explained by institutions reacting to the …