I show a near symmetrical adverse effect of shorting flow impediments (caused by an exchange driven short-sale ban or securities lending market-driven constraints) on the buy and sell order flow price impact and liquidity supply dynamics. Overall, I find that the liquidity cost asymmetry is...

Equity market liberalizations are like IPOs, but they are IPOs of a country's stock market rather than of individual firms. Both are endogenous events whose benefits are limited by poor investor protection, agency costs, and information asymmetries. As for stock prices following an IPO, there...