, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with central dealers and at … times of market-wide illiquidity. Central dealers thus serve as liquidity providers of last resort. …

, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with central dealers and at … times of market-wide illiquidity. Central dealers thus serve as liquidity providers of last resort. …

We present comprehensive evidence in support of giving liquidity equal standing to size, value/growth, and momentum as … investment styles, as defined by Sharpe (1992). First, we show that financial market liquidity, as identified by stock turnover …, is an economically significant indicator of long-term returns. Then, we show that liquidity, as a characteristic, is not …

largest capital market for state and municipal issuers. Prior research has documented tax, credit, liquidity, and segmentation … effects in municipal bonds. Recent regulatory initiatives to improve transparency have made granular trade data available to …

Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of 2007 …–2009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market … considerably enhance transparency in securitization transactions at the expense of some transaction costs, while reducing the need …

Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of … 20072009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market … considerably enhance transparency in securitization transactions at the expense of some transaction costs, while reducing the need …