We investigate changes in market quality in the United States and Canada during macroeconomic news announcements. We measure market quality in terms of the cost of trading, pricing errors, and returns dependence. Using a sample of cross-listed stocks and stock index futures, we provide robust...

In this paper, we examine the effect of financial literacy on financial well-being. Using a panel data set of Dutch households over 2011-2020, we find that initial (2011) financial literacy positively impacts future wealth accumulation and income generation. We further document that initial...