(resp. low). However the quality of this signal and market liquidity are different in each market design. We test these … that the strength of the association between the spread and volatility is weaker after the switch to anonymity. …

market liquidity are different in each market design. We test these predictions using a natural experiment. As of April 23 … spread and volatility is weaker after the switch to anonymity. …

this switch to anonymity on market liquidity and the informational content of the limit order book. Our empirical analysis … anonymity alters the informational content of the bid-ask spread and market liquidity. For our sample stocks, we find that the … information on future volatility is public, the informational content of the bid-ask spread and market liquidity are identical in …

and market liquidity are different in each market design. We test these predictions using a natural experiment. As of … between the spread and volatility is weaker after the switch to anonymity. …

We analyse the effect of concealing limit order traders’ identities on market liquidity. We develop a model in which … cost of liquidity provision were large when indeed it is small. This bluffing strategy is less effective when traders … anonymous market. For this reason, concealing limit order traders’ IDs affects market liquidity in our model. We test this …

We analyze the effect of concealing limit order traders’ identities on market liquidity. We develop a model in which … cost of liquidity provision were large when indeed it is small. This bluffing strategy is less effective when traders … anonymous market. For this reason, concealing limit order traders’ IDS affects market liquidity in our model. We test this …

Order Trading ; Anonymity ; Transparency ; Liquidity ; Volatility Forecasts … this switch to anonymity on market liquidity and the informational content of the limit order book. Our empirical analysis … anonymity alters the informational content of the bid-ask spread and market liquidity. For our sample stocks, we find that the …

. We exploit this quasi{ natural experiment to investigate the impact this change had on liquidity and trading behavior …

. We exploit this quasi{ natural experiment to investigate the impact this change had on liquidity and trading behavior …

. We exploit this quasinatural experiment to investigate the impact this change had on liquidity and trading behavior. Our …