We study the introduction of single-market liquidity provider incentives in fragmented securities markets. Specifically …, we investigate whether fee rebates for liquidity providers enhance liquidity on the introducing market and thereby … increase its competitiveness and market share. Further, we analyze whether single-market liquidity provider incentives increase …

We study how the risks to future liquidity flow across corporate bond, Treasury, and stock markets. We document … distribution “flight-to-safety” effects: a deterioration in the liquidity of high-yield corporate bonds forecasts an increase in … the average liquidity of Treasury securities and a decrease in uncertainty about the liquidity of investment …

liquidity and tail risk. Applications provide both support for the use of PLM and new insights on liquidity …Liquidity is easily perceived but not easily defined in financial markets. In this study, we present a class of … liquidity measures called Proper Liquidity Measures (PLM). We prove that widely used measure such as percent quoted spreads and …

creditor structure in repo lending involves a fundamental tradeoff between risk sharing and inefficient 'rushing for the exits …