systems in Europe. It investigates the relationship between the trading activity of a crossing network (CN) and the liquidity … spreads are negatively related to CN executions. Risk-sharing benefits from CN trading dominate fragmentation and cream …

liquidity, leading to lower borrowing costs for households. Evaluation of potential reforms to the U.S. housing finance system …

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 …

negatively associated with aggregate liquidity …

surprises, which suggests that private information does not hinder CDS liquidity. …