This study examines the impact of stock market liquidity on a stock price crash, using firm data from Borsa Istanbul for the period 2009-2019. The results show that higher stock liquidity increases the likelihood of stock price crashes, but this positive link is not driven by blockholder...

Empirical evidence suggests that investor protection has significant effects on ownership concentration and asset prices. We develop a dynamic asset pricing model to address the empirical regularities and uncover some of the underlying mechanisms at play. Our model features a controlling...

This paper examines how the implementation of a new dark order - Midpoint Extended Life Order on NASDAQ - impacts financial markets stability in terms of occurrences of mini-flash crashes in individual securities. We use high-frequency order book data and apply panel regression analysis to...