Marc L. Lipson

TL;DR: This article showed that the positive volatility-volume relation documented by numerous researchers actually reflects the positive relation between volatility and the number of transactions, and that it is the occurrence of transactions per se, and not their size, that generates volatility; trade size has no information beyond that contained in the frequency of transactions.

TL;DR: The authors found that the likelihood and severity of financial misreporting is positively related to aggregate institutional ownership and this effect can be largely attributed to ownership by institutions with short investment horizons, those with little incentive to engage in costly monitoring of firm activities and precisely those that sell at the announcement of a restatement.

TL;DR: In this article, the effect of the tick size reduction on execution costs of stocks was studied. But the authors emphasize that spreads are not a sufficient statistic for market quality and that small smaller tick sizes may actually reduce market liquidity.

TL;DR: In this paper, the authors examine the relation between equity market liquidity and capital structure and find that firms with more liquid equity have lower leverage and prefer equity financing when raising capital, while firms with less liquid equity tend to be more leveraged.

TL;DR: In this paper, the authors examine the effects of trading and information flows on the short run behavior of stock prices by comparing the behaviour of stock return volatility during trading and nontrading periods.