We show that the positive volatility-volume relation documented by numerous researchers
actually reflects the positive relation between volatility and the number of transactions. Thus, it …

We examine the relation between equity market liquidity and capital structure. We find that
firms with more liquid equity have lower leverage and prefer equity financing when raising …

In June 1997, the New York Stock Exchange lowered its minimum price increment on most
stocks from eighths to sixteenths. We use a sample of institutional trades to directly measure …

We study order flow and liquidity around NYSE trading halts. We find that market and limit
order submissions and cancellations increase significantly during trading halts, that a large …

We examine the effects of trading and information flows on the short-run behavior of stock
prices by comparing the behavior of stock return volatility during trading and nontrading …

Recent papers have debated whether the negative correlation between measures of firm asset
growth and subsequent returns is of little importance since it applies only to small firms, is …

This paper examines the performance of newly public firms and compares those firms that
initiated dividends with those that did not. Earnings increases following the dividend initiation …

… Seymour Lipschutz e Marc Lipson … MARC LARS LIPSON é professor da Universidade
de Virgínia, tendo antes trabalhado na … SEYMOUR LIPSCHUTZ MARC LARS LIPSON …

… A portion of this work was completed while Marc Lipson was a Visiting Economist at the New
York Stock Exchange. The comments and opinions expressed in this paper are the authors' …

Using electronic order flow data for a sample of NYSE-listed stocks, we examine the relative
importance of program traders, institutional traders, retail traders, and exchange members in …