Details about Erik Theissen

Homepage:	https://www.bwl.uni-mannheim.de/en/theissen/
Workplace:	Fakultät für Betriebswirtschaftslehre (Business School), Universität Mannheim (University of Mannheim), (more information at EDIRC)

Access statistics for papers by Erik Theissen.

Last updated 2023-04-07. Update your information in the RePEc Author Service.

Short-id: pth76

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Working Papers

2021

1. Call of duty: Designated market maker participation in call auctions
   SAFE Working Paper Series, Leibniz Institute for Financial Research SAFE
   Also in CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) (2019) View citations (2)
   See also Journal Article Call of duty: Designated market maker participation in call auctions, Journal of Financial Markets, Elsevier (2020) (2020)
2. Non-Standard Errors
   Working Papers, Faculty of Economics and Statistics, Universität Innsbruck View citations (6)

2020

3. Do contented customers make shareholders wealthy? Implications of intangibles for security pricing
   CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
4. Earnings autocorrelation and the post-earnings-announcement drift: Experimental evidence
   CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
5. Finanzwirtschaftliche Anwendungen der Blockchain-Technologie
   CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
6. Momentum? What Momentum?
   CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (1)

2019

7. Liquidity in the German stock market
   CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
   See also Journal Article Liquidity in the German Stock Market, Schmalenbach Business Review, Springer (2019) (2019)
8. Small is beautiful? How the introduction of mini futures contracts affects the regular contract
   CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (1)

2018

9. Underpricing in the euro area corporate bond market: New evidence from post-crisis regulation and quantitative easing
   CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (8)

2017

10. Illiquidity transmission from spot to futures markets
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
    See also Journal Article Illiquidity transmission from spot to futures markets, Journal of Futures Markets, John Wiley & Sons, Ltd. (2019) View citations (1) (2019)

2016

11. Competition between equity markets: A review of the consolidation versus fragmentation debate
    SAFE Working Paper Series, Leibniz Institute for Financial Research SAFE View citations (3)
    See also Journal Article COMPETITION BETWEEN EQUITY MARKETS: A REVIEW OF THE CONSOLIDATION VERSUS FRAGMENTATION DEBATE, Journal of Economic Surveys, Wiley Blackwell (2017) View citations (16) (2017)
12. Spoilt for choice: Order routing decisions in fragmented equity markets
    SAFE Working Paper Series, Leibniz Institute for Financial Research SAFE View citations (9)
    Also in CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) (2016) View citations (9)

2015

13. Ich bin dann mal weg: Werteffekte von Delistings deutscher Aktiengesellschaften nach dem Frosta-Urteil
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)

2014

14. Dividend taxation and DAX futures prices
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
15. Estimation of trading costs: Trade indicator models revisited
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (1)
16. Open Market Share Repurchases in Germany - A Conditional Event Study Approach
    Schumpeter Discussion Papers, Universitätsbibliothek Wuppertal, University Library View citations (1)
    Also in CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) (2013)
    See also Journal Article Open Market Share Repurchases in Germany: A Conditional Event Study Approach, Abacus, Accounting Foundation, University of Sydney (2018) (2018)

2013

17. GDP mimicking portfolios and the cross-section of stock returns
    ZEW Discussion Papers, ZEW - Leibniz Centre for European Economic Research View citations (4)
18. Should I stay or should I go? Former CEOs as monitors
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
    See also Journal Article Should I stay or should I go? Former CEOs as monitors, Journal of Corporate Finance, Elsevier (2014) View citations (10) (2014)
19. The Lintner model revisited: Dividends versus total payouts
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
    See also Journal Article The Lintner model revisited: Dividends versus total payouts, Journal of Banking & Finance, Elsevier (2015) View citations (14) (2015)

2012

20. A partially linear approach to modelling the dynamics of spot and futures prices
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
    Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2008) View citations (2)
    See also Journal Article A Partially Linear Approach to Modeling the Dynamics of Spot and Futures Prices, Journal of Futures Markets, John Wiley & Sons, Ltd. (2015) View citations (4) (2015)
21. Dividend announcements reconsidered: Dividend changes versus dividend surprises
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (2)
    Also in Schumpeter Discussion Papers, Universitätsbibliothek Wuppertal, University Library (2011) View citations (1)
22. Is it better to say goodbye? When former executives set executive pay
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)

2011

23. Does anonymity matter in electronic limit order markets ?
    Working Papers, HAL
    Also in Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich (2004) View citations (5)
    HEC Research Papers Series, HEC Paris (2003) View citations (4)
    Post-Print, HAL (2007) View citations (74)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (3)
    Post-Print, HAL (2007) View citations (77)
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) (2005) View citations (4)
    See also Journal Article Does Anonymity Matter in Electronic Limit Order Markets?, The Review of Financial Studies, Society for Financial Studies (2007) View citations (77) (2007)
24. Is BEST really better? Internalization of orders in an open limit order book
    CFS Working Paper Series, Center for Financial Studies (CFS)
    See also Journal Article Is Best Really BETTER? Internalization of Orders in an Open Limit Order Book, Schmalenbach Business Review (sbr), LMU Munich School of Management (2012) (2012)
25. Liquidity dynamics in an electronic open limit order book: An event study approach
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (2)
    See also Journal Article Liquidity Dynamics in an Electronic Open Limit Order Book: an Event Study Approach, European Financial Management, European Financial Management Association (2015) View citations (18) (2015)
26. Market response to investor sentiment
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (5)
    Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2011) View citations (3)
    See also Journal Article Market Response to Investor Sentiment, Journal of Business Finance & Accounting, Wiley Blackwell (2013) View citations (11) (2013)
27. Price discovery in spot and futures markets: A reconsideration
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (5)
    Also in CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) (2009)
    CFS Working Paper Series, Center for Financial Studies (CFS) (2009)
    See also Journal Article Price discovery in spot and futures markets: a reconsideration, The European Journal of Finance, Taylor & Francis Journals (2012) View citations (41) (2012)
28. Short sale constraints, divergence of opinion and asset value: Evidence from the laboratory
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
    Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2011) View citations (1)
    Labsi Experimental Economics Laboratory University of Siena, University of Siena (2006) View citations (7)
29. Strategic Trading and Trade Reporting by Corporate Insiders
    Schumpeter Discussion Papers, Universitätsbibliothek Wuppertal, University Library
    Also in CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) (2009) View citations (2)
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) (2010)
    CFS Working Paper Series, Center for Financial Studies (CFS) (2011)
30. Time and the price impact of a trade: A structural approach
    CFS Working Paper Series, Center for Financial Studies (CFS) View citations (4)
    Also in CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) (2007) View citations (1)

2010

31. The cross-Section of German stock returns: New data and new evidence
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (3)
    See also Journal Article The Cross-Section of German Stock Returns: New Data and New Evidence, Schmalenbach Business Review (sbr), LMU Munich School of Management (2012) View citations (17) (2012)

2008

32. Determinanten der Aktionärspräsenz auf Hauptversammlungen deutscher Aktiengesellschaften
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (1)
33. Setting a Fox to Keep the Geese: Does the comply-or-explain principle work?
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (9)
    See also Journal Article Setting a fox to keep the geese -- Does the comply-or-explain principle work?, Journal of Corporate Finance, Elsevier (2008) View citations (9) (2008)
34. Sooner or later: delays in trade reporting by corporate insiders
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (4)

2007

35. Insider trading and corporate governance: The case of Germany
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (1)
    See also Journal Article Insider Trading and Corporate Governance: The Case of Germany, European Financial Management, European Financial Management Association (2009) View citations (53) (2009)

2006

36. Competition between exchanges: Euronext versus Xetra
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
    Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2006)
    See also Journal Article Competition between Exchanges: Euronext versus Xetra, European Financial Management, European Financial Management Association (2009) View citations (8) (2009)
37. Investment performance and market share: A study of the German mutual fund industry
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR)
    Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2006) View citations (1)

2005

38. An analysis of private investors' stock market return forecasts
    CFR Working Papers, University of Cologne, Centre for Financial Research (CFR) View citations (1)
    See also Journal Article An analysis of private investors' stock market return forecasts, Applied Financial Economics, Taylor & Francis Journals (2007) View citations (7) (2007)

2003

39. Estimating the Probability of Informed Trading - Does Trade Misclassification Matter?
    University of St. Gallen Department of Economics working paper series 2003, Department of Economics, University of St. Gallen View citations (2)
    Also in Bonn Econ Discussion Papers, University of Bonn, Bonn Graduate School of Economics (BGSE) (2002)
    See also Journal Article Estimating the probability of informed trading--does trade misclassification matter?, Journal of Financial Markets, Elsevier (2007) View citations (45) (2007)
40. Organized equity markets in Germany
    CFS Working Paper Series, Center for Financial Studies (CFS) View citations (3)

2002

41. Internalisierung und Marktqualität: Was bringt Xetra Best?
    CFS Working Paper Series, Center for Financial Studies (CFS)
42. Trader Anonymity, Price Formation and Liquidity
    Bonn Econ Discussion Papers, University of Bonn, Bonn Graduate School of Economics (BGSE)
    See also Journal Article Trader Anonymity, Price Formation and Liquidity, Review of Finance, European Finance Association (2003) View citations (29) (2003)

2001

43. Knowing Me, Knowing You: Trader Anonymity and Informed Trading in Parallel Markets
    Publications of Darmstadt Technical University, Institute for Business Studies (BWL), Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL) View citations (36)
    See also Journal Article Knowing me, knowing you:: Trader anonymity and informed trading in parallel markets, Journal of Financial Markets, Elsevier (2001) View citations (35) (2001)
44. Price Discovery in Floor and Screen Trading Systems
    Bonn Econ Discussion Papers, University of Bonn, Bonn Graduate School of Economics (BGSE)
    See also Journal Article Price discovery in floor and screen trading systems, Journal of Empirical Finance, Elsevier (2002) View citations (47) (2002)

2000

45. Informationsbasierter Aktienhandel über IBIS
    Publications of Darmstadt Technical University, Institute for Business Studies (BWL), Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL) View citations (5)

1999

46. Banken, bankeigene Kapitalanlagegesellschaften und Aktienemissionen
    Working Paper Series: Finance and Accounting, Department of Finance, Goethe University Frankfurt am Main
    See also Journal Article Banken, bankeigene Kapitalanlagegesellschaften und Aktienemissionen, Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag (1999) (1999)
47. Floor versus Screen Trading: Evidence from the German Stock Market
    HEC Research Papers Series, HEC Paris View citations (5)
    See also Journal Article Floor versus Screen Trading: Evidence from the German Stock Market, Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen (2002) View citations (15) (2002)
48. Insider Trading and Portfolio Structure in Experimental Asset Markets with a Long Lived Asset
    Working Paper Series: Finance and Accounting, Department of Finance, Goethe University Frankfurt am Main
    See also Journal Article Insider trading and portfolio structure in experimental asset markets with a long-lived asset, The European Journal of Finance, Taylor & Francis Journals (1999) View citations (7) (1999)
49. Liquiditätsmessung auf experimentellen Aktienmärkten#
    Working Paper Series: Finance and Accounting, Department of Finance, Goethe University Frankfurt am Main

1998

50. Der Neue Markt: Eine Bestandsaufnahme#
    Working Paper Series: Finance and Accounting, Department of Finance, Goethe University Frankfurt am Main
51. Performance deutscher Rentenfonds
    Working Paper Series: Finance and Accounting, Department of Finance, Goethe University Frankfurt am Main

1997

52. Messung individueller Risikoeinstellungen
    CFS Working Paper Series, Center for Financial Studies (CFS) View citations (3)
53. Performance and market share: Evidence from the German mutual fund industry
    CFS Working Paper Series, Center for Financial Studies (CFS) View citations (2)

Journal Articles

2021

1. How to measure the liquidity of cryptocurrency markets?
   Journal of Banking & Finance, 2021, 124, (C) View citations (30)
2. Underpricing in the euro area bond market: New evidence from post-crisis regulation and quantitative easing
   Journal of Financial Intermediation, 2021, 46, (C) View citations (3)
3. What drives the liquidity of cryptocurrencies? A long-term analysis
   Finance Research Letters, 2021, 39, (C) View citations (8)

2020

4. Call of duty: Designated market maker participation in call auctions
   Journal of Financial Markets, 2020, 49, (C)
   See also Working Paper Call of duty: Designated market maker participation in call auctions, SAFE Working Paper Series (2021) (2021)

2019

5. Illiquidity transmission from spot to futures markets
   Journal of Futures Markets, 2019, 39, (10), 1228-1249 View citations (1)
   See also Working Paper Illiquidity transmission from spot to futures markets, CFR Working Papers (2017) (2017)
6. Liquidity in the German Stock Market
   Schmalenbach Business Review, 2019, 71, (4), 443-473
   See also Working Paper Liquidity in the German stock market, CFR Working Papers (2019) (2019)

2018

7. Algorithmic trading and liquidity: Long term evidence from Austria
   Finance Research Letters, 2018, 26, (C), 198-203 View citations (5)
8. Open Market Share Repurchases in Germany: A Conditional Event Study Approach
   Abacus, 2018, 54, (4), 417-444
   See also Working Paper Open Market Share Repurchases in Germany - A Conditional Event Study Approach, Schumpeter Discussion Papers (2014) View citations (1) (2014)

2017

9. COMPETITION BETWEEN EQUITY MARKETS: A REVIEW OF THE CONSOLIDATION VERSUS FRAGMENTATION DEBATE
   Journal of Economic Surveys, 2017, 31, (3), 792-814 View citations (16)
   See also Working Paper Competition between equity markets: A review of the consolidation versus fragmentation debate, SAFE Working Paper Series (2016) View citations (3) (2016)
10. The Future of Corporate Financing in Europe
    Schmalenbach Business Review, 2017, 18, (3), 179-180

2015

11. A Partially Linear Approach to Modeling the Dynamics of Spot and Futures Prices
    Journal of Futures Markets, 2015, 35, (4), 371-384 View citations (4)
    See also Working Paper A partially linear approach to modelling the dynamics of spot and futures prices, CFR Working Papers (2012) (2012)
12. Liquidity Dynamics in an Electronic Open Limit Order Book: an Event Study Approach
    European Financial Management, 2015, 21, (1), 52-78 View citations (18)
    See also Working Paper Liquidity dynamics in an electronic open limit order book: An event study approach, CFR Working Papers (2011) View citations (2) (2011)
13. Stealth Trading and Trade Reporting by Corporate Insiders
    Review of Finance, 2015, 19, (2), 865-905 View citations (9)
14. The Lintner model revisited: Dividends versus total payouts
    Journal of Banking & Finance, 2015, 55, (C), 56-69 View citations (14)
    See also Working Paper The Lintner model revisited: Dividends versus total payouts, CFR Working Papers (2013) (2013)

2014

15. Short sale constraints, divergence of opinion and asset prices: Evidence from the laboratory
    Journal of Economic Behavior & Organization, 2014, 101, (C), 113-127 View citations (10)
16. Should I stay or should I go? Former CEOs as monitors
    Journal of Corporate Finance, 2014, 28, (C), 26-47 View citations (10)
    See also Working Paper Should I stay or should I go? Former CEOs as monitors, CFR Working Papers (2013) (2013)

2013

17. Market Response to Investor Sentiment
    Journal of Business Finance & Accounting, 2013, 40, (7-8), 901-917 View citations (11)
    See also Working Paper Market response to investor sentiment, CFR Working Papers (2011) View citations (5) (2011)
18. The Information Content of Dividend Surprises: Evidence from Germany
    Journal of Business Finance & Accounting, 2013, 40, (5-6), 620-645 View citations (17)

2012

19. Is Best Really BETTER? Internalization of Orders in an Open Limit Order Book
    Schmalenbach Business Review (sbr), 2012, 64, (2), 82-100
    See also Working Paper Is BEST really better? Internalization of orders in an open limit order book, CFS Working Paper Series (2011) (2011)
20. Price discovery in spot and futures markets: a reconsideration
    The European Journal of Finance, 2012, 18, (10), 969-987 View citations (41)
    See also Working Paper Price discovery in spot and futures markets: A reconsideration, CFR Working Papers (2011) View citations (5) (2011)
21. The Cross-Section of German Stock Returns: New Data and New Evidence
    Schmalenbach Business Review (sbr), 2012, 64, (1), 20-43 View citations (17)
    See also Working Paper The cross-Section of German stock returns: New data and new evidence, CFR Working Papers (2010) View citations (3) (2010)

2010

22. Sooner or Later: An Analysis of the Delays in Insider Trading Reporting
    Journal of Business Finance & Accounting, 2010, 37, (1‐2), 130-147 View citations (8)

2009

23. Competition between Exchanges: Euronext versus Xetra
    European Financial Management, 2009, 15, (1), 181-207 View citations (8)
    See also Working Paper Competition between exchanges: Euronext versus Xetra, CFR Working Papers (2006) (2006)
24. Insider Trading and Corporate Governance: The Case of Germany
    European Financial Management, 2009, 15, (2), 402-429 View citations (53)
    See also Working Paper Insider trading and corporate governance: The case of Germany, CFR Working Papers (2007) View citations (1) (2007)

2008

25. Setting a fox to keep the geese -- Does the comply-or-explain principle work?
    Journal of Corporate Finance, 2008, 14, (3), 289-301 View citations (9)
    See also Working Paper Setting a Fox to Keep the Geese: Does the comply-or-explain principle work?, CFR Working Papers (2008) View citations (9) (2008)

2007

26. An analysis of private investors' stock market return forecasts
    Applied Financial Economics, 2007, 17, (1), 35-43 View citations (7)
    See also Working Paper An analysis of private investors' stock market return forecasts, CFR Working Papers (2005) View citations (1) (2005)
27. Does Anonymity Matter in Electronic Limit Order Markets?
    The Review of Financial Studies, 2007, 20, (5), 1707-1747 View citations (77)
    See also Working Paper Does anonymity matter in electronic limit order markets ?, Working Papers (2011) (2011)
28. Estimating the probability of informed trading--does trade misclassification matter?
    Journal of Financial Markets, 2007, 10, (1), 26-47 View citations (45)
    See also Working Paper Estimating the Probability of Informed Trading - Does Trade Misclassification Matter?, University of St. Gallen Department of Economics working paper series 2003 (2003) View citations (2) (2003)

2005

29. Who knows what when? The information content of pre-IPO market prices
    Journal of Financial Intermediation, 2005, 14, (4), 466-484 View citations (20)

2003

30. Beta and returns revisited: Evidence from the German stock market
    Journal of International Financial Markets, Institutions and Money, 2003, 13, (1), 1-18 View citations (28)
31. Trader Anonymity, Price Formation and Liquidity
    Review of Finance, 2003, 7, (1), 1-26 View citations (29)
    See also Working Paper Trader Anonymity, Price Formation and Liquidity, Bonn Econ Discussion Papers (2002) (2002)

2002

32. Floor versus Screen Trading: Evidence from the German Stock Market
    Journal of Institutional and Theoretical Economics (JITE), 2002, 158, (1), 32-54 View citations (15)
    See also Working Paper Floor versus Screen Trading: Evidence from the German Stock Market, HEC Research Papers Series (1999) View citations (5) (1999)
33. Price discovery in floor and screen trading systems
    Journal of Empirical Finance, 2002, 9, (4), 455-474 View citations (47)
    See also Working Paper Price Discovery in Floor and Screen Trading Systems, Bonn Econ Discussion Papers (2001) (2001)

2001

34. A test of the accuracy of the Lee/Ready trade classification algorithm
    Journal of International Financial Markets, Institutions and Money, 2001, 11, (2), 147-165 View citations (30)
35. An Index Is An Index Is An Index?
    Schmalenbach Business Review (sbr), 2001, 53, (4), 295-320 View citations (10)
36. Knowing me, knowing you:: Trader anonymity and informed trading in parallel markets
    Journal of Financial Markets, 2001, 4, (4), 385-412 View citations (35)
    See also Working Paper Knowing Me, Knowing You: Trader Anonymity and Informed Trading in Parallel Markets, Publications of Darmstadt Technical University, Institute for Business Studies (BWL) (2001) View citations (36) (2001)
37. The Anatomy of a Call Market
    Journal of Financial Intermediation, 2001, 10, (3-4), 249-270 View citations (25)

2000

38. Market structure, informational efficiency and liquidity: An experimental comparison of auction and dealer markets
    Journal of Financial Markets, 2000, 3, (4), 333-363 View citations (53)

1999

39. Banken, bankeigene Kapitalanlagegesellschaften und Aktienemissionen
    Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), 1999, 11, (3), 125-134
    See also Working Paper Banken, bankeigene Kapitalanlagegesellschaften und Aktienemissionen, Working Paper Series: Finance and Accounting (1999) (1999)
40. Insider trading and portfolio structure in experimental asset markets with a long-lived asset
    The European Journal of Finance, 1999, 5, (1), 29-50 View citations (7)
    See also Working Paper Insider Trading and Portfolio Structure in Experimental Asset Markets with a Long Lived Asset, Working Paper Series: Finance and Accounting (1999) (1999)

1997

41. Inferring risk attitudes from certainty equivalents: Some lessons from an experimental study
    Journal of Economic Psychology, 1997, 18, (5), 469-486 View citations (12)

Chapters

2013

1. Liquidity measures
   Chapter 10 in Handbook of Research Methods and Applications in Empirical Finance, 2013, pp 238-255