Does Trading Anonymously Enhance Liquidity?
研究交易对手经纪公司身份未知（匿名）与已知（透明）对流动性的影响，利用部分公司从透明转为匿名交易一年后又转回的自然实验，发现匿名交易改善流动性。
Is liquidity better when a trade counterparty’s brokerage firm is unknown (anonymous) or known (transparent)? We examine a quasinatural experiment where some firms switched from transparent to anonymous trading and then, 1 year later, switched back. Our results for inside spread, price impact, and limit order book depth suggest that liquidity improves when anonymous post-trade reporting is introduced and liquidity worsens when anonymous post-trade reporting is reversed.