Rubio, GonzaloTapia, Mikel2012-05-032012-05-031995Ugarte Susaeta, José Vicente; Gómez-Bezares, Fernando (coords.). III Foro de Finanzas : comunicaciones : Bilbao, 30 noviembre y 1 diciembre 1995. Vol. I. Bilbao : Universidad de Deusto, 1995, pp. 449-490https://hdl.handle.net/10016/14159We show that liquidily providers do nol significantly respond lo changes in information asymmelry risks, al leasl when we analyze lheir lrading behavior around dividend announcemenls of a representali ve sample of stocks in a continuous auction irading mechanism. The implicit bid-ask spread does nol seem lo change beyond what is normally conveyed through an increased number of transactions. We also document tha! ¡he information in the trading behavior of investors is primarily contained in the number of daily lransaclions.application/pdfengAdverse selectionBid-ask spreadLimit ordersDividend announcementsbook partEmpresaopen access449III Foro de Finanzas : comunicaciones : Bilbao 30 noviembre y 1 diciembre 1995