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From:
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The Reliability of Odd-Lot Liquidity | Office of Financial Research
https://www.financialresearch.gov/working-papers/2025/06/05/the-reliability-of-odd-lot-liquidity/
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Small equity orders, or odd lots, can be used to examine the impact of trades executed without going through an exchange on stock prices and liquidity (Working Paper no. 25-01).
