The article explores how information affects trading in stock markets. By studying German DAX stocks, the researchers found that trade informativeness influences liquidity in limit order books. Specifically, the measure of trade informativeness causes book liquidity, especially for filling large market orders. Public news-induced volatility increases the risk of picking off liquidity at the top of the book. The researchers controlled for factors like volatility and trading volume to isolate the impact of trade informativeness on book liquidity.