Limit order market not always more liquid than dealer market.
The article compares two types of markets, limit order and dealer markets, to see which one is more liquid. The researchers looked at how the spread (the difference between buying and selling prices) is affected by the risk aversion of the liquidity suppliers in each market. They found that the spread in a limit order market is not always narrower than in a dealer market. Market liquidity depends on how willing the liquidity supplier is to take risks with the asset.