Editorial for "Challenge"

FRL has served the finance research community as an outlet for their work. We would like to see FRL's mission as being even broader. In particular, we would like our journal to also stimulate research directly. As a result, we are starting a new feature where we invite researchers to point out "Challenges" that lie before the profession. The idea is that such challenges will be provocative, thereby inspiring new research. Matthew Spiegel of Yale University has kindly consented to be our first "Challenge" presenter. He lays out some empirical patterns about liquidity across markets and points out that an overarching theory is needed to explain the observed patterns in data.

  Patterns in Cross Market Liquidity
Matthew Spiegel
Finance Research Letters, Available online 15 December 2007

We invite articles in response to this "Challenge".

We hope that the research community will rise to the challenge posed by Matthew Spiegel. The editorial board of FRL is delighted to be able to partner with Professor Spiegel in this endeavor.