## 2007 [LIQUIDITY AND RISK MANAGEMENT](https://www.nber.org/system/files/working_papers/w12887/w12887.pdf) Nicolae B. Garleanu, Lasse H. Pedersen

## https://www.investmentpod.com/assets/uploads/whitepapers/AQR-A-Century-of-Trend-Following-Investing.pdf

appendix B

## price impact

[by JP Bouchaud](https://arxiv.org/pdf/0903.2428.pdf)

- [Optimal Turnover, Liquidity, and Autocorrelation](https://arxiv.org/pdf/2110.03810.pdf) by Gordon Ritter

intuitively, why Turnover is inversely (square root) proportional to linear price impact?
Higher price sensitivity implies lower turnover?? perhaps, because it is a steady-state solution....