An investor is looking to invest $50,00 in a homebuilder stock. She has narrowed down her search to two candidates: Lennar (LEN) and Toll Brothers (TOL). Her only consideration is the stocks liquidity. To assist her decision-making process, here is the electronic limit order books for each stock. BSize and ASize are multiples of 100, that is, a 1 in those columns corresponds to 100 shares. ASize 1 3 1 BidExch Chicago IEXG Composite EDGA NYSE BATS NASDAQ National ARCA EDGX BATS Y NASDAQ OMX BSize 1 1 3 1 3 2 2 1 2 Lennar Bid Ask 52.39 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.41 52.37 52.42 52.36 52.43 52.33 52.44 52.30 52.50 3 3 2 2 1 1 1 2 AskExch Chicago Composite EDGA NASDAQ OMX NYSE NASDAQ ARCA BATS EDGX BATS Y National IEXG 1 1 3 BSize 1 1 1 1 1 ASize 1 1 2 2 1 BidExch Composite IEXG EDGA National BATS NYSE NASDAQ ARCA Chicago BATS Y EDGX NASDAQ OMX BX Toll Brothers Bid Ask 38.54 38.58 38.54 38.58 38.54 38.58 38.54 38.58 38.54 38.58 38.53 38.58 38.53 38.58 38.52 38.59 38.51 38.61 38.50 38.62 38.45 38.62 36.67 40.36 3 1 1 1 2 2 1 1 AskExch EDGX ARCA NYSE Composite IEXG Chicago BATS NASDAQ BATS Y NASDAQ OMX BX EDGA National 1 1 1 2 1 1 Fill out the table below. Which stock appears to be more liquid? (for price impact, assume the investor plans to buy $50,000 worth of shares). absolute spread relative spread price impact Lennar Toll An investor is looking to invest $50,00 in a homebuilder stock. She has narrowed down her search to two candidates: Lennar (LEN) and Toll Brothers (TOL). Her only consideration is the stocks liquidity. To assist her decision-making process, here is the electronic limit order books for each stock. BSize and ASize are multiples of 100, that is, a 1 in those columns corresponds to 100 shares. ASize 1 3 1 BidExch Chicago IEXG Composite EDGA NYSE BATS NASDAQ National ARCA EDGX BATS Y NASDAQ OMX BSize 1 1 3 1 3 2 2 1 2 Lennar Bid Ask 52.39 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.41 52.37 52.42 52.36 52.43 52.33 52.44 52.30 52.50 3 3 2 2 1 1 1 2 AskExch Chicago Composite EDGA NASDAQ OMX NYSE NASDAQ ARCA BATS EDGX BATS Y National IEXG 1 1 3 BSize 1 1 1 1 1 ASize 1 1 2 2 1 BidExch Composite IEXG EDGA National BATS NYSE NASDAQ ARCA Chicago BATS Y EDGX NASDAQ OMX BX Toll Brothers Bid Ask 38.54 38.58 38.54 38.58 38.54 38.58 38.54 38.58 38.54 38.58 38.53 38.58 38.53 38.58 38.52 38.59 38.51 38.61 38.50 38.62 38.45 38.62 36.67 40.36 3 1 1 1 2 2 1 1 AskExch EDGX ARCA NYSE Composite IEXG Chicago BATS NASDAQ BATS Y NASDAQ OMX BX EDGA National 1 1 1 2 1 1 Fill out the table below. Which stock appears to be more liquid? (for price impact, assume the investor plans to buy $50,000 worth of shares). absolute spread relative spread price impact Lennar Toll