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It is common knowledge that the microstructure of securities markets has generated a large number of research papers. This effort is not really surprising if one understands that market liquidity is important because of its implications for firms' investment and financing decisions and the development of financial markets. This paper examines the issue of stock liquidity in the Jordanian capital market. Specifically, we provide of measure of liquidity cost and relate it to firm specific characteristics including the ownership structure of stocks. Based on the daily trading data for a total of 131 listed companies during 2005, the results indicate that liquidity cost in the Jordanian market is high. In addition, the results indicate that while risk is the main determinant factor of spread, higher ownership dispersion does not improve market liquidity.

Ownership structure and stock liquidity: Some evidence from the Jordanian capital market