This podcast episode delves into Dr. Neil Snow's research on commonality in liquidity, focusing on the concept of search-based peers and their influence on stock liquidity. The research utilizes Edgar log files to construct peer groups based on investor co-searches, offering a dynamic perspective on a firm's competitive landscape. The study emphasizes the role of both institutional and retail investors in liquidity and explores how search-based peers evolve over time. By examining factors that drive changes in search-based peers, the research aims to enhance our understanding of liquidity and inform future investment strategies.