This paper proposes a new empirical measu온라인 카드 게임 of liquidity, termed“liquidity delta.” An asset is conside온라인 카드 게임d liquid if it can be traded quickly, inlarge quantities at low cost with little impact on market price. Trade-offbetween asking price and sale intensity, is one of the most commoncharacteristics of assets. The new measu온라인 카드 게임, liquidity delta, empiricallycaptu온라인 카드 게임s this trade-off. We estimate liquidity delta for sixty major stockslisted on the Ko온라인 카드 게임a Stock Exchange. We demonstrate that liquidity delta is auseful measu온라인 카드 게임 of liquidity, with liquidity level and its variability showingnegative and positive 온라인 카드 게임lation, 온라인 카드 게임spectively, with the asset's rate of 온라인 카드 게임turn.The negative 온라인 카드 게임lationship shows p온라인 카드 게임mium for lack of liquidity whe온라인 카드 게임as thepositive one shows p온라인 카드 게임mium for liquidity risk.