Answer: On the run/off the run.

## Explanation **On the run/off the run** is NOT typically considered an illiquidity factor for equity returns because: - **On the run/off the run** primarily applies to government bonds, where newly issued bonds (on-the-run) trade more actively than older issues (off-the-run) - This distinction is specific to fixed income markets, not equity markets **The other options ARE valid illiquidity factors for equities**: - **Trading Frequency**: How often a stock trades affects liquidity - **Bid-ask spread**: Wider spreads indicate lower liquidity - **Quote size**: The size of orders that can be executed without moving prices Equity illiquidity factors typically include measures like trading volume, bid-ask spreads, price impact, and market depth, but not the on/off-the-run distinction which is bond-specific.

Author: LeetQuiz .