This study examines the impacts of stock price crashes and market crashes on liquidity and commonailty in liquidity. Regression results reveal several key findings. First, both stock price crashes and market crashes are positively related to future stock liquidity. Moreover, the influences of the latter are greater than the former. Second, under large market shocks, market crashes are positively associated with liquidity, whereas stock price crashes have no impacts. Third, the market crashes increase the commonality in liquidity. Market crashes have greater influences on commonailty in liquidity during the period of low sentiment compared to the period of high sentiment. To summarize, compared to stock price crashes, market crashes have greater impacts on both liquidity and commonality in liquidity.