… between fundamental investors and “… information is about the past order flow of fundamental
investors. Back-runners partly infer fundamental investors’ information from their order flow …

… fundamental informed trading and order flow informed trading, as well as its implications for
market equilibrium outcomes. By order flow … —be it fundamental information or liquidity needs…

… behaviour between back-runners and fundamental investors. They state that back-runners
use order anticipation strategies generated from past order flow information of fundamental …

… In the first stage, the dependent variable is I(Hidden), a dummy … tend to hide their order flows
by reducing their first trades. … our main argument that insiders disguise their order flows to …

… that information used by traders can be either news related to fundamental values or order
… impact to describe the noisy relationship between order flow and price dynamics. The linear …

… can predict the aggregate order flow, ie, the large trader’s order and its accompanying noise
… Zhu, Back-running: Seeking and hiding fundamental information in order flows, The Review …

… how order flow information affects each other's trading. … funds, and seek to execute large
orders while minimizing market … strategies in the context of back-running, the present study adds …

… Back-Running: Seeking and Hiding Fundamental Information in Order Flows Liyan Yang, …
Investor Flows and Fragility in Corporate Bond Funds Itay Goldstein, The Wharton School of …

… profitseeking bot that aims to observe the public order flow and … private order flow for MEV
searchers to bid for back-running a … option of hiding valuable transaction information appealing …

… information or either back-running or front-running in the same market, we offer a parallelrunning
as the main … of papers that model trading based on order flow information. Based on the …