Markets are different now, transformed by technology and high frequency trading. In this
paper, I investigate the implications of these changes for high frequency market …

In this bibliometric study, the significant transformations in the financial sector brought about
by automation and technological advancements from 1984 to 2022 are explored. A total of …

High‐frequency trading (HFT) is an important component of stock market activity on major
exchanges. In the United States, HFT contributed approximately 52% of total equity trading …

This study provides evidence that high-frequency traders (HFTs) identify patterns in past
trades and orders that allow them to anticipate and trade ahead of other investors' order …

We exploit a unique natural experiment—recent restrictions of dark trading in Canada and
Australia—and proprietary trade-level data to analyze the effects of dark trading …

Do stock prices of publicly listed companies respond to changes in transaction costs? Using
the SEC's pilot program that increased the tick size for approximately 1,200 randomly …

We show that queue rationing under price controls is one driver of high-frequency trading.
Uniform tick sizes constrain price competition and create rents for liquidity provision …

We examine the effects of high-frequency traders (HFTs) on liquidity using the September
2008 short sale-ban. To disentangle the separate impacts of short selling by HFTs and non …

Theory on high-frequency traders (HFTs) predicts that market liquidity for a security
decreases in the number of HFTs trading the security. We test this prediction by studying a …

We examine product differentiation in the high-frequency trading (HFT) industry, where the
“products” are secretive proprietary trading strategies. We demonstrate how principal …