Technologies have spawned finance innovations since the early days of computer
applications in businesses, most recently reaching the stage of disruptive innovations, such …

I review the recent high-frequency trader (HFT) literature to single out the economic
channels by which HFTs affect market quality. I first group the various theoretical studies …

This article studies the impact of retail investors on stock liquidity during the COVID-19
pandemic lockdown in spring 2020. Retail trading exhibits a sharp increase, especially …

I demonstrate an important tension between acquiring information and incorporating it into
asset prices. As a salient case, I analyze algorithmic trading (AT), which is typically …

Are endogenous liquidity providers (ELPs) reliable in times of market stress? We examine
the activity of a common ELP type—high frequency traders (HFTs)—around extreme price …

Liquidity suppliers lean against the wind. We analyze whether high‐frequency traders
(HFTs) lean against large institutional orders that execute through a series of child orders …

Abstract “Big data” financial technology raises concerns about market inefficiency. A
common concern is that the technology might induce traders to extract others' information …

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 study market-making high-frequency trader (HFT) dynamics around large institutional
trades in Canadian equities markets using order-level data with masked trader identification …

This paper shows that the network of relationships between brokers and institutional
investors shapes information diffusion in the stock market. Central brokers gather …