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 …

Purpose The increasing globalization and technological advancements have increased the
information spillover on stock markets from various variables. However, there is a dearth of a …

We study brokerage platform outages to examine the impact of retail investors on financial
markets. We contrast outages at Robinhood, which caters to inexperienced investors, with …

We examine the role of high-frequency traders (HFTs) in price discovery and price efficiency.
Overall HFTs facilitate price efficiency by trading in the direction of permanent price changes …

We study intraday market intermediation in an electronic market before and during a period
of large and temporary selling pressure. On May 6, 2010, US financial markets experienced …

The regulatory debate concerning high-frequency trading (HFT) emphasizes the importance
of distinguishing different HFT strategies and their influence on market quality. Using data …

We study the impact of algorithmic trading (AT) in the foreign exchange market using a long
time series of high‐frequency data that identify computer‐generated trading activity. We find …

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 …

We compare the optimal trading strategy of an informed speculator when he can trade
ahead of incoming news (is “fast”), versus when he cannot (is “slow”). We find that speed …

We analyze the contribution to price discovery of market and limit orders by high‐frequency
traders (HFTs) and non‐HFTs. While market orders have a larger individual price impact …