How does a market learn about the number of informed traders and thus adverse selection
risk? We show that trade sequences convey information about adverse selection risk …

How does a market digest order imbalance? We show that when market participants learn
about the level of adverse selection (the risk of trading against betterinformed …

The composition of the financial market participants has never been more complex and
uncertain. How does this uncertainty affect the stock prices, the information transmission of …

The stability in financial markets is important to promote economic growth. Due to its
fundamental importance, the causes of market instability are of broad interest. The purpose …