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 …

User transactions on Ethereum's peer-to-peer network are at risk of being attacked. The
smart contracts building decentralized finance (DeFi) have introduced a new transaction …

Do fast, competitive markets yield liquidity measurement problems when using the popular
Monthly Trade and Quote (MTAQ) database? Yes. MTAQ yields distorted measures of …

This paper provides evidence regarding high-frequency trader (HFT) trading performance,
trading costs, and effects on market efficiency using a sample of NASDAQ trades and quotes …

This article reviews the theory of imperfectly competitive financial markets with special
attention to recent contributions and rapidly growing new areas of research. We survey the …

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 …

Most assets are traded in multiple interconnected trading venues. This paper develops an
equilibrium model of decentralized markets that accommodates general market structures …

Predatory trading bots lurking in Ethereum's mempool present invisible taxation of traders on
automated market makers (AMMs). AMM traders specify a slippage tolerance to indicate the …

We analyze trading speed and fragmentation in asset markets. In our model, trading venues
make technological investments and compete for investors who choose where and how …

We address the important question of whether the COVID-19 pandemic and the Russia–
Ukraine conflict have the same economic impact. Our study focuses on a comparative …