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 …

The use of computers to execute trades, often with very low latency, has increased over time,
resulting in a variety of computer algorithms executing electronically targeted trading …

We examine the nature of information contained in insider trades prior to corporate events.
Insiders' net buying increases before open market share repurchase announcements and …

We assess the consequences for market quality and welfare of different entry regimes and
exchange pricing policies. To do so, we integrate a microstructure model with a free-entry …

We develop three artificial stock markets populated with two types of market participants—
HFT scalpers and aggressive high frequency traders (HFTrs). We simulate real-life trading at …

Beyond Market Mood: Stock Sentiment and the Response to Corporate Earnings
Announcements - University of Surrey Logo image Menu Outputs Open Research University …

We study how quickly liquidity is replenished on the order book in E‐mini futures. The results
show that participants who use patient methods, such as limit orders, are often fast to place …

We study how market liquidity on Euronext has evolved with the rise of fast trading. We
identify fast traders by directly measuring message traffic and the lifetime of orders for every …

It is well-known that high-frequency traders (HFTs) frequently utilise low-latency trading
algorithms to submit and cancel orders at superhuman speeds. Our study demonstrates that …

This paper investigates the changes of trading quality of 259 NYSE stocks from 2004 to
2008, a period when the NYSE faces fierce competition from other electronic-based liquidity …