This paper reviews the literature examining how costs of monitoring for, acquiring, and
analyzing firm disclosures–collectively,“disclosure processing costs”–affect investor …

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 intersection of finance and technology, known as fintech, has resulted in the dramatic
growth of innovations and has changed the entire financial landscape. While fintech has a …

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 …

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 …

Successful investment strategies are specific implementations of general theories. An
investment strategy that lacks a theoretical justification is likely to be false. Hence, an asset …

We investigate the frictions that impede individual investors' use of accounting information
and, in particular, their costs of monitoring and acquiring accounting disclosures. We do so …

A fully revised second edition of the best guide to high-frequency trading High-frequency
trading is a difficult, but profitable, endeavor that can generate stable profits in various …

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 …

A recent Financial Times survey indicates that the financial services sector (in mainstream
terms) is concerned about the disruptive potential of several digital-based technologies as …