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 …

Learn to understand and implement the latest machine learning innovations to improve your
investment performance Machine learning (ML) is changing virtually every aspect of our …

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 …

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 …

The effect of investor sentiment on stock volatility is a highly attractive research question in
both the academic field and the real financial industry. With the proposal of China's" dual …

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 …

High‐frequency trading (HFT) is an important component of stock market activity on major
exchanges. In the United States, HFT contributed approximately 52% of total equity trading …

Order flow is toxic when it adversely selects market makers, who may be unaware they are
providing liquidity at a loss. We present a new procedure to estimate flow toxicity based on …