IDEAS home Printed from https://ideas.repec.org/f/c/pbr791.html

Jonathan Brogaard

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Brogaard, Jonathan & Carrion, Allen & Moyaert, Thibaut & Riordan, Ryan & Shkilko, Andriy & Sokolov, Konstantin, 2018. "High frequency trading and extreme price movements," LIDAM Reprints LFIN 2018009, Université catholique de Louvain, Louvain Finance (LFIN).

    Cited by:

    1. Alexander Koch & Toan Luu Duc Huynh & Mei Wang, 2024. "News sentiment and international equity markets during BREXIT period: A textual and connectedness analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 5-34, January.
    2. Simon Jurkatis, 2020. "Inferring trade directions in fast markets," Bank of England Staff Working Paper series 896, Bank of England.
    3. Dodd, Olga & Frijns, Bart & Indriawan, Ivan & Pascual, Roberto, 2023. "US cross-listing and domestic high-frequency trading: Evidence from Canadian stocks," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 301-320.
    4. Jurich, Stephen N. & Mishra, Ajay Kumar & Parikh, Bhavik, 2020. "Indecisive algos: Do limit order revisions increase market load?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    5. Servanna Mianjun Fu & Christos Alexakis & Vasileios Pappas & Emmanouil Skarmeas & Thanos Verousis, 2026. "Does Algorithmic Trading Induce Herding?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 1186-1202, January.
    6. Jianchang Zhu & Leilei Zhang & Xuchu Sun, 2024. "Optimal liquidation using extended trading close for multiple trading days," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-33, December.
    7. Abad, David & Massot, Magdalena & Nawn, Samarpan & Pascual, Roberto & Yagüe, José, 2025. "Message traffic and short-term illiquidity in high-speed markets," Emerging Markets Review, Elsevier, vol. 65(C).
    8. Nihad Aliyev & Matteo Aquilina & Khaladdin Rzayev & Sonya Zhu, 2024. "Through stormy seas: how fragile is liquidity across asset classes and time?," BIS Working Papers 1229, Bank for International Settlements.
    9. Rui Ma & Ben R Marshall & Nhut H Nguyen & Nuttawat Visaltanachoti, 2022. "Does bitcoin liquidity resemble the liquidity of other financial assets?," Australian Journal of Management, Australian School of Business, vol. 47(4), pages 729-748, November.
    10. Eleni Gousgounis & Scott Mixon & Tugkan Tuzun & Clara Vega, 2025. "Market Liquidity in Treasury Futures Market During March 2020," Finance and Economics Discussion Series 2025-038, Board of Governors of the Federal Reserve System (U.S.).
    11. Matteo Aquilina & Eric Budish & Peter O’Neill, 2022. "Quantifying the High-Frequency Trading “Arms Race”," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 137(1), pages 493-564.
    12. Kemme, David M. & McInish, Thomas H. & Zhang, Jiang, 2022. "Market fairness and efficiency: Evidence from the Tokyo Stock Exchange," Journal of Banking & Finance, Elsevier, vol. 134(C).
    13. Mestel, Roland & Steffen, Viktoria & Theissen, Erik, 2024. "Algorithmic trading and mini flash crashes: Evidence from Austria," Economics Letters, Elsevier, vol. 244(C).
    14. Bellia, Mario & Christensen, Kim & Kolokolov, Aleksey & Pelizzon, Loriana & Renò, Roberto, 2022. "Do designated market makers provide liquidity during a flash crash?," SAFE Working Paper Series 270, Leibniz Institute for Financial Research SAFE, revised 2022.
    15. Kitvanitphasu, Atiwat & Kyaw, Khine & Likitapiwat, Tanakorn & Treepongkaruna, Sirimon, 2026. "Bitcoin wild moves: Evidence from order flow toxicity and price jumps," Research in International Business and Finance, Elsevier, vol. 81(C).
    16. Tao Chen, 2022. "Are individuals informed in global markets?," Empirical Economics, Springer, vol. 63(1), pages 243-263, July.
    17. Nunes, João Pedro Vidal & Ruas, João Pedro, 2024. "A note on the Gumbel convergence for the Lee and Mykland jump tests," Finance Research Letters, Elsevier, vol. 59(C).
    18. Cumhur Ekinci & Oğuz Ersan, 2024. "Impact of the COVID-19 Market Turmoil on Investor Behavior: A Panel VAR Study of Bank Stocks in Borsa Istanbul," IJFS, MDPI, vol. 12(1), pages 1-18, February.
    19. Nathalie Oriol & Iryna Veryzhenko, 2019. "Market structure or traders' behavior? A multi agent model to assess flash crash phenomena and their regulation," Post-Print halshs-01984442, HAL.
    20. Menkveld, Albert J. & Saru, Ion Lucas & Yu, Shihao, 2025. "Price dislocations: insights from trade repository data," ESRB Working Paper Series 152, European Systemic Risk Board.
    21. Liu, Wei, 2021. "Can HFT profit in Chinese stock market?," Economics Letters, Elsevier, vol. 209(C).
    22. Usman Arief & Zaäfri Ananto Husodo, 2021. "Private Information from Extreme Price Movements (Empirical Evidences from Southeast Asia Countries)," International Symposia in Economic Theory and Econometrics, in: Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics, volume 28, pages 221-242, Emerald Group Publishing Limited.
    23. Gonçalves, Jorge & Kräussl, Roman & Levin, Vladimir, 2023. "Dark trading and financial markets stability," CFS Working Paper Series 691, Center for Financial Studies (CFS).
    24. Matteo Aquilina & Sean Foley & Leonardo Gambacorta & William Krekel, 2024. "Decentralised dealers? examining liquidity provision in decentralised exchanges," BIS Working Papers 1227, Bank for International Settlements.
    25. Sobti, Neharika, 2025. "What triggers intraday price jumps and co-jumps in gold?," International Review of Financial Analysis, Elsevier, vol. 105(C).
    26. Augustin, Patrick & Brenner, Menachem & Grass, Gunnar & Orłowski, Piotr & Subrahmanyam, Marti G., 2023. "Informed options strategies before corporate events," Journal of Financial Markets, Elsevier, vol. 63(C).
    27. Dimitris Papadimitriou, 2023. "Trading under uncertainty about other market participants," The Financial Review, Eastern Finance Association, vol. 58(2), pages 343-367, May.
    28. Yang, Haijun & Ge, Hengshun & Luo, Ying, 2020. "The optimal bid-ask price strategies of high-frequency trading and the effect on market liquidity," Research in International Business and Finance, Elsevier, vol. 53(C).
    29. Danielsson, Jon & Uthemann, Andreas, 2025. "Artificial intelligence and financial crises," LSE Research Online Documents on Economics 128657, London School of Economics and Political Science, LSE Library.
    30. Khaladdin Rzayev & Gbenga Ibikunle, 2021. "Order aggressiveness and flash crashes," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2647-2673, April.
    31. Bellia, Mario & Christensen, Kim & Kolokolov, Aleksey & Pelizzon, Loriana & Renò, Roberto, 2025. "Do designated market makers provide liquidity during downward extreme price movements?," Journal of Financial Markets, Elsevier, vol. 76(C).
    32. Dion Bongaerts & Richard Roll & Dominik Rösch & Mathijs van Dijk & Darya Yuferova, 2022. "How Do Shocks Arise and Spread Across Stock Markets? A Microstructure Perspective," Management Science, INFORMS, vol. 68(4), pages 3071-3089, April.
    33. Chakrabarty, Bidisha & Pascual, Roberto, 2023. "Stock liquidity and algorithmic market making during the COVID-19 crisis," Journal of Banking & Finance, Elsevier, vol. 147(C).
    34. Floris Laly & Mikael Petitjean, 2020. "Mini flash crashes: Review, taxonomy and policy responses," Bulletin of Economic Research, Wiley Blackwell, vol. 72(3), pages 251-271, July.
    35. G. Ibikunle & B. Moews & D. Muravyev & K. Rzayev, 2024. "Data-driven measures of high-frequency trading," Papers 2405.08101, arXiv.org, revised Mar 2025.
    36. Xu, Ke, 2023. "High frequency market making during stressed periods," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 379-397.
    37. Robert Battalio & Brian Hatch & Mehmet Sağlam, 2024. "The Cost of Exposing Large Institutional Orders to Electronic Liquidity Providers," Management Science, INFORMS, vol. 70(6), pages 3597-3618, June.
    38. Mario Bellia & Loriana Pelizzon & Marti G. Subrahmanyam & Darya Yuferova, 2025. "Market Liquidity and Competition Among Designated Market Makers," Management Science, INFORMS, vol. 71(1), pages 184-201, January.
    39. Yamada, Masahiro, 2022. "Profitability and liquidity provision of HFTs during large price shocks: Does relative tick size matter?," Finance Research Letters, Elsevier, vol. 46(PA).
    40. Francesco Cordoni & Fabrizio Lillo, 2024. "Instabilities in multi-asset and multi-agent market impact games," Annals of Operations Research, Springer, vol. 336(1), pages 505-539, May.
    41. Steffen, Viktoria, 2023. "A literature review on extreme price movements with reversal," Journal of Behavioral and Experimental Finance, Elsevier, vol. 38(C).
    42. Andriy Shkilko & Konstantin Sokolov, 2020. "Every Cloud Has a Silver Lining: Fast Trading, Microwave Connectivity, and Trading Costs," Journal of Finance, American Finance Association, vol. 75(6), pages 2899-2927, December.
    43. Aliyev, Nihad, 2025. "Ambiguity and information tradeoffs," Journal of Economic Dynamics and Control, Elsevier, vol. 179(C).
    44. Benjamin Clapham & Martin Haferkorn & Kai Zimmermann, 2023. "The Impact of High-Frequency Trading on Modern Securities Markets," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 65(1), pages 7-24, February.
    45. John Paul Broussard & Andrei Nikiforov & Sergey Osmekhin, 2025. "The market ecosystem in the age of algorithms: An analysis of trading dynamics and market quality," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 49(2), pages 343-363, June.
    46. Cédric Poutré & Georges Dionne & Gabriel Yergeau, 2021. "International High-Frequency Arbitrage for Cross-Listed Stocks," Working Papers 21-4, HEC Montreal, Canada Research Chair in Risk Management.
    47. Flora, Maria & Renò, Roberto, 2025. "V-shapes," Journal of Banking & Finance, Elsevier, vol. 179(C).
    48. Ruwei Zhao & Xiong Xiong & Junjun Ma & Yuzhao Zhang & Yongjie Zhang, 2025. "Baidu News and the return volatility of Chinese commodity futures: evidence for the sequential information arrival hypothesis," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-24, December.
    49. Sánchez Serrano Antonio, 2020. "High-Frequency Trading and Systemic Risk: A Structured Review of Findings and Policies," Review of Economics, De Gruyter, vol. 71(3), pages 169-195, December.
    50. Christophe Desagre & Floris Laly & Mikael Petitjean, 2025. "Revisiting the trading activity of high-frequency trading firms around ultra-fast flash events," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-37, December.
    51. Rif, Alexandru & Utz, Sebastian, 2021. "Short-term stock price reversals after extreme downward price movements," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 123-133.
    52. Ana Fiorella Carvajal & Ricardo Bebczuk, 2024. "Liquidity In Corporate Markets," World Bank Publications - Reports 41408, The World Bank Group.
    53. Jongho Kang & Jangkoo Kang & Jaeram Lee, 2022. "Who and what drives informed options trading after the market opens?," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(3), pages 338-364, March.
    54. Jangkoo Kang & Kyung Yoon Kwon & Wooyeon Kim, 2020. "Flow toxicity of high‐frequency trading and its impact on price volatility: Evidence from the KOSPI 200 futures market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(2), pages 164-191, February.
    55. Wang, Liming & Sun, Xuchu & Zhu, Hongliang & Li, Tangrong, 2025. "Exploring the dynamic impact of transaction taxes on market quality in HFT and non-HFT environments: An agent-based modeling approach," The North American Journal of Economics and Finance, Elsevier, vol. 76(C).
    56. Francis Breedon & Louisa Chen & Angelo Ranaldo & Nicholas Vause, 2019. "Judgment Day: Algorithmic Trading Around The Swiss Franc Cap Removal," Working Papers on Finance 1912, University of St. Gallen, School of Finance.
    57. Zhou, Hao & Kalev, Petko S. & Frino, Alex, 2020. "Algorithmic trading in turbulent markets," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    58. Banerjee, Anirban & Nawn, Samarpan, 2024. "Proprietary algorithmic traders and liquidity supply during the pandemic," Finance Research Letters, Elsevier, vol. 61(C).
    59. Prodromou, Tina & Westerholm, P. Joakim, 2022. "Are high frequency traders responsible for extreme price movements?," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 94-111.
    60. Francesco Cordoni & Fabrizio Lillo, 2020. "Instabilities in Multi-Asset and Multi-Agent Market Impact Games," Papers 2004.03546, arXiv.org, revised Nov 2021.
    61. Nilabhra Bhattacharya & Bidisha Chakrabarty & Xu (Frank) Wang, 2020. "High-frequency traders and price informativeness during earnings announcements," Review of Accounting Studies, Springer, vol. 25(3), pages 1156-1199, September.
    62. Karolis Liaudinskas, 2022. "Human vs. Machine: Disposition Effect among Algorithmic and Human Day Traders," Working Paper 2022/6, Norges Bank.
    63. Danielsson, Jon & Uthemann, Andreas, 2025. "Artificial intelligence and financial crises," Journal of Financial Stability, Elsevier, vol. 80(C).
    64. Sida Li & Xin Wang & Mao Ye, 2019. "Who Provides Liquidity, and When?," NBER Working Papers 25972, National Bureau of Economic Research, Inc.
    65. Michael Goldstein & Amy Kwan & Richard Philip, 2023. "High-Frequency Trading Strategies," Management Science, INFORMS, vol. 69(8), pages 4413-4434, August.
    66. Aït-Sahalia, Yacine & Brunetti, Celso, 2020. "High frequency traders and the price process," Journal of Econometrics, Elsevier, vol. 217(1), pages 20-45.
    67. Ekinci, Cumhur & Ersan, Oğuz, 2022. "High-frequency trading and market quality: The case of a “slightly exposed” market," International Review of Financial Analysis, Elsevier, vol. 79(C).
    68. Aquilina, Matteo & Budish, Eric B. & O'Neill, Peter, 2020. "Quantifying the High-Frequency Trading "Arms Race": A Simple New Methodology and Estimates," Working Papers 300, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    69. Tao Chen & Kam C. Chan & Haodong Chang, 2022. "Periodicity of trading activity in foreign exchange markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(2), pages 445-465, June.
    70. Henrichs, Luca & Heckens, Anton J. & Guhr, Thomas, 2026. "Ultrafast Extreme Events: Empirical analysis of mechanisms and recovery in a historical perspective," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 685(C).
    71. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).
    72. Cox, Justin & Woods, Donovan, 2023. "COVID-19 and market structure dynamics," Journal of Banking & Finance, Elsevier, vol. 147(C).
    73. Wenqian Huang & Peter O'Neill & Angelo Ranaldo & Shihao Yu, 2023. "HFTs and Dealer Banks: Liquidity and Price Discovery in FX Trading," Swiss Finance Institute Research Paper Series 23-48, Swiss Finance Institute.
    74. Jing Nie & Juliana Malagon & Julian Williams, 2022. "The impact of high speed quoting on execution risk dynamics: Evidence from interest rate futures markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(8), pages 1434-1465, August.
    75. Alex Frino & Dionigi Gerace & Masud Behnia, 2021. "The impact of algorithmic trading on liquidity in futures markets: New insights into the resiliency of spreads and depth," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(8), pages 1301-1314, August.
    76. Han, Seung-Oh & Huh, Sahn-Wook & Park, Jeayoung, 2023. "Detecting jumps amidst prevalent zero returns: Evidence from the U.S. Treasury securities," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 276-307.
    77. Luca Henrichs & Anton J. Heckens & Thomas Guhr, 2025. "Ultrafast Extreme Events: Empirical Analysis of Mechanisms and Recovery in a Historical Perspective," Papers 2509.10376, arXiv.org, revised Feb 2026.
    78. Khairul Zharif Zaharudin & Martin R. Young & Wei‐Huei Hsu, 2022. "High‐frequency trading: Definition, implications, and controversies," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 75-107, February.
    79. Wang, Hu & Shen, Hong & Li, Shouwei, 2023. "ESG performance and stock price fragility," Finance Research Letters, Elsevier, vol. 56(C).
    80. Gonçalves, Jorge & Kräussl, Roman & Levin, Vladimir, 2019. "Do "speed bumps" prevent accidents in financial markets?," CFS Working Paper Series 636, Center for Financial Studies (CFS).
    81. John Coughlan & Alexei G. Orlov, 2023. "High‐frequency trading and market quality: Evidence from account‐level futures data," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(8), pages 1126-1160, August.
    82. Ufuk Beyaztas & Kaiying Ji & Han Lin Shang & Eliza Wu, 2025. "Stock Return Prediction Based on a Functional Capital Asset Pricing Model," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 44(6), pages 2017-2036, September.
    83. Lof, Matthijs & van Bommel, Jos, 2023. "Asymmetric information and the distribution of trading volume," Journal of Corporate Finance, Elsevier, vol. 82(C).
    84. Julien Hambuckers & Li Sun & Luca Trapin, 2023. "Measuring tail risk at high-frequency: An $L_1$-regularized extreme value regression approach with unit-root predictors," Papers 2301.01362, arXiv.org.
    85. Jonathan Brogaard & Konstantin Sokolov & Jiang Zhang, 2025. "Strategic Liquidity Provision and Extreme Volatility Spikes," Management Science, INFORMS, vol. 71(11), pages 9071-9103, November.
    86. Zhou, Xiaozhou & Zhan, Feng & Chan, Chang, 2025. "How retail investors affect the stock market?," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).

  2. Jonathan Brogaard & Corey Garriott & Anna Pomeranets, 2014. "High-Frequency Trading Competition," Staff Working Papers 14-19, Bank of Canada.

    Cited by:

    1. Dodd, Olga & Frijns, Bart & Indriawan, Ivan & Pascual, Roberto, 2023. "US cross-listing and domestic high-frequency trading: Evidence from Canadian stocks," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 301-320.
    2. Wu, Ming & Ohk, Ki Yool, 2023. "Who benefits more? Shanghai-Hong Kong stock Connect—“Through Train”," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 409-427.
    3. Marjolein E. Verhulst & Philippe Debie & Stephan Hageboeck & Joost M. E. Pennings & Cornelis Gardebroek & Axel Naumann & Paul van Leeuwen & Andres A. Trujillo-Barrera & Lorenzo Moneta, 2021. "When Two Worlds Collide: Using Particle Physics Tools to Visualize the Limit Order Book," Papers 2109.04812, arXiv.org.
    4. Michael Brolley & David A. Cimon, 2018. "Order Flow Segmentation, Liquidity and Price Discovery: The Role of Latency Delays," Staff Working Papers 18-16, Bank of Canada.
    5. Marta Khomyn, 2020. "Essays on Modern Market Structure," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2020, January-A.
    6. Ke Xu & Xinwei Zheng & Deng Pan & Li Xing & Xuekui Zhang, 2020. "Stock Market Openness And Market Quality: Evidence From The Shanghai–Hong Kong Stock Connect Program," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(2), pages 373-406, May.
    7. Brogaard, Jonathan & Hendershott, Terrence & Riordan, Ryan, 2017. "High frequency trading and the 2008 short-sale ban," Journal of Financial Economics, Elsevier, vol. 124(1), pages 22-42.
    8. Chen, Marie & Garriott, Corey, 2020. "High-frequency trading and institutional trading costs," Journal of Empirical Finance, Elsevier, vol. 56(C), pages 74-93.
    9. Aldrich, Eric M & Friedman, Daniel, 2019. "Order Protection through Delayed Messaging," Santa Cruz Department of Economics, Working Paper Series qt4938f518, Department of Economics, UC Santa Cruz.
    10. Banerjee, Anirban & Roy, Prince, 2023. "High-frequency traders’ evolving role as market makers," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    11. Tobias Adrian & Agostino Capponi & Michael J. Fleming & Erik Vogt & Hongzhong Zhang, 2016. "Intraday market making with overnight inventory costs," Staff Reports 799, Federal Reserve Bank of New York.
    12. Xiong, Tao & Li, Miao, 2024. "Does market quality benefit from internationalization? Evidence from Chinese commodity futures markets," Research in International Business and Finance, Elsevier, vol. 70(PA).
    13. Oliver Linton & Soheil Mahmoodzadeh, 2018. "Implications of high-frequency trading for security markets," CeMMAP working papers CWP06/18, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
    14. Morten Linnemann Bech & Anamaria Illes & Ulf Lewrick & Andreas Schrimpf, 2016. "Hanging up the phone - electronic trading in fixed income markets and its implications," BIS Quarterly Review, Bank for International Settlements, March.
    15. Haas, Marlene & Khapko, Mariana & Zoican, Marius, 2021. "Speed and learning in high-frequency auctions," Journal of Financial Markets, Elsevier, vol. 54(C).
    16. Кравчук, Ігор Святославович, 2018. "Сучасні тенденції електронної торгівлі обіговими фінансовими інструментами // Modern trends of electronic trading by negotiable financial instruments," Вісник Житомирського державного технологічного університету. Серія: Економічні науки // THE JOURNAL OF ZHYTOMYR STATE TECHNOLOGICAL UNIVERSITY. SERIES: ECONOMICS, Житомирський державний технологічний університет // ZHYTOMYR STATE TECHNOLOGICAL UNIVERSITY, vol. 83(1).
    17. Alexandra Horobet & Sabri Boubaker & Lucian Belascu & Cristina Carmencita Negreanu & Zeno Dinca, 2024. "Technology-driven advancements: Mapping the landscape of algorithmic trading literature," Post-Print hal-04990283, HAL.
    18. Xingchen Xu & Qili Wang & Yizhi Liu & Liangfei Qiu, 2026. "Social Audience Size as a Reference Point: Evidence from a Field Experiment," Management Science, INFORMS, vol. 72(5), pages 4298-4318, May.
    19. Mario Bellia & Loriana Pelizzon & Marti G. Subrahmanyam & Darya Yuferova, 2025. "Market Liquidity and Competition Among Designated Market Makers," Management Science, INFORMS, vol. 71(1), pages 184-201, January.
    20. Horobet, Alexandra & Boubaker, Sabri & Belascu, Lucian & Negreanu, Cristina Carmencita & Dinca, Zeno, 2024. "Technology-driven advancements: Mapping the landscape of algorithmic trading literature," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    21. He, Xue-Zhong & Lin, Shen, 2022. "Reinforcement Learning Equilibrium in Limit Order Markets," Journal of Economic Dynamics and Control, Elsevier, vol. 144(C).
    22. Zura Kakushadze & Juan Andrés Serur, 2018. "151 Trading Strategies," Springer Books, Springer, number 978-3-030-02792-6.
    23. Breckenfelder, Johannes, 2024. "Competition among high-frequency traders and market quality," Journal of Economic Dynamics and Control, Elsevier, vol. 166(C).
    24. John Paul Broussard & Andrei Nikiforov & Sergey Osmekhin, 2025. "The market ecosystem in the age of algorithms: An analysis of trading dynamics and market quality," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 49(2), pages 343-363, June.
    25. Benes, Evangelos & Brugler, James & Hjalmarsson, Erik & Zikes, Filip, 2016. "Interactions among High-Frequency Traders," Working Papers in Economics 680, University of Gothenburg, Department of Economics.
    26. Ramos, Henrique Pinto & Perlin, Marcelo Scherer, 2020. "Does algorithmic trading harm liquidity? Evidence from Brazil," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
    27. Angerer, Martin & Neugebauer, Tibor & Shachat, Jason, 2019. "Arbitrage bots in experimental asset markets," MPRA Paper 96224, University Library of Munich, Germany.
    28. Marius Cristian Miloș, 2021. "Impact of MiFID II on the Market Volatility—Analysis on Some Developed and Emerging European Stock Markets," Laws, MDPI, vol. 10(3), pages 1-11, June.
    29. Qixuan Luo & Shijia Song & Handong Li, 2023. "Research on the Effects of Liquidation Strategies in the Multi-asset Artificial Market," Computational Economics, Springer;Society for Computational Economics, vol. 62(4), pages 1721-1750, December.
    30. Baldauf, Markus & Mollner, Joshua & Yueshen, Bart Zhou, 2024. "Siphoned apart: A portfolio perspective on order flow segmentation," Journal of Financial Economics, Elsevier, vol. 154(C).
    31. Nicholas Hirschey, 2021. "Do High-Frequency Traders Anticipate Buying and Selling Pressure?," Management Science, INFORMS, vol. 67(6), pages 3321-3345, June.
    32. Ge, Hengshun & Yang, Haijun & Doukas, John A., 2024. "The optimal strategies of competitive high-frequency traders and effects on market liquidity," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 653-679.
    33. Nilabhra Bhattacharya & Bidisha Chakrabarty & Xu (Frank) Wang, 2020. "High-frequency traders and price informativeness during earnings announcements," Review of Accounting Studies, Springer, vol. 25(3), pages 1156-1199, September.
    34. Henryk Gurgul & Robert Syrek, 2016. "The logarithmic ACD model: The microstructure of the German and Polish stock markets," Managerial Economics, AGH University of Science and Technology, Faculty of Management, vol. 17(1), pages 77-92.
    35. Mark Marner-Hausen, 2022. "Developing a Framework for Real-Time Trading in a Laboratory Financial Market," ECONtribute Discussion Papers Series 172, University of Bonn and University of Cologne, Germany.
    36. Dixon, Peter N. & Fox, Corbin A. & Kelley, Eric K., 2021. "To own or not to own: Stock loans around dividend payments," Journal of Financial Economics, Elsevier, vol. 140(2), pages 539-559.
    37. Eric M. Aldrich & Kristian López Vargas, 2020. "Experiments in high-frequency trading: comparing two market institutions," Experimental Economics, Springer;Economic Science Association, vol. 23(2), pages 322-352, June.
    38. Ekinci, Cumhur & Ersan, Oğuz, 2022. "High-frequency trading and market quality: The case of a “slightly exposed” market," International Review of Financial Analysis, Elsevier, vol. 79(C).
    39. Tomy Lee, 2019. "Latency in Fragmented Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 128-153, July.
    40. Sha, Yezhou & Zhang, Ping & Wang, Yiru & Xu, Yifan, 2022. "Capital market opening and green innovation——Evidence from Shanghai-Hong Kong stock connect and the Shenzhen-Hong Kong stock connect," Energy Economics, Elsevier, vol. 111(C).
    41. Fabrice Rousseau & Herve Boco & Laurent Germain, 2020. "High Frequency Trading: Strategic Competition Between Slow and Fast Traders," Economics Department Working Paper Series n296-20.pdf, Department of Economics, National University of Ireland - Maynooth.
    42. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).
    43. Zhang, Zeyu & Ibikunle, Gbenga, 2023. "The market quality effects of sub-second frequent batch auctions: Evidence from dark trading restrictions," International Review of Financial Analysis, Elsevier, vol. 89(C).

  3. Brogaard, Jonathan & Hendershott, Terrence & Riordan, Ryan, 2013. "High frequency trading and price discovery," Working Paper Series 1602, European Central Bank.

    Cited by:

    1. Mateusz Wilinski & Anubha Goel & Alexandros Iosifidis & Juho Kanniainen, 2025. "Classifying and Clustering Trading Agents," Papers 2505.21662, arXiv.org.
    2. Clapham, Benjamin & Gomber, Peter & Haferkorn, Martin & Panz, Sven, 2017. "Managing excess volatility: Design and effectiveness of circuit breakers," SAFE Working Paper Series 195, Leibniz Institute for Financial Research SAFE.
    3. Cartea, Álvaro & Payne, Richard & Penalva, José & Tapia, Mikel, 2019. "Ultra-fast activity and intraday market quality," Journal of Banking & Finance, Elsevier, vol. 99(C), pages 157-181.
    4. Frino, Alex & Mollica, Vito & Webb, Robert I. & Zhang, Shunquan, 2017. "The impact of latency sensitive trading on high frequency arbitrage opportunities," Pacific-Basin Finance Journal, Elsevier, vol. 45(C), pages 91-102.
    5. Ladley, Daniel, 2020. "The high frequency trade off between speed and sophistication," Journal of Economic Dynamics and Control, Elsevier, vol. 116(C).
    6. Linsen Zhu & Yan Li & Lei Suo & Haiying Feng, 2025. "The Impact of High-Quality Development of Foreign Trade on Marine Economic Quality: Empirical Evidence from Coastal Provinces and Cities in China," Sustainability, MDPI, vol. 17(17), pages 1-29, August.
    7. Uctum, Remzi & Renou-Maissant, Patricia & Prat, Georges & Lecarpentier-Moyal, Sylvie, 2017. "Persistence of announcement effects on the intraday volatility of stock returns: Evidence from individual data," Review of Financial Economics, Elsevier, vol. 35(C), pages 43-56.
    8. Lescourret, Laurence & Moinas, Sophie, 2015. "Liquidity Supply across Multiple Trading Venues," ESSEC Working Papers WP1505, ESSEC Research Center, ESSEC Business School.
    9. Mestel, Roland & Murg, Michael & Theissen, Erik, 2018. "Algorithmic trading and liquidity: Long term evidence from Austria," Finance Research Letters, Elsevier, vol. 26(C), pages 198-203.
    10. Dodd, Olga & Frijns, Bart & Indriawan, Ivan & Pascual, Roberto, 2023. "US cross-listing and domestic high-frequency trading: Evidence from Canadian stocks," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 301-320.
    11. Alexander M. Chinco & Adam D. Clark-Joseph & Mao Ye, 2017. "Sparse Signals in the Cross-Section of Returns," NBER Working Papers 23933, National Bureau of Economic Research, Inc.
    12. Baoqiang Zhan & Shu Zhang & Helen S. Du & Xiaoguang Yang, 2022. "Exploring Statistical Arbitrage Opportunities Using Machine Learning Strategy," Computational Economics, Springer;Society for Computational Economics, vol. 60(3), pages 861-882, October.
    13. Vives, Xavier & Cespa, Giovanni, 2018. "Exchange Competition, Entry, and Welfare," CEPR Discussion Papers 13415, Centre for Economic Policy Research.
    14. Ramos, Henrique Pinto & Righi, Marcelo Brutti, 2020. "Liquidity, implied volatility and tail risk: A comparison of liquidity measures," International Review of Financial Analysis, Elsevier, vol. 69(C).
    15. Nopparat Wongsinhirun & Pattanaporn Chatjuthamard & Sirimon Treepongkaruna & Tanakorn Likitapiwatc, 2021. "Do algorithm traders mitigate insider trading profits?: Evidence from the Thai stock market," PLOS ONE, Public Library of Science, vol. 16(7), pages 1-15, July.
    16. Huszár, Zsuzsa R. & Tan, Ruth S.K. & Zhang, Weina, 2017. "Do short sellers exploit industry information?," Journal of Empirical Finance, Elsevier, vol. 41(C), pages 118-139.
    17. Jurich, Stephen N. & Mishra, Ajay Kumar & Parikh, Bhavik, 2020. "Indecisive algos: Do limit order revisions increase market load?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    18. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "High frequency trading and end-of-day price dislocation," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 330-349.
    19. Christensen, Kim & Timmermann, Allan & Veliyev, Bezirgen, 2025. "Warp speed price moves: Jumps after earnings announcements," Journal of Financial Economics, Elsevier, vol. 167(C).
    20. Bongaerts, Dion & Achter, Mark Van, 2021. "Competition among liquidity providers with access to high-frequency trading technology," Journal of Financial Economics, Elsevier, vol. 140(1), pages 220-249.
    21. Bae, Kyoung-Hun & Dixon, Peter & Lee, Eun-Jung, 2025. "Large trade anticipation," The Quarterly Review of Economics and Finance, Elsevier, vol. 104(C).
    22. Duong, Huu Nhan & Lajbcygier, Paul & Lu, Jerry Shuai & Vu, Van Hoang, 2018. "The effect of anonymity on price efficiency: Evidence from the removal of broker identities," Pacific-Basin Finance Journal, Elsevier, vol. 51(C), pages 95-107.
    23. Sun, Yuxin & Ibikunle, Gbenga, 2017. "Informed trading and the price impact of block trades: A high frequency trading analysis," International Review of Financial Analysis, Elsevier, vol. 54(C), pages 114-129.
    24. Jing-Rung Yu & Chieh-Hui Wei & Chi-Ju Lai & Wen-Yi Lee, 2023. "Extending the Omega model with momentum and reversal strategies to intraday trading," PLOS ONE, Public Library of Science, vol. 18(9), pages 1-15, September.
    25. Abad, David & Massot, Magdalena & Nawn, Samarpan & Pascual, Roberto & Yagüe, José, 2025. "Message traffic and short-term illiquidity in high-speed markets," Emerging Markets Review, Elsevier, vol. 65(C).
    26. Michael J. Aitken & Angelo Aspris & Sean Foley & Frederick H. de B. Harris, 2018. "Market Fairness: The Poor Country Cousin of Market Efficiency," Journal of Business Ethics, Springer, vol. 147(1), pages 5-23, January.
    27. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: evidence from Frankfurt-London microwave," LSE Research Online Documents on Economics 119989, London School of Economics and Political Science, LSE Library.
    28. Watson, Ethan D. & Woods, Donovan, 2022. "Exchange introduction and market competition: The entrance of MEMX and MIAX," Global Finance Journal, Elsevier, vol. 54(C).
    29. Roşu, Ioanid, 2019. "Fast and slow informed trading," Journal of Financial Markets, Elsevier, vol. 43(C), pages 1-30.
    30. Rene Carmona & Kevin Webster, 2017. "The microstructure of high frequency markets," Papers 1709.02015, arXiv.org.
    31. Ivan Indriawan & Feng Jiao & Yiuman Tse, 2019. "The impact of the US stock market opening on price discovery of government bond futures," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 39(7), pages 779-802, July.
    32. Bruno Biais & Fany Declerck & Sophie Moinas, 2016. "Who supplies liquidity, how and when?," BIS Working Papers 563, Bank for International Settlements.
    33. S. Sarah Zhang, 2018. "Need for speed: Hard information processing in a high‐frequency world," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 38(1), pages 3-21, January.
    34. Matteo Aquilina & Eric Budish & Peter O’Neill, 2022. "Quantifying the High-Frequency Trading “Arms Race”," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 137(1), pages 493-564.
    35. Jian Chen & Ahmad Haboub & Ali Khan & Syed Mahmud, 2025. "Investor clientele and intraday patterns in the cross section of stock returns," Review of Quantitative Finance and Accounting, Springer, vol. 64(2), pages 757-797, February.
    36. Reza Bradrania & Andrew Grant & Peter Joakim Westerholm & Wei Wu, 2017. "Fool's mate: What does CHESS tell us about individual investor trading performance?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(4), pages 981-1017, December.
    37. Chung, Kiseo & Kim, Seoyoung, 2024. "Technological disparity and its impact on market quality," Journal of Empirical Finance, Elsevier, vol. 75(C).
    38. Kemme, David M. & McInish, Thomas H. & Zhang, Jiang, 2022. "Market fairness and efficiency: Evidence from the Tokyo Stock Exchange," Journal of Banking & Finance, Elsevier, vol. 134(C).
    39. Sandrine Jacob Leal & Mauro Napoletano & Andrea Roventini & Giorgio Fagiolo, 2016. "Rock around the clock: An agent-based model of low- and high-frequency trading," Journal of Evolutionary Economics, Springer, vol. 26(1), pages 49-76, March.
    40. Makoto Takahashi, 2025. "Returns and Order Flow Imbalances: Intraday Dynamics and Macroeconomic News Effects," Papers 2508.06788, arXiv.org, revised Oct 2025.
    41. Bastian von Beschwitz & Donald B Keim & Massimo Massa, 2020. "First to “Read” the News: News Analytics and Algorithmic Trading," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 10(1), pages 122-178.
    42. Yifan He & Abootaleb Shirvani & Barret Shao & Svetlozar Rachev & Frank Fabozzi, 2024. "Beyond the Bid-Ask: Strategic Insights into Spread Prediction and the Global Mid-Price Phenomenon," Papers 2404.11722, arXiv.org, revised Oct 2024.
    43. Cuñat, Vicente & Xu, Moqi, 2025. "Timing complex news to target attention," LSE Research Online Documents on Economics 122380, London School of Economics and Political Science, LSE Library.
    44. Alain P. Chaboud & Erik Hjalmarsson & Filip Zikes, 2020. "The Evolution of Price Discovery in an Electronic Market," Finance and Economics Discussion Series 2020-051, Board of Governors of the Federal Reserve System (U.S.).
    45. Ye, Cheng & Qiu, Yanjun & Lu, Guohao & Hou, Yawen, 2018. "Quantitative strategy for the Chinese commodity futures market based on a dynamic weighted money flow model," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 512(C), pages 1009-1018.
    46. Andrew Phiri, 2017. "Threshold convergence between the federal fund rate and South African equity returns around the colocation period," Business and Economic Horizons (BEH), Prague Development Center, vol. 13(1), pages 1-9, March.
    47. Marouane Anane & Frédéric Abergel, 2014. "Optimal high frequency strategy in an omniscient order book," Working Papers hal-01006401, HAL.
    48. Anagnostidis, Panagiotis & Fontaine, Patrice, 2020. "Liquidity commonality and high frequency trading: Evidence from the French stock market," International Review of Financial Analysis, Elsevier, vol. 69(C).
    49. Foucault, Thierry & Moinas, Sophie, 2018. "Is Trading Fast Dangerous?," TSE Working Papers 18-881, Toulouse School of Economics (TSE).
    50. Tian, Xiao & Do, Binh & Duong, Huu Nhan & Kalev, Petko S., 2015. "Liquidity provision and informed trading by individual investors," Pacific-Basin Finance Journal, Elsevier, vol. 35(PA), pages 143-162.
    51. Aldrich, Eric M. & Heckenbach, Indra & Laughlin, Gregory, 2016. "A compound duration model for high-frequency asset returns," Journal of Empirical Finance, Elsevier, vol. 39(PA), pages 105-128.
    52. Christoph March, 2019. "The Behavioral Economics of Artificial Intelligence: Lessons from Experiments with Computer Players," CESifo Working Paper Series 7926, CESifo.
    53. Md Akhtaruzzaman & Sabri Boubaker & Brian M Lucey & Ahmet Sensoy, 2021. "Is gold a hedge or a safe-haven asset in the COVID–19 crisis?," Post-Print hal-04998990, HAL.
    54. Brolley, Michael & Zoican, Marius, 2023. "Liquid speed: A micro-burst fee for low-latency exchanges," Journal of Financial Markets, Elsevier, vol. 64(C).
    55. Manjhi, Ganesh & Shah, Raashid, 2025. "What do sentiments of budget speeches mean for stock returns?," Economic Modelling, Elsevier, vol. 151(C).
    56. Nimalendran, Mahendrarajah & Rzayev, Khaladdin & Sagade, Satchit, 2022. "High-frequency trading in the stock market and the costs of option market making," LSE Research Online Documents on Economics 118885, London School of Economics and Political Science, LSE Library.
    57. Erdinc Akyildirim & Shaen Corbet & Guzhan Gulay & Duc Khuong Nguyen & Ahmet Sensoy, 2019. "Order Flow Persistence in Equity Spot and Futures Markets: Evidence from a Dynamic Emerging Market," Working Papers 2019-011, Department of Research, Ipag Business School.
    58. Cespa, Giovanni & Vives, Xavier, 2017. "High Frequency Trading and Fragility," IESE Research Papers D/1161, IESE Business School.
    59. Carrion, Allen, 2013. "Very fast money: High-frequency trading on the NASDAQ," Journal of Financial Markets, Elsevier, vol. 16(4), pages 680-711.
    60. Baldauf, Markus & Mollner, Joshua, 2022. "Fast traders make a quick buck: The role of speed in liquidity provision," Journal of Financial Markets, Elsevier, vol. 58(C).
    61. Marjolein E. Verhulst & Philippe Debie & Stephan Hageboeck & Joost M. E. Pennings & Cornelis Gardebroek & Axel Naumann & Paul van Leeuwen & Andres A. Trujillo-Barrera & Lorenzo Moneta, 2021. "When Two Worlds Collide: Using Particle Physics Tools to Visualize the Limit Order Book," Papers 2109.04812, arXiv.org.
    62. Erlin Guo & Cuixia Li & Fengqin Tang, 2023. "The Convergence Rates of Large Volatility Matrix Estimator Based on Noise, Jumps, and Asynchronization," Mathematics, MDPI, vol. 11(6), pages 1-11, March.
    63. Li, Wei-Xuan & Chen, Clara Chia-Sheng & Nguyen, James, 2022. "Which market dominates the price discovery in currency futures? The case of the Chicago Mercantile Exchange and the Intercontinental Exchange," Global Finance Journal, Elsevier, vol. 52(C).
    64. Alexis Stenfors & Masayuki Susai, 2018. "Spoofing and Pinging in Foreign Exchange Markets," Working Papers in Economics & Finance 2018-05, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    65. Michael Brolley & David A. Cimon, 2018. "Order Flow Segmentation, Liquidity and Price Discovery: The Role of Latency Delays," Staff Working Papers 18-16, Bank of Canada.
    66. Damien Wallace & Petko S. Kalev & Guanhua Lian, 2019. "The evolution of price discovery in us equity and derivatives markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 39(9), pages 1122-1136, September.
    67. Corsetti, G. & Lafarguette, R. & Mehl, A., 2019. "Fast Trading and the Virtue of Entropy: Evidence from the Foreign Exchange Market," Cambridge Working Papers in Economics 1970, Faculty of Economics, University of Cambridge.
    68. Pei, Duo & Vasarhelyi, Miklos A., 2020. "Big data and algorithmic trading against periodic and tangible asset reporting: The need for U-XBRL," International Journal of Accounting Information Systems, Elsevier, vol. 37(C).
    69. Kosuke Tatsumura & Ryo Hidaka & Jun Nakayama & Tomoya Kashimata & Masaya Yamasaki, 2023. "Real-time Trading System based on Selections of Potentially Profitable, Uncorrelated, and Balanced Stocks by NP-hard Combinatorial Optimization," Papers 2307.06339, arXiv.org.
    70. Dong, Xi & Feng, Shu & Ling, Leng & Song, Pingping, 2017. "Dynamic autocorrelation of intraday stock returns," Finance Research Letters, Elsevier, vol. 20(C), pages 274-280.
    71. Tripathi, Abhinava & Dixit, Alok & Vipul,, 2021. "Information content of order imbalance in an order-driven market: Indian Evidence," Finance Research Letters, Elsevier, vol. 41(C).
    72. Ziyi Xu & Xue Cheng, 2023. "The Effects of High-frequency Anticipatory Trading: Small Informed Trader vs. Round-Tripper," Papers 2304.13985, arXiv.org, revised Feb 2024.
    73. Foley, Sean & Kwan, Amy & Philip, Richard & Ødegaard, Bernt Arne, 2022. "Contagious margin calls: How COVID-19 threatened global stock market liquidity," Journal of Financial Markets, Elsevier, vol. 59(PA).
    74. Viktoria Dalko & Michael H. Wang, 2020. "High-frequency trading: Order-based innovation or manipulation?," Journal of Banking Regulation, Palgrave Macmillan, vol. 21(4), pages 289-298, December.
    75. Bastidon, Cécile & Jawadi, Fredj, 2024. "Trade fragmentation and volatility-of-volatility networks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    76. Brogaard, Jonathan & Hendershott, Terrence & Riordan, Ryan, 2017. "High frequency trading and the 2008 short-sale ban," Journal of Financial Economics, Elsevier, vol. 124(1), pages 22-42.
    77. Hoffmann, Peter, 2016. "Adverse selection, market access, and inter-market competition," Journal of Banking & Finance, Elsevier, vol. 65(C), pages 108-119.
    78. Fry, John & Serbera, Jean-Philippe, 2017. "Modelling and mitigation of Flash Crashes," MPRA Paper 82457, University Library of Munich, Germany.
    79. Carlos Jorge Lenczewski Martins, 2018. "Toxic liquidity – is it here to stay?," Bank i Kredyt, Narodowy Bank Polski, vol. 49(1), pages 1-16.
    80. Gao, Cheng & Mizrach, Bruce, 2016. "Market quality breakdowns in equities," Journal of Financial Markets, Elsevier, vol. 28(C), pages 1-23.
    81. Chen, Marie & Garriott, Corey, 2020. "High-frequency trading and institutional trading costs," Journal of Empirical Finance, Elsevier, vol. 56(C), pages 74-93.
    82. Jonathan Brogaard & Jing Pan, 2022. "Dark Pool Trading and Information Acquisition," The Review of Financial Studies, Society for Financial Studies, vol. 35(5), pages 2625-2666.
    83. Albert J. Menkveld & Marius A. Zoican, 2014. "Need for Speed? Exchange Latency and Liquidity," Tinbergen Institute Discussion Papers 14-097/IV, Tinbergen Institute.
    84. Ligot, Stephanie & Gillet, Roland & Veryzhenko, Iryna, 2021. "Intraday volatility smile: Effects of fragmentation and high frequency trading on price efficiency," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    85. Auer, Benjamin R. & Rottmann, Horst, 2019. "Have capital market anomalies worldwide attenuated in the recent era of high liquidity and trading activity?," Journal of Economics and Business, Elsevier, vol. 103(C), pages 61-79.
    86. Georges Dionne & Xiaozhou Zhou, 2016. "The Dynamics of Ex-ante High-Frequency Liquidity: An Empirical Analysis," Working Papers 15-5, HEC Montreal, Canada Research Chair in Risk Management.
    87. Degryse, H.A. & de Jong, F.C.J.M. & van Kervel, V.L., 2014. "The impact of dark trading and visible fragmentation on market quality," Other publications TiSEM a51b5d9e-2687-4972-930f-4, Tilburg University, School of Economics and Management.
    88. Jakub Kučera, 2013. "Definition, Benefits and Risks of High-Frequency Trading [Vymezení, přínosy a rizika vysokofrekvenčního obchodování]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2013(5), pages 3-30.
    89. Kusumah, Echo Perdana, 2018. "Trading Channel Pattern of Cassava Commodity: Double Roles for the Farmers – Is It a Benefit?," MPRA Paper 88245, University Library of Munich, Germany.
    90. Justin Cox & Bonnie Van Ness & Robert Van Ness, 2019. "Increasing the Tick: Examining the Impact of the Tick Size Change on Maker‐Taker and Taker‐Maker Market Models," The Financial Review, Eastern Finance Association, vol. 54(3), pages 417-449, August.
    91. Wang, Tong & Zhao, Sheng & Zhou, Mengqiu, 2022. "Does soft information in expert ratings curb information asymmetry? Evidence from crowdfunding and early transaction phases of Initial Coin offerings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    92. Duong, Huu Nhan & Lajbcygier, Paul & Vu, Van Hoang, 2017. "The information content of special orders," Pacific-Basin Finance Journal, Elsevier, vol. 45(C), pages 68-81.
    93. Ningyuan Chen & Steven Kou & Chun Wang, 2018. "A Partitioning Algorithm for Markov Decision Processes with Applications to Market Microstructure," Management Science, INFORMS, vol. 64(2), pages 784-803, February.
    94. Anand, Amber & Venkataraman, Kumar, 2016. "Market conditions, fragility, and the economics of market making," Journal of Financial Economics, Elsevier, vol. 121(2), pages 327-349.
    95. Ryan Garvey & Yaohua Qin, 2022. "When does slower order execution occur? Evidence from U.S. equity investors," Journal of Asset Management, Palgrave Macmillan, vol. 23(2), pages 130-137, March.
    96. Ibikunle, Gbenga & McGroarty, Frank & Rzayev, Khaladdin, 2020. "More heat than light: Investor attention and bitcoin price discovery," International Review of Financial Analysis, Elsevier, vol. 69(C).
    97. Van Vliet, Ben, 2017. "Capability satisficing in high frequency trading," Research in International Business and Finance, Elsevier, vol. 42(C), pages 509-521.
    98. Mario Bellia & Loriana Pelizzon & Marti G. Subrahmanyam & Jun Uno & Darya Yuferova, 2020. "Coming early to the party," Working Papers 2020:11, Department of Economics, University of Venice "Ca' Foscari".
    99. Alexis Stenfors & Masayuki Susai, 2017. "Algorithmic Trading Behaviour and High-Frequency Liquidity Withdrawal in the FX Spot Market," Working Papers in Economics & Finance 2017-04, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    100. Hossein Rad & Rand Kwong Yew Low & Robert Faff, 2016. "The profitability of pairs trading strategies: distance, cointegration and copula methods," Quantitative Finance, Taylor & Francis Journals, vol. 16(10), pages 1541-1558, October.
    101. Ruihua Ruan & Emmanuel Bacry & Jean-Franc{c}ois Muzy, 2023. "Liquidity takers behavior representation through a contrastive learning approach," Papers 2306.05987, arXiv.org, revised Jul 2023.
    102. Bernales, Alejandro, 2019. "Make-take decisions under high-frequency trading competition," Journal of Financial Markets, Elsevier, vol. 45(C), pages 1-18.
    103. Cameron Kormylo & Idris Adjerid & Sheryl Ball & Can Dogan, 2026. "Till Tech Do Us Part: Betrayal Aversion and Its Role in Algorithm Use," Management Science, INFORMS, vol. 72(1), pages 343-367, January.
    104. Hatch, Brian C. & Johnson, Shane A. & Wang, Qin Emma & Zhang, Jun, 2021. "Algorithmic trading and firm value," Journal of Banking & Finance, Elsevier, vol. 125(C).
    105. Kong Ao & Zhu Hongliang, 2018. "Predicting Trend of High Frequency CSI 300 Index Using Adaptive Input Selection and Machine Learning Techniques," Journal of Systems Science and Information, De Gruyter, vol. 6(2), pages 120-133, April.
    106. Biais, Bruno & Foucault, Thierry & Moinas, Sophie, 2013. "Equilibrium Fast Trading," IDEI Working Papers 769, Institut d'Économie Industrielle (IDEI), Toulouse, revised Sep 2014.
    107. Zhifeng Cai, 2020. "Dynamic information acquisition and time-varying uncertainty," Departmental Working Papers 202002, Rutgers University, Department of Economics.
    108. Clegg, Matthew & Krauss, Christopher, 2016. "Pairs trading with partial cointegration," FAU Discussion Papers in Economics 05/2016, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics.
    109. Minkwan Ahn & Michael Drake & Hangsoo Kyung & Han Stice, 2019. "The role of the business press in the pricing of analysts’ recommendation revisions," Review of Accounting Studies, Springer, vol. 24(1), pages 341-392, March.
    110. Chiarella, Carl & Ladley, Daniel, 2016. "Chasing trends at the micro-level: The effect of technical trading on order book dynamics," Journal of Banking & Finance, Elsevier, vol. 72(S), pages 119-131.
    111. Gehrig, Thomas & Ritzberger, Klaus, 2022. "Intermediation and price volatility," Journal of Economic Theory, Elsevier, vol. 201(C).
    112. Kwan, Amy & Masulis, Ronald & McInish, Thomas H., 2015. "Trading rules, competition for order flow and market fragmentation," Journal of Financial Economics, Elsevier, vol. 115(2), pages 330-348.
    113. Gider, Jasmin & Schmickler, Simon & Westheide, Christian, 2019. "High-frequency trading and price informativeness," SAFE Working Paper Series 248, Leibniz Institute for Financial Research SAFE, revised 2019.
    114. Degryse, Hans & De Winne, Rudy & Gresse, Carole & Payne, Richard, 2019. "Cross-Venue Liquidity Provision: High Frequency Trading and Ghost Liquidity," LIDAM Discussion Papers LFIN 2019001, Université catholique de Louvain, Louvain Finance (LFIN).
    115. Rzayev, Khaladdin & Ibikunle, Gbenga, 2019. "A state-space modeling of the information content of trading volume," Journal of Financial Markets, Elsevier, vol. 46(C).
    116. Liu, Wei, 2021. "Can HFT profit in Chinese stock market?," Economics Letters, Elsevier, vol. 209(C).
    117. Eric M. Aldrich & Indra Heckenbach & Gregory Laughlin, 2014. "A Compound Multifractal Model for High-Frequency Asset Returns," BYU Macroeconomics and Computational Laboratory Working Paper Series 2014-05, Brigham Young University, Department of Economics, BYU Macroeconomics and Computational Laboratory.
    118. Anna Blachnio-Parzych, 2025. "Front Running 2.0: An Ethical Evaluation of Selected Strategies of High-frequency Traders from a Non-utilitarian Perspective," Journal of Business Ethics, Springer, vol. 202(3), pages 603-613, December.
    119. Gunther Capelle-Blancard, 2018. "What is the Point of (the Hundreds of Thousands of Billions of) Stock Transactions?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 15-33, March.
    120. Couleau, Anabelle & Trujillo-Barrera, Andres & Etienne, Xiaoli, 2026. "Intraday market momentum in coffee futures: Dynamics and drivers," Journal of Commodity Markets, Elsevier, vol. 41(C).
    121. Geetu Aggarwal & Navdeep Aggarwal, 2021. "Risk-adjusted Returns from Statistical Arbitrage Opportunities in Indian Stock Futures Market," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 28(1), pages 79-99, March.
    122. Park, Seongkyu Gilbert & Ryu, Doojin, 2019. "Speed and trading behavior in an order-driven market," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 145-164.
    123. Gabriele D'Acunto & Paolo Bajardi & Francesco Bonchi & Gianmarco De Francisci Morales, 2021. "The Evolving Causal Structure of Equity Risk Factors," Papers 2111.05072, arXiv.org.
    124. Goergen, Marc & Renneboog, Luc & Zhao, Yang, 2019. "Insider trading and networked directors," Other publications TiSEM dd590177-d348-410e-a971-b, Tilburg University, School of Economics and Management.
    125. Ramos, Henrique P. & Perlin, Marcelo S. & Righi, Marcelo B., 2017. "Mispricing in the odd lots market in Brazil," The North American Journal of Economics and Finance, Elsevier, vol. 42(C), pages 618-628.
    126. Khapko, Mariana & Zoican, Marius, 2021. "Do speed bumps curb low-latency investment? Evidence from a laboratory market," Journal of Financial Markets, Elsevier, vol. 55(C).
    127. Blankespoor, Elizabeth & deHaan, Ed & Marinovic, Iván, 2020. "Disclosure processing costs, investors’ information choice, and equity market outcomes: A review," Journal of Accounting and Economics, Elsevier, vol. 70(2).
    128. Kauffman, Robert J. & Liu, Jun & Ma, Dan, 2015. "Innovations in financial IS and technology ecosystems: High-frequency trading in the equity market," Technological Forecasting and Social Change, Elsevier, vol. 99(C), pages 339-354.
    129. Hussain, Syed Mujahid & Ahmad, Nisar & Ahmed, Sheraz, 2023. "Applications of high-frequency data in finance: A bibliometric literature review," International Review of Financial Analysis, Elsevier, vol. 89(C).
    130. March, Christoph, 2021. "Strategic interactions between humans and artificial intelligence: Lessons from experiments with computer players," Journal of Economic Psychology, Elsevier, vol. 87(C).
    131. Nidhi Aggarwal & Susan Thomas, 2019. "When stock futures dominate price discovery," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 39(3), pages 263-278, March.
    132. Pankaj Kumar, 2021. "Deep Hawkes Process for High-Frequency Market Making," Papers 2109.15110, arXiv.org.
    133. Clark-Joseph, Adam D. & Ye, Mao & Zi, Chao, 2017. "Designated market makers still matter: Evidence from two natural experiments," Journal of Financial Economics, Elsevier, vol. 126(3), pages 652-667.
    134. Hans Degryse & Rudy de Winne & Carole Gresse & Richard Payne, 2018. "High frequency trading and ghost liquidity," Post-Print hal-01894838, HAL.
    135. Mainak Singha & Jose Aguilera-Toste & Vinayak Lahiri, 2025. "Forecast-to-Fill: Benchmark-Neutral Alpha and Billion-Dollar Capacity in Gold Futures (2015-2025)," Papers 2511.08571, arXiv.org.
    136. Thanh Huong Nguyen, 2019. "Information and Noise in Stock Markets: Evidence on the Determinants and Effects Using New Empirical Measures," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 7-2019, January-A.
    137. Gonçalves, Jorge & Kräussl, Roman & Levin, Vladimir, 2023. "Dark trading and financial markets stability," CFS Working Paper Series 691, Center for Financial Studies (CFS).
    138. Zhu, Xinyu & Adjemian, Michael & Bagnarosa, Guillaume & Gohin, Alexandre, 2026. "Do USDA Reports Align Trader Expectations?," 2026 Annual Meeting, July 26 - 28, 2026, Kansas City, Missouri 404355, Agricultural and Applied Economics Association.
    139. Bazzana, Flavio & Collini, Andrea, 2020. "How does HFT activity impact market volatility and the bid-ask spread after an exogenous shock? An empirical analysis on S&P 500 ETF," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
    140. Marianna Brunetti & Roberta De Luca, 2023. "Pre-selection in cointegration-based pairs trading," Statistical Methods & Applications, Springer;Società Italiana di Statistica, vol. 32(5), pages 1611-1640, December.
    141. Jiaer He & Roberto Rivera, 2023. "A Modeling Approach of Return and Volatility of Structured Investment Products with Caps and Floors," Papers 2311.06282, arXiv.org.
    142. Giovanni Cespa & Xavier Vives, 2016. "Market Transparency and Fragility," CESifo Working Paper Series 6279, CESifo.
    143. Chen, Wei-Peng & Chung, Huimin & Lien, Donald, 2016. "Price discovery in the S&P 500 index derivatives markets," International Review of Economics & Finance, Elsevier, vol. 45(C), pages 438-452.
    144. Yan Chen & Peter Cramton & John A. List & Axel Ockenfels, 2021. "Market Design, Human Behavior, and Management," Management Science, INFORMS, vol. 67(9), pages 5317-5348, September.
    145. NIdhi Aggarwal & Venkatesh Panchapagesan & Susan Thomas, 2022. "When is the order-to-trade ratio fee effective?," Working Papers 11, xKDR.
    146. Claudio Altafini, 2016. "The Geometric Phase of Stock Trading," PLOS ONE, Public Library of Science, vol. 11(8), pages 1-13, August.
    147. Hagströmer, Björn, 2021. "Bias in the effective bid-ask spread," Journal of Financial Economics, Elsevier, vol. 142(1), pages 314-337.
    148. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: Evidence from Frankfurt-London microwave," Journal of Financial Markets, Elsevier, vol. 66(C).
    149. Panagiotis Anagnostidis & Patrice Fontaine & Christos Varsakelis, 2020. "Are high–frequency traders informed?," Post-Print hal-03062831, HAL.
    150. Tobias Adrian & Agostino Capponi & Michael J. Fleming & Erik Vogt & Hongzhong Zhang, 2016. "Intraday market making with overnight inventory costs," Staff Reports 799, Federal Reserve Bank of New York.
    151. Yang, Haijun & Ge, Hengshun & Luo, Ying, 2020. "The optimal bid-ask price strategies of high-frequency trading and the effect on market liquidity," Research in International Business and Finance, Elsevier, vol. 53(C).
    152. Lien, Donald & Hung, Pi-Hsia & Lin, Zong-Wei, 2020. "Whose trades move stock prices? Evidence from the Taiwan Stock Exchange," International Review of Economics & Finance, Elsevier, vol. 66(C), pages 25-50.
    153. Janzen, Joseph P. & Smith, Aaron D., 2013. "The Quality of Price Discovery Under Electronic Trading: The Case of Cotton Futures," 2013 Conference, April 22-23, 2013, St. Louis, Missouri 285805, NCR-134/ NCCC-134 Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    154. Indriawan, Ivan & Jiao, Feng & Tse, Yiuman, 2021. "The FOMC announcement returns on long-term US and German bond futures," Journal of Banking & Finance, Elsevier, vol. 123(C).
    155. Matthew Clegg & Christopher Krauss, 2018. "Pairs trading with partial cointegration," Quantitative Finance, Taylor & Francis Journals, vol. 18(1), pages 121-138, January.
    156. Sophie Moinas & Minh Nguyen & Giorgio Valente, 2018. "Funding Constraints and Market Illiquidity in the European Treasury Bond Market," EconPol Working Paper 13, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    157. Gresse, Carole, 2017. "Effects of lit and dark market fragmentation on liquidity," Journal of Financial Markets, Elsevier, vol. 35(C), pages 1-20.
    158. Jagannathan, Ravi & Pelizzon, Loriana & Schaumburg, Ernst & Getmansky Sherman, Mila & Yuferova, Darya, 2021. "Recovery from fast crashes: Role of mutual funds," SAFE Working Paper Series 227, Leibniz Institute for Financial Research SAFE, revised 2021.
    159. Goudarzi, Mostafa & Bazzana, Flavio, 2023. "Identification of high-frequency trading: A machine learning approach," Research in International Business and Finance, Elsevier, vol. 66(C).
    160. Hautsch, Nikolaus & Scheuch, Christoph & Voigt, Stefan, 2018. "Limits to arbitrage in markets with stochastic settlement latency," CFS Working Paper Series 616, Center for Financial Studies (CFS).
    161. Iwao Maeda & David deGraw & Michiharu Kitano & Hiroyasu Matsushima & Kiyoshi Izumi & Hiroki Sakaji & Atsuo Kato, 2020. "Latent Segmentation of Stock Trading Strategies Using Multi-Modal Imitation Learning," JRFM, MDPI, vol. 13(11), pages 1-12, October.
    162. Das, Sougata & Kadapakkam, Palani-Rajan, 2020. "Machine over Mind? Stock price clustering in the era of algorithmic trading," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    163. Nigmonov, Asror & Shams, Syed & Alam, Khorshed, 2024. "Liquidity risk in FinTech lending: Early impact of the COVID-19 pandemic on the P2P lending market," Emerging Markets Review, Elsevier, vol. 58(C).
    164. Ryan Garvey & Tao Huang & Fei Wu, 2021. "Is faster or slower trading better? An examination of order type execution speed and costs," European Financial Management, European Financial Management Association, vol. 27(2), pages 326-363, March.
    165. Corgnet, Brice & DeSantis, Mark & Siemroth, Christoph, 2024. "Algorithmic Trading, Price Efficiency and Welfare: An Experimental Approach," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302411, Verein für Socialpolitik / German Economic Association.
    166. Oliver Linton & Soheil Mahmoodzadeh, 2018. "Implications of high-frequency trading for security markets," CeMMAP working papers CWP06/18, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
    167. Zhou, Hao & Kalev, Petko S., 2019. "Algorithmic and high frequency trading in Asia-Pacific, now and the future," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 186-207.
    168. Chakrabarty, Bidisha & Pascual, Roberto, 2023. "Stock liquidity and algorithmic market making during the COVID-19 crisis," Journal of Banking & Finance, Elsevier, vol. 147(C).
    169. Bonnie F. Van Ness & Robert A. Van Ness & Serhat Yildiz, 2017. "The role of HFTs in order flow toxicity and stock price variance, and predicting changes in HFTs’ liquidity provisions," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(4), pages 739-762, October.
    170. Ben Ammar, Imen & Hellara, Slaheddine & Ghadhab, Imen, 2020. "High-frequency trading and stock liquidity: An intraday analysis," Research in International Business and Finance, Elsevier, vol. 53(C).
    171. Chiarucci, Riccardo & Loffredo, Maria I. & Ruzzenenti, Franco, 2017. "Evidences for a structural change in the oil market before a financial crisis: The flat horizon effect," Research in International Business and Finance, Elsevier, vol. 42(C), pages 912-921.
    172. Benos, Evangelos & Sagade, Satchit, 2016. "Price discovery and the cross-section of high-frequency trading," Journal of Financial Markets, Elsevier, vol. 30(C), pages 54-77.
    173. Haas, Marlene & Khapko, Mariana & Zoican, Marius, 2021. "Speed and learning in high-frequency auctions," Journal of Financial Markets, Elsevier, vol. 54(C).
    174. Rhys ap Gwilym & M. Shahid Ebrahim & Abdelkader O. El Alaoui & Hamid Rahman & Abderrahim Taamouti, 2019. "Financial Frictions and the Futures Pricing Puzzle," Department of Economics Working Papers 2019_07, Durham University, Department of Economics.
    175. Leonardo Bargigli, 2025. "How Large is Excess Volatility of the EUR/USD Exchange Rate? Evidence from a GAS Approach," Working Papers - Economics wp2025_13.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    176. Nag, Arindam, 2026. "Liquidity at the Speed of AI: Algorithmic Trading and Systemic Risk Amplification," MPRA Paper 128853, University Library of Munich, Germany.
    177. Robert Garrison & Pankaj Jain & Mark Paddrik, 2019. "Cross-Asset Market Order Flow, Liquidity, and Price Discovery," Working Papers 19-04, Office of Financial Research, US Department of the Treasury.
    178. O’Hara, Maureen, 2015. "High frequency market microstructure," Journal of Financial Economics, Elsevier, vol. 116(2), pages 257-270.
    179. Chakrabarty, Bidisha & Pascual, Roberto & Shkilko, Andriy, 2015. "Evaluating trade classification algorithms: Bulk volume classification versus the tick rule and the Lee-Ready algorithm," Journal of Financial Markets, Elsevier, vol. 25(C), pages 52-79.
    180. Le Moign, Caroline, 2025. "Securing passive liquidity: The impact of Europe’s first asymmetric speed bump on market liquidity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 101(C).
    181. Jasmin Gider & Simon N. M. Schmickler & Christian Westheide, 2021. "High-Frequency Trading and Price Informativeness," CRC TR 224 Discussion Paper Series crctr224_2021_257, University of Bonn and University of Mannheim, Germany.
    182. Manahov, Viktor, 2016. "A note on the relationship between high-frequency trading and latency arbitrage," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 281-296.
    183. Aliyev, Nihad & Huseynov, Fariz & Rzayev, Khaladdin, 2025. "The good and evil of algos: Investment-to-price sensitivity and the learning hypothesis," Journal of Corporate Finance, Elsevier, vol. 94(C).
    184. Corbet, Shaen & McMullan, Caroline, 2018. "Stock market reaction to irregular supermarket chain behaviour: An investigation in the retail sectors of Ireland and the United Kingdom," Journal of Retailing and Consumer Services, Elsevier, vol. 43(C), pages 20-29.
    185. Donald B. Keim & Massimo Massa & Bastian von Beschwitz, 2018. "First to \"Read\" the News: New Analytics and Algorithmic Trading," International Finance Discussion Papers 1233, Board of Governors of the Federal Reserve System (U.S.).
    186. Viktor Manahov, 2026. "Speed, order cancellation, and market quality in electronic financial markets," Journal of Asset Management, Palgrave Macmillan, vol. 27(3), pages 1-17, September.
    187. Adamantios Ntakaris & Martin Magris & Juho Kanniainen & Moncef Gabbouj & Alexandros Iosifidis, 2017. "Benchmark Dataset for Mid-Price Forecasting of Limit Order Book Data with Machine Learning Methods," Papers 1705.03233, arXiv.org, revised Mar 2020.
    188. Dai, Chaoxing & Lu, Kun & Xiu, Dacheng, 2019. "Knowing factors or factor loadings, or neither? Evaluating estimators of large covariance matrices with noisy and asynchronous data," Journal of Econometrics, Elsevier, vol. 208(1), pages 43-79.
    189. Delaney, L., 2015. "An Examination of the Optimal Timing Strategy for a Slow Trader Investing in a High Frequency Trading Technology," Working Papers 15/04, Department of Economics, City St George's, University of London.
    190. Sandra Ferreruela & Daniel Martín, 2022. "Market Quality and Short-Selling Ban during the COVID-19 Pandemic: A High-Frequency Data Approach," JRFM, MDPI, vol. 15(7), pages 1-29, July.
    191. Comerton-Forde, Carole & Marta, Thomas, 2025. "ETF effects: The role of primary versus secondary market activities," Journal of Financial Markets, Elsevier, vol. 75(C).
    192. Gurgul Henryk & Syrek Robert, 2025. "Algorithmic trading, liquidity and volatility: Evidence from Poland," Economics and Business Review, Paradigm, vol. 11(4), pages 139-158.
    193. Nikolaus Hautsch & Christoph Scheuch & Stefan Voigt, 2018. "Building Trust Takes Time: Limits to Arbitrage for Blockchain-Based Assets," Papers 1812.00595, arXiv.org, revised Oct 2023.
    194. Carole Gresse, 2017. "Effects of Lit and Dark Market Fragmentation on Liquidity," Post-Print hal-01631771, HAL.
    195. Shuchen Meng & Xupeng Chen, 2026. "AI-Driven Alpha Decay: Algorithmic Homogenization, Reflexive Signal Erosion, and the Paradox of Intelligent Markets," Papers 2605.23905, arXiv.org.
    196. Ibikunle, Gbenga, 2018. "Trading places: Price leadership and the competition for order flow," Journal of Empirical Finance, Elsevier, vol. 49(C), pages 178-200.
    197. Michael Fleming & Giang Nguyen & Francisco Ruela, 2024. "Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market," Management Science, INFORMS, vol. 70(1), pages 332-354, January.
    198. Vitale, Paolo, 2018. "Robust trading for ambiguity-averse insiders," Journal of Banking & Finance, Elsevier, vol. 90(C), pages 113-130.
    199. Alexandru Mandes, 2020. "Impact of Electronic Liquidity Providers Within a High-Frequency Agent-Based Modeling Framework," Computational Economics, Springer;Society for Computational Economics, vol. 55(2), pages 407-450, February.
    200. Nidhi Aggarwal & Venkatesh Panchapagesan & Susan Thomas, 2019. "When do regulatory interventions work?," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2019-011, Indira Gandhi Institute of Development Research, Mumbai, India.
    201. Marlene Haas & Marius Andrei Zoican, 2016. "Beyond the Frequency Wall: Speed and Liquidity on Batch Auction Markets," Post-Print hal-01484805, HAL.
    202. Kalaitzoglou, Iordanis Angelos, 2026. "Lost in the crowd! Pricing carbon at the age of algorithms," International Review of Financial Analysis, Elsevier, vol. 109(C).
    203. Hoffmann, Peter, 2014. "A dynamic limit order market with fast and slow traders," Journal of Financial Economics, Elsevier, vol. 113(1), pages 156-169.
    204. Delaney, Laura, 2018. "Investment in high-frequency trading technology: A real options approach," European Journal of Operational Research, Elsevier, vol. 270(1), pages 375-385.
    205. Mario Bellia & Loriana Pelizzon & Marti G. Subrahmanyam & Darya Yuferova, 2025. "Market Liquidity and Competition Among Designated Market Makers," Management Science, INFORMS, vol. 71(1), pages 184-201, January.
    206. Stenfors, Alexis & Susai, Masayuki, 2019. "Liquidity withdrawal in the FX spot market: A cross-country study using high-frequency data," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 59(C), pages 36-57.
    207. Lepone, Andrew & Wen, Jun & Yang, Jin Young, 2018. "Message traffic restrictions and relative pricing efficiency: Evidence from index futures contracts and exchange-traded funds," Pacific-Basin Finance Journal, Elsevier, vol. 51(C), pages 366-375.
    208. Mila Getmansky & Ravi Jagannathan & Loriana Pelizzon & Ernst Schaumburg & Darya Yuferova, 2017. "Stock Price Crashes: Role of Slow-Moving Capital," NBER Working Papers 24098, National Bureau of Economic Research, Inc.
    209. Zheng, Jiayi & Zhu, Yushu, 2023. "Algorithmic trading and block ownership initiation: An information perspective," The British Accounting Review, Elsevier, vol. 55(4).
    210. Chordia, Tarun & Miao, Bin, 2020. "Market efficiency in real time: Evidence from low latency activity around earnings announcements," Journal of Accounting and Economics, Elsevier, vol. 70(2).
    211. Yamada, Masahiro, 2022. "Profitability and liquidity provision of HFTs during large price shocks: Does relative tick size matter?," Finance Research Letters, Elsevier, vol. 46(PA).
    212. Claudio Fontana & Markus Pelger & Eckhard Platen, 2017. "Sure Profits via Flash Strategies and the Impossibility of Predictable Jumps," Research Paper Series 385, Quantitative Finance Research Centre, University of Technology, Sydney.
    213. Johnson, Hardy & Van Ness, Bonnie F. & Van Ness, Robert A., 2017. "Are all odd-lots the same? Odd-lot transactions by order submission and trader type," Journal of Banking & Finance, Elsevier, vol. 79(C), pages 1-11.
    214. Cai, Zhifeng, 2019. "Dynamic information acquisition and time-varying uncertainty," Journal of Economic Theory, Elsevier, vol. 184(C).
    215. Debarati Bhattacharya & Wei-Hsien Li & Gokhan Sonaer, 2017. "Has momentum lost its momentum?," Review of Quantitative Finance and Accounting, Springer, vol. 48(1), pages 191-218, January.
    216. David A. Cimon, 2016. "Broker Routing Decisions in Limit Order Markets," Staff Working Papers 16-50, Bank of Canada.
    217. Zura Kakushadze & Juan Andrés Serur, 2018. "151 Trading Strategies," Springer Books, Springer, number 978-3-030-02792-6.
    218. Leone, Vitor & Kwabi, Frank, 2019. "High frequency trading, price discovery and market efficiency in the FTSE100," Economics Letters, Elsevier, vol. 181(C), pages 174-177.
    219. Friederich, Sylvain & Payne, Richard, 2015. "Order-to-trade ratios and market liquidity," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 214-223.
    220. Xu, Chenguang & He, Xinyue, 2026. "Taming Volatility, Feeding Crashes: Evidence from Algorithmic Trading in China's Agricultural Futures Markets," 2026 Annual Meeting, July 26 - 28, 2026, Kansas City, Missouri 404354, Agricultural and Applied Economics Association.
    221. Ryu, Doojin & Webb, Robert I. & Yu, Jinyoung, 2024. "Stock price synchronicity and market liquidity: The role of funding liquidity," Finance Research Letters, Elsevier, vol. 61(C).
    222. Nimalendran, Mahendrarajah & Rzayev, Khaladdin & Sagade, Satchit, 2024. "High-frequency trading in the stock market and the costs of options market making," LSE Research Online Documents on Economics 124228, London School of Economics and Political Science, LSE Library.
    223. Bizzozero, Paolo & Flepp, Raphael & Franck, Egon, 2018. "The effect of fast trading on price discovery and efficiency: Evidence from a betting exchange," Journal of Economic Behavior & Organization, Elsevier, vol. 156(C), pages 126-143.
    224. Zhicheng Li & Haipeng Xing & Xinyun Chen, 2019. "A multifactor regime-switching model for inter-trade durations in the limit order market," Papers 1912.00764, arXiv.org.
    225. Paul Handro & Bogdan Dima, 2024. "Analyzing Financial Markets Efficiency: Insights from a Bibliometric and Content Review," Journal of Financial Studies, Institute of Financial Studies, vol. 16(9), pages 119-175, May.
    226. Fangjian Fu & Sheng Huang, 2016. "The Persistence of Long-Run Abnormal Returns Following Stock Repurchases and Offerings," Management Science, INFORMS, vol. 62(4), pages 964-984, April.
    227. Bogoev, Dimitar & Karam, Arzé, 2017. "Detection of algorithmic trading," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 484(C), pages 168-181.
    228. Leonid B. Sokolinsky & Irina M. Sokolinskaya, 2023. "Apex Method: A New Scalable Iterative Method for Linear Programming," Mathematics, MDPI, vol. 11(7), pages 1-28, March.
    229. Karkowska, Renata & Palczewski, Andrzej, 2023. "Does high-frequency trading actually improve market liquidity? A comparative study for selected models and measures," Research in International Business and Finance, Elsevier, vol. 64(C).
    230. Michael Brolley & Marius Zoican, 2019. "Liquid Speed: On-Demand Fast Trading at Distributed Exchanges," Papers 1907.10720, arXiv.org.
    231. Keiichi Goshima & Yusuke Kumano, 2018. "Monetary Policy Announcement and Algorithmic News Trading in the Foreign Exchange Market," IMES Discussion Paper Series 18-E-13, Institute for Monetary and Economic Studies, Bank of Japan.
    232. Benjamin Clapham & Martin Haferkorn & Kai Zimmermann, 2023. "The Impact of High-Frequency Trading on Modern Securities Markets," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 65(1), pages 7-24, February.
    233. Breckenfelder, Johannes, 2024. "Competition among high-frequency traders and market quality," Journal of Economic Dynamics and Control, Elsevier, vol. 166(C).
    234. Li, Zhicheng & Chen, Xinyun & Xing, Haipeng, 2023. "A multifactor regime-switching model for inter-trade durations in the high-frequency limit order market," Economic Modelling, Elsevier, vol. 118(C).
    235. Kang, Jongho & Kang, Jangkoo & Kwon, Kyung Yoon, 2022. "Market versus limit orders of speculative high-frequency traders and price discovery," Research in International Business and Finance, Elsevier, vol. 63(C).
    236. John Paul Broussard & Andrei Nikiforov & Sergey Osmekhin, 2025. "The market ecosystem in the age of algorithms: An analysis of trading dynamics and market quality," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 49(2), pages 343-363, June.
    237. Alexandru-Ioan Stan, 2018. "Computational speed and high-frequency trading profitability: an ecological perspective," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(3), pages 381-395, August.
    238. Alexander M. Chinco & Mao Ye, 2017. "Investment-Horizon Spillovers," NBER Working Papers 23650, National Bureau of Economic Research, Inc.
    239. Viktor Manahov, 2021. "High‐frequency trading order cancellations and market quality: Is stricter regulation the answer?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5385-5407, October.
    240. Dimitrios Vezeris & Themistoklis Kyrgos & Christos Schinas, 2018. "Take Profit and Stop Loss Trading Strategies Comparison in Combination with an MACD Trading System," JRFM, MDPI, vol. 11(3), pages 1-23, September.
    241. Comerton-Forde, Carole & Jones, Charles M. & Putniņš, Tālis J., 2016. "Shorting at close range: A tale of two types," Journal of Financial Economics, Elsevier, vol. 121(3), pages 546-568.
    242. Mahmoodzadeh, Soheil & Gençay, Ramazan, 2017. "Human vs. high-frequency traders, penny jumping, and tick size," Journal of Banking & Finance, Elsevier, vol. 85(C), pages 69-82.
    243. Gbenga Ibikunle & Davide Mare & Yuxin Sun, 2020. "The paradoxical effects of market fragmentation on adverse selection risk and market efficiency," The European Journal of Finance, Taylor & Francis Journals, vol. 26(14), pages 1439-1461, September.
    244. Robert J. Kauffman & Yuzhou Hu & Dan Ma, 2015. "Will high-frequency trading practices transform the financial markets in the Asia Pacific Region?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 1(1), pages 1-27, December.
    245. Buti, Sabrina & Consonni, Francesco & Rindi, Barbara & Werner, Ingrid M., 2013. "Sub-Penny and Queue-Jumping," Working Paper Series 2013-18, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    246. Van Ness, Bonnie & Van Ness, Robert & Yildiz, Serhat, 2021. "Private information in trades, R2, and large stock price movements," Journal of Banking & Finance, Elsevier, vol. 131(C).
    247. Ramos, Henrique Pinto & Perlin, Marcelo Scherer, 2020. "Does algorithmic trading harm liquidity? Evidence from Brazil," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
    248. Michael C. Tseng & Soheil Mahmoodzadeh, 2022. "Information Jumps, Liquidity Jumps, and Market Efficiency," JRFM, MDPI, vol. 15(3), pages 1-21, February.
    249. Kou, Mingting & Yang, Yuanqi & Chen, Kaihua, 2024. "Financial technology research: Past and future trajectories," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 162-181.
    250. Shiyang Huang & Bart Zhou Yueshen, 2021. "Speed Acquisition," Management Science, INFORMS, vol. 67(6), pages 3492-3518, June.
    251. Daniel Ladley, 2019. "The Design and Regulation of High Frequency Traders," Discussion Papers in Economics 19/02, Division of Economics, School of Business, University of Leicester.
    252. Marcello Rambaldi & Emmanuel Bacry & Jean-Franc{c}ois Muzy, 2018. "Disentangling and quantifying market participant volatility contributions," Papers 1807.07036, arXiv.org.
    253. Taiga Saito & Takanori Adachi & Teruo Nakatsuma & Akihiko Takahashi & Hiroshi Tsuda & Naoyuki Yoshino, 2017. "Trading and Ordering Patterns of Market Participants in High Frequency Trading Environment -Empirical Study in the Japanese Stock Market-," CARF F-Series CARF-F-411, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    254. Wan, Junmin, 2024. "Bubble occurrence and landing," Journal of Financial Stability, Elsevier, vol. 70(C).
    255. Sánchez Serrano Antonio, 2020. "High-Frequency Trading and Systemic Risk: A Structured Review of Findings and Policies," Review of Economics, De Gruyter, vol. 71(3), pages 169-195, December.
    256. Frino, Alex & Prodromou, Tina & Wang, George H.K. & Westerholm, P. Joakim & Zheng, Hui, 2017. "An empirical analysis of algorithmic trading around earnings announcements," Pacific-Basin Finance Journal, Elsevier, vol. 45(C), pages 34-51.
    257. Jansen, Ivo Ph. & Nikiforov, Andrei L., 2022. "Intertemporal variation in abnormal volume around earnings announcements: “Distraction” or “flocking-and-dispersing”?," Economics Letters, Elsevier, vol. 218(C).
    258. Marc Bohmann, 2020. "Price Discovery and Information Asymmetry in Equity and Commodity Futures Options Markets," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2020, January-A.
    259. Pavan, Alessandro & Vives, Xavier, 2015. "Information, Coordination, and Market Frictions: An Introduction," Journal of Economic Theory, Elsevier, vol. 158(PB), pages 407-426.
    260. Christophe Desagre & Floris Laly & Mikael Petitjean, 2025. "Revisiting the trading activity of high-frequency trading firms around ultra-fast flash events," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-37, December.
    261. Hatheway, Frank & Kwan, Amy & Zheng, Hui, 2017. "An Empirical Analysis of Market Segmentation on U.S. Equity Markets," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 52(6), pages 2399-2427, December.
    262. Rif, Alexandru & Utz, Sebastian, 2021. "Short-term stock price reversals after extreme downward price movements," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 123-133.
    263. Allen Carrion & Madhuparna Kolay, 2020. "Trade signing in fast markets," The Financial Review, Eastern Finance Association, vol. 55(3), pages 385-404, August.
    264. Notheisen, Benedikt & Marino, Vincenzo & Englert, Daniel & Weinhardt, Christof, 2019. "Trading stocks on blocks: The quality of decentralized markets," Working Paper Series in Economics 129, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
    265. Stephen N. Jurich, 2020. "Size Precedence And Share Volume: The Case Of The Psx Exchange," Journal of Financial Management, Markets and Institutions (JFMMI), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-28, December.
    266. Bank for International Settlements, 2016. "Electronic trading in fixed income markets," Markets Committee Papers 07, Bank for International Settlements.
    267. Angerer, Martin & Neugebauer, Tibor & Shachat, Jason, 2019. "Arbitrage bots in experimental asset markets," MPRA Paper 96224, University Library of Munich, Germany.
    268. Hu, Grace Xing & Pan, Jun & Wang, Jiang, 2017. "Early peek advantage? Efficient price discovery with tiered information disclosure," Journal of Financial Economics, Elsevier, vol. 126(2), pages 399-421.
    269. Xiao, Xijuan & Yamamoto, Ryuichi, 2024. "Overnight earnings announcements and preopening price discovery," Japan and the World Economy, Elsevier, vol. 70(C).
    270. Yamada, Masahiro & Ito, Takatoshi, 2022. "Price discovery and liquidity recovery: Forex market reactions to macro announcements," Journal of International Money and Finance, Elsevier, vol. 120(C).
    271. Austin Gerig & David Michayluk, 2014. "Automated Liquidity Provision," Research Paper Series 345, Quantitative Finance Research Centre, University of Technology, Sydney.
    272. Conrad, Jennifer & Wahal, Sunil, 2020. "The term structure of liquidity provision," Journal of Financial Economics, Elsevier, vol. 136(1), pages 239-259.
    273. Hautsch, Nikolaus & Noé, Michael & Zhang, S. Sarah, 2017. "The ambivalent role of high-frequency trading in turbulent market periods," CFS Working Paper Series 580, Center for Financial Studies (CFS).
    274. Orlov, Vitaly, 2016. "Currency momentum, carry trade, and market illiquidity," Journal of Banking & Finance, Elsevier, vol. 67(C), pages 1-11.
    275. Lee, Albert J. & Chung, Kee H., 2022. "Hidden liquidity, market quality, and order submission strategies," Journal of Financial Markets, Elsevier, vol. 61(C).
    276. Garg, Karan, 2021. "Machines and Markets : Assessing the Impact of Algorithmic Trading on Financial Market Efficiency," Warwick-Monash Economics Student Papers 11, Warwick Monash Economics Student Papers.
    277. Bidisha Chakrabarty & Pankaj K. Jain & Andriy Shkilko & Konstantin Sokolov, 2021. "Unfiltered Market Access and Liquidity: Evidence from the SEC Rule 15c3-5," Management Science, INFORMS, vol. 67(2), pages 1183-1198, February.
    278. Qixuan Luo & Shijia Song & Handong Li, 2023. "Research on the Effects of Liquidation Strategies in the Multi-asset Artificial Market," Computational Economics, Springer;Society for Computational Economics, vol. 62(4), pages 1721-1750, December.
    279. Johannes St binger & Jens Bredthauer, 2017. "Statistical Arbitrage Pairs Trading with High-frequency Data," International Journal of Economics and Financial Issues, International Journal of Economics and Financial Issues, vol. 7(4), pages 650-662.
    280. Francis Breedon & Louisa Chen & Angelo Ranaldo & Nicholas Vause, 2019. "Judgment Day: Algorithmic Trading Around The Swiss Franc Cap Removal," Working Papers on Finance 1912, University of St. Gallen, School of Finance.
    281. Ibrahim, Boulis Maher & Kalaitzoglou, Iordanis Angelos, 2025. "Crowdedness, mispricing, crashes, and spikes," Journal of Banking & Finance, Elsevier, vol. 177(C).
    282. Kupfer, Alexander & Schmidt, Markus G., 2021. "In search of retail investors: The effect of retail investor attention on odd lot trades," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 315-326.
    283. Arasteh, Abdollah, 2025. "A data-driven prediction method for multi-period portfolio optimization using the real options approach," Finance Research Letters, Elsevier, vol. 80(C).
    284. Upson, James & McInish, Thomas & IV, B. Hardy Johnson, 2021. "Order based versus level book trade reporting: An empirical analysis," Journal of Banking & Finance, Elsevier, vol. 125(C).
    285. Markus Baldauf & Joshua Mollner, 2015. "High-Frequency Trading and Market Performance," Discussion Papers 15-017, Stanford Institute for Economic Policy Research.
    286. Olgun, Onur & Ekinci, Cumhur & Arıkan, Ramazan, 2024. "The performance of selected high-frequency trading proxies: An application on Turkish index futures market," Finance Research Letters, Elsevier, vol. 65(C).
    287. Ibikunle, Gbenga & Rzayev, Khaladdin, 2023. "Volatility and dark trading: Evidence from the Covid-19 pandemic," The British Accounting Review, Elsevier, vol. 55(4).
    288. Conrad, Jennifer & Wahal, Sunil & Xiang, Jin, 2015. "High-frequency quoting, trading, and the efficiency of prices," Journal of Financial Economics, Elsevier, vol. 116(2), pages 271-291.
    289. Zhou, Hao & Kalev, Petko S. & Frino, Alex, 2020. "Algorithmic trading in turbulent markets," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    290. Hendershott, Terrence & Menkveld, Albert J., 2014. "Price pressures," Journal of Financial Economics, Elsevier, vol. 114(3), pages 405-423.
    291. Cenesizoglu, Tolga & Grass, Gunnar, 2018. "Bid- and ask-side liquidity in the NYSE limit order book," Journal of Financial Markets, Elsevier, vol. 38(C), pages 14-38.
    292. Rene Carmona & Kevin Webster, 2013. "The Self-Financing Equation in High Frequency Markets," Papers 1312.2302, arXiv.org.
    293. George Jiang & Ingrid Lo & Giorgio Valente, 2014. "High-Frequency Trading around Macroeconomic News Announcements: Evidence from the U.S. Treasury Market," Staff Working Papers 14-56, Bank of Canada.
    294. Georges, Christophre & Pereira, Javier, 2021. "Market stability with machine learning agents," Journal of Economic Dynamics and Control, Elsevier, vol. 122(C).
    295. Nicholas Hirschey, 2021. "Do High-Frequency Traders Anticipate Buying and Selling Pressure?," Management Science, INFORMS, vol. 67(6), pages 3321-3345, June.
    296. Sagade, Satchit & Scharnowski, Stefan & Westheide, Christian, 2022. "Broker colocation and the execution costs of customer and proprietary orders," SAFE Working Paper Series 366, Leibniz Institute for Financial Research SAFE.
    297. Prodromou, Tina & Westerholm, P. Joakim, 2022. "Are high frequency traders responsible for extreme price movements?," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 94-111.
    298. Couleau, Anabelle & Serra, Teresa, 2017. "The Effects of Microstructure Noise on Realized Volatility in the Live Cattle Futures Market," 2017 Conference, April 24-25, 2017, St. Louis, Missouri 285873, NCR-134/ NCCC-134 Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    299. Jonathan Brogaard & Corey Garriott & Anna Pomeranets, 2014. "High-Frequency Trading Competition," Staff Working Papers 14-19, Bank of Canada.
    300. Kaj Nyström & Sidi Mohamed Ould Aly & Changyong Zhang, 2014. "Market Making And Portfolio Liquidation Under Uncertainty," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 17(05), pages 1-33.
    301. Alexander, Carol & Heck, Daniel F., 2020. "Price discovery in Bitcoin: The impact of unregulated markets," Journal of Financial Stability, Elsevier, vol. 50(C).
    302. Chin, Chang-Chiang & Paphakin, Warinthorn, 2021. "The daily relationship between U.S. asset prices and stock prices of American countries," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    303. Corey Garriot & Ryan Riordan, 2020. "Trading on Long-term Information," Staff Working Papers 20-20, Bank of Canada.
    304. Lei Wu & Kuan Xu & Qingbin Meng, 2021. "Information flow and price discovery dynamics," Review of Quantitative Finance and Accounting, Springer, vol. 56(1), pages 329-367, January.
    305. Arifovic, Jasmina & He, Xue-zhong & Wei, Lijian, 2022. "Machine learning and speed in high-frequency trading," Journal of Economic Dynamics and Control, Elsevier, vol. 139(C).
    306. Nilabhra Bhattacharya & Bidisha Chakrabarty & Xu (Frank) Wang, 2020. "High-frequency traders and price informativeness during earnings announcements," Review of Accounting Studies, Springer, vol. 25(3), pages 1156-1199, September.
    307. Karolis Liaudinskas, 2022. "Human vs. Machine: Disposition Effect among Algorithmic and Human Day Traders," Working Paper 2022/6, Norges Bank.
    308. Ersan, Oguz & Simsir, Serif Aziz & Simsek, Koray D. & Hasan, Afan, 2021. "The speed of stock price adjustment to corporate announcements: Insights from Turkey," Emerging Markets Review, Elsevier, vol. 47(C).
    309. Henryk Gurgul & Robert Syrek, 2016. "The logarithmic ACD model: The microstructure of the German and Polish stock markets," Managerial Economics, AGH University of Science and Technology, Faculty of Management, vol. 17(1), pages 77-92.
    310. Santos, Francisco Luna & Garcia, Márcio Gomes Pinto & Medeiros, Marcelo Cunha, 2015. "Price Discovery in Brazilian FX Markets," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 35(1), October.
    311. So, Eric C. & Wang, Sean, 2014. "News-driven return reversals: Liquidity provision ahead of earnings announcements," Journal of Financial Economics, Elsevier, vol. 114(1), pages 20-35.
    312. Li, Zeming & Sakkas, Athanasios & Urquhart, Andrew, 2022. "Intraday time series momentum: Global evidence and links to market characteristics," Journal of Financial Markets, Elsevier, vol. 57(C).
    313. Gunther Capelle-Blancard, 2017. "À quoi servent les (centaines de milliers de milliards de) transactions boursières ?," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 37-58.
    314. Rzayev, Khaladdin & Savaser, Tanseli & Sisli-Ciamarra, Elif, 2025. "Dark Trading and Stock-based CEO Pay," Journal of Corporate Finance, Elsevier, vol. 94(C).
    315. Stanislav Anatolyev & Sergei Seleznev & Veronika Selezneva, 2019. "Does Index Arbitrage Distort the Market Reaction to Shocks?," CERGE-EI Working Papers wp651, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    316. He, Xue-Zhong & Kang, Junqing, 2025. "Speed competition and strategic trading," Journal of Financial Markets, Elsevier, vol. 74(C).
    317. Wu, Liang & Liu, Hengzhi & Liu, Chang & Long, Yunshen, 2020. "Determining the information share of liquidity and order flows in extreme price movements," Economic Modelling, Elsevier, vol. 93(C), pages 559-575.
    318. Mark Marner-Hausen, 2022. "Developing a Framework for Real-Time Trading in a Laboratory Financial Market," ECONtribute Discussion Papers Series 172, University of Bonn and University of Cologne, Germany.
    319. Claudio Fontana & Markus Pelger & Eckhard Platen, 2017. "On the existence of sure profits via flash strategies," Papers 1708.03099, arXiv.org, revised Jul 2019.
    320. Garriott, Corey & van Kervel, Vincent & Zoican, Marius, 2025. "Queuing and inventories in limit order markets," Journal of Financial Markets, Elsevier, vol. 75(C).
    321. Mariana Khapko & Marius Zoican, 2019. "Do speed bumps curb low-latency trading? Evidence from a laboratory market," Papers 1910.03068, arXiv.org.
    322. Anagnostidis, Panagiotis & Fontaine, Patrice & Varsakelis, Christos, 2020. "Are high–frequency traders informed?," Economic Modelling, Elsevier, vol. 93(C), pages 365-383.
    323. Rzayev, Khaladdin & Sakkas, Athanasios & Urquhart, Andrew, 2025. "An adoption model of cryptocurrencies," LSE Research Online Documents on Economics 126508, London School of Economics and Political Science, LSE Library.
    324. Ikizlerli, Deniz & Holmes, Phil & Anderson, Keith, 2019. "The response of different investor types to macroeconomic news," Journal of Multinational Financial Management, Elsevier, vol. 50(C), pages 13-28.
    325. Ma, Rui & Marshall, Ben R. & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2022. "Climate events and return comovement," Journal of Financial Markets, Elsevier, vol. 61(C).
    326. Delaney, L., 2016. "Equilibrium Investment in High Frequency Trading Technology: A Real Options Approach," Working Papers 15/14, Department of Economics, City St George's, University of London.
    327. Brogaard, Jonathan & Carrion, Allen & Moyaert, Thibaut & Riordan, Ryan & Shkilko, Andriy & Sokolov, Konstantin, 2018. "High frequency trading and extreme price movements," Journal of Financial Economics, Elsevier, vol. 128(2), pages 253-265.
    328. Danny Lo, 2015. "Essays in Market Microstructure and Investor Trading," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 4-2015, January-A.
    329. Nimalendran, Mahendrarajah & Rzayev, Khaladdin & Sagade, Satchit, 2024. "High-frequency trading in the stock market and the costs of options market making," Journal of Financial Economics, Elsevier, vol. 159(C).
    330. Donald Lien & Pi-Hsia Hung, 2023. "Whose trades contribute more to price discovery? Evidence from the Taiwan stock exchange," Review of Quantitative Finance and Accounting, Springer, vol. 61(1), pages 213-263, July.
    331. Bank, Matthias & Baumann, Ralf H., 2016. "Price formation, market quality and the effects of reduced latency in the very short run," Research in International Business and Finance, Elsevier, vol. 37(C), pages 629-645.
    332. Juraj Hruška, 2016. "Aggressive and Defensive High-Frequency Trading and its Impact on Liquidity of German Stock Market," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 64(6), pages 1911-1918.
    333. Michael Goldstein & Amy Kwan & Richard Philip, 2023. "High-Frequency Trading Strategies," Management Science, INFORMS, vol. 69(8), pages 4413-4434, August.
    334. Aït-Sahalia, Yacine & Brunetti, Celso, 2020. "High frequency traders and the price process," Journal of Econometrics, Elsevier, vol. 217(1), pages 20-45.
    335. Chakrabarty, Bidisha & Moulton, Pamela C. & Wang, Xu (Frank), 2022. "Attention: How high-frequency trading improves price efficiency following earnings announcements," Journal of Financial Markets, Elsevier, vol. 57(C).
    336. Fuertes, Ana-Maria & Phylaktis, Kate & Yan, Cheng, 2016. "Hot money in bank credit flows to emerging markets during the banking globalization era," Journal of International Money and Finance, Elsevier, vol. 60(C), pages 29-52.
    337. Eric M. Aldrich & Kristian López Vargas, 2020. "Experiments in high-frequency trading: comparing two market institutions," Experimental Economics, Springer;Economic Science Association, vol. 23(2), pages 322-352, June.
    338. Ritesh Kumar Dubey & A. Sarath Babu & Rajneesh Ranjan Jha & Urvashi Varma, 2022. "Algorithmic Trading Efficiency and its Impact on Market-Quality," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(3), pages 381-409, September.
    339. Ekinci, Cumhur & Ersan, Oğuz, 2022. "High-frequency trading and market quality: The case of a “slightly exposed” market," International Review of Financial Analysis, Elsevier, vol. 79(C).
    340. Petter Dahlström & Björn Hagströmer & Lars L. Nordén, 2024. "The determinants of limit order cancellations," The Financial Review, Eastern Finance Association, vol. 59(1), pages 181-201, February.
    341. Li, Sida & Ye, Mao & Zheng, Miles, 2023. "Refusing the best price?," Journal of Financial Economics, Elsevier, vol. 147(2), pages 317-337.
    342. James Collin Harkrader & Michael Puglia, 2020. "Price Discovery in the U.S. Treasury Cash Market: On Principal Trading Firms and Dealers," Finance and Economics Discussion Series 2020-096, Board of Governors of the Federal Reserve System (U.S.).
    343. Yensen Ni, 2024. "Navigating Energy and Financial Markets: A Review of Technical Analysis Used and Further Investigation from Various Perspectives," Energies, MDPI, vol. 17(12), pages 1-22, June.
    344. Syamala, Sudhakara Reddy & Wadhwa, Kavita, 2020. "Trading performance and market efficiency: Evidence from algorithmic trading," Research in International Business and Finance, Elsevier, vol. 54(C).
    345. Vincent van Kervel & Albert J. Menkveld, 2017. "High-Frequency Trading around Large Institutional Orders," Tinbergen Institute Discussion Papers 17-092/IV, Tinbergen Institute.
    346. Ibikunle, Gbenga & Aquilina, Matteo & Diaz-Rainey, Ivan & Sun, Yuxin, 2021. "City goes dark: Dark trading and adverse selection in aggregate markets," Journal of Empirical Finance, Elsevier, vol. 64(C), pages 1-22.
    347. Irtisam, Rasheek & Sokolov, Konstantin, 2023. "Do stock exchanges specialize? Evidence from the New Jersey transaction tax proposal," Journal of Banking & Finance, Elsevier, vol. 154(C).
    348. Jing Nie, 2019. "High‐Frequency Price Discovery and Price Efficiency on Interest Rate Futures," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 39(11), pages 1394-1434, November.
    349. Henrichs, Luca & Heckens, Anton J. & Guhr, Thomas, 2026. "Ultrafast Extreme Events: Empirical analysis of mechanisms and recovery in a historical perspective," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 685(C).
    350. Bogdan Dragos & Inigo Wilkins, 2014. "An ecological/evolutionary perspective on high-frequency trading," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 4(2), pages 161-175, April.
    351. Marchetti, James & Tian, Xiao & Lee, Alex & Kalev, Petko S., 2025. "Who watches what and why it matters: Attention allocation, tug-of-war, and market resiliency: A pre-registered report," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    352. Christopher M Wray & Steven R Bishop, 2016. "A Financial Market Model Incorporating Herd Behaviour," PLOS ONE, Public Library of Science, vol. 11(3), pages 1-28, March.
    353. Samuel Showalter & Jeffrey Gropp, 2019. "Validating Weak-form Market Efficiency in United States Stock Markets with Trend Deterministic Price Data and Machine Learning," Papers 1909.05151, arXiv.org.
    354. Andrea Roncella & Ignacio Ferrero, 2022. "The Ethics of Financial Market Making and Its Implications for High-Frequency Trading," Journal of Business Ethics, Springer, vol. 181(1), pages 139-151, November.
    355. Fabrice Rousseau & Herve Boco & Laurent Germain, 2020. "High Frequency Trading: Strategic Competition Between Slow and Fast Traders," Economics Department Working Paper Series n296-20.pdf, Department of Economics, National University of Ireland - Maynooth.
    356. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).
    357. J. Dugast & T. Foucault, 2014. "False News, Informational Efficiency, and Price Reversals," Working papers 513, Banque de France.
    358. Cox, Justin & Woods, Donovan, 2023. "COVID-19 and market structure dynamics," Journal of Banking & Finance, Elsevier, vol. 147(C).
    359. Brewer, Paul & Ratan, Anmol, 2019. "Profitability, efficiency, and inequality in double auction markets with snipers," Journal of Economic Behavior & Organization, Elsevier, vol. 164(C), pages 486-499.
    360. Veryzhenko, Iryna & Harb, Etienne & Louhichi, Waël & Oriol, Nathalie, 2017. "The impact of the French financial transaction tax on HFT activities and market quality," Economic Modelling, Elsevier, vol. 67(C), pages 307-315.
    361. Wenqian Huang & Peter O'Neill & Angelo Ranaldo & Shihao Yu, 2023. "HFTs and Dealer Banks: Liquidity and Price Discovery in FX Trading," Swiss Finance Institute Research Paper Series 23-48, Swiss Finance Institute.
    362. Dodd, Olga & Frijns, Bart, 2018. "NYSE closure and global equity trading: The case of cross-listed stocks," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 138-150.
    363. Taiga Saito & Takanori Adachi & Teruo Nakatsuma & Akihiko Takahashi & Hiroshi Tsuda & Naoyuki Yoshino, 2018. "Trading and Ordering Patterns of Market Participants in High Frequency Trading Environment -Empirical Study in the Japanese Stock Market-(Forthcoming in Asia-Pacific Financial Markets)(Revised version of CARF-F-411)," CARF F-Series CARF-F-438, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    364. Carole Gresse, 2011. "Effects of Lit and Dark Market Fragmentation on Liquidity," Post-Print halshs-00641122, HAL.
    365. Keunbae Ahn, 2021. "Predictable Fluctuations in the Cross-Section and Time-Series of Asset Prices," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2021, January-A.
    366. Qiao, Kenan & Dam, Lammertjan, 2020. "The overnight return puzzle and the “T+1” trading rule in Chinese stock markets," Journal of Financial Markets, Elsevier, vol. 50(C).
    367. Armstrong, Will J. & Cardella, Laura & Sabah, Nasim, 2021. "Information shocks, disagreement, and drift," Journal of Financial Economics, Elsevier, vol. 140(3), pages 916-940.
    368. Chakrabarty, Bidisha & Moulton, Pamela C. & Pascual, Roberto, 2017. "Trading system upgrades and short-sale bans: Uncoupling the effects of technology and regulation," Journal of Empirical Finance, Elsevier, vol. 43(C), pages 74-90.
    369. Sandeep Neela, 2026. "An Explainable Market Integrity Monitoring System with Multi-Source Attention Signals and Transparent Scoring," Papers 2601.15304, arXiv.org.
    370. Alain P. Chaboud & Avery Dao & Clara Vega & Filip Zikes, 2025. "What Makes HFTs Tick? Tick Size Changes and Information Advantage in a Market with Fast and Slow Traders," Management Science, INFORMS, vol. 71(1), pages 553-583, January.
    371. Thierry Foucault & Roman Kozhan & Wing Wah Tham, 2017. "Toxic Arbitrage," The Review of Financial Studies, Society for Financial Studies, vol. 30(4), pages 1053-1094.
    372. Bogousslavsky, Vincent & Collin-Dufresne, Pierre & Sağlam, Mehmet, 2021. "Slow-moving capital and execution costs: Evidence from a major trading glitch," Journal of Financial Economics, Elsevier, vol. 139(3), pages 922-949.
    373. Luca Henrichs & Anton J. Heckens & Thomas Guhr, 2025. "Ultrafast Extreme Events: Empirical Analysis of Mechanisms and Recovery in a Historical Perspective," Papers 2509.10376, arXiv.org, revised Feb 2026.
    374. Seddon, Jonathan J.J.M. & Currie, Wendy L., 2017. "A model for unpacking big data analytics in high-frequency trading," Journal of Business Research, Elsevier, vol. 70(C), pages 300-307.
    375. Aliyev, Nihad & Huseynov, Fariz & Rzayev, Khaladdin, 2022. "Algorithmic trading and investment-to-price sensitivity," LSE Research Online Documents on Economics 118844, London School of Economics and Political Science, LSE Library.
    376. Ma, Rui & Anderson, Hamish D. & Marshall, Ben R., 2018. "Market volatility, liquidity shocks, and stock returns: Worldwide evidence," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 164-199.
    377. Taiga Saito & Akihiko Takahashi, 2018. "Online Supplement for "Stochastic Differential Game in High Frequency Market"," CIRJE F-Series CIRJE-F-1087, CIRJE, Faculty of Economics, University of Tokyo.
    378. Ravi Kashyap, 2019. "Imitation in the Imitation Game," Papers 1911.06893, arXiv.org.
    379. Li, Mingyi & Yin, Xiangkang & Zhao, Jing, 2020. "Does program trading contribute to excess comovement of stock returns?," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 257-277.
    380. Zhou, Hao & Elliott, Robert J. & Kalev, Petko S., 2019. "Information or noise: What does algorithmic trading incorporate into the stock prices?," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 27-39.
    381. Jaeram Lee & Doojin Ryu & Robert Webb, 2026. "How do option contract sizes affect investor composition and market quality?," Review of Derivatives Research, Springer, vol. 29(1), pages 1-33, December.
    382. Shuchen Meng & Xupeng Chen, 2026. "Artificial Intelligence and Systemic Risk: A Unified Model of Performative Prediction, Algorithmic Herding, and Cognitive Dependency in Financial Markets," Papers 2604.03272, arXiv.org.
    383. Zhang, Zeyu & Ibikunle, Gbenga, 2023. "The market quality effects of sub-second frequent batch auctions: Evidence from dark trading restrictions," International Review of Financial Analysis, Elsevier, vol. 89(C).
    384. Elizabeth B. Booth & G. Geoffrey Booth & John P. Broussard, 2014. "Communication Technology and Exchanging Financial Assets: A Historical Perspective," Business and Economic Research, Macrothink Institute, vol. 4(2), pages 308-322, December.
    385. Akash Deep & Chris Monico & W. Brent Lindquist & Svetlozar T. Rachev & Frank J. Fabozzi, 2025. "Binary Tree Option Pricing Under Market Microstructure Effects: A Random Forest Approach," Papers 2507.16701, arXiv.org.
    386. Evangelos Benos & James Brugler & Erik Hjalmarsson & Filip Zikes, 2015. "Interactions among high-frequency traders," Bank of England Staff Working Paper series 523, Bank of England.
    387. Philip, R., 2020. "Estimating permanent price impact via machine learning," Journal of Econometrics, Elsevier, vol. 215(2), pages 414-449.
    388. Manahov, Viktor & Hudson, Robert & Gebka, Bartosz, 2014. "Does high frequency trading affect technical analysis and market efficiency? And if so, how?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 28(C), pages 131-157.
    389. Alasdair Brown & Fuyu Yang, 2015. "Adverse Selection, Speed Bumps and Asset Market Quality," University of East Anglia Applied and Financial Economics Working Paper Series 070, School of Economics, University of East Anglia, Norwich, UK..
    390. Chen, Shi & Härdle, Wolfgang & Schienle, Melanie, 2021. "High-dimensional statistical learning techniques for time-varying limit order book networks," IRTG 1792 Discussion Papers 2021-015, Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series".
    391. Kasinger, Johannes & Pelizzon, Loriana, 2018. "Financial stability in the EU: A case for micro data transparency," SAFE Policy Letters 67, Leibniz Institute for Financial Research SAFE.
    392. Linnenluecke, Martina K. & Chen, Xiaoyan & Ling, Xin & Smith, Tom & Zhu, Yushu, 2017. "Research in finance: A review of influential publications and a research agenda," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 188-199.
    393. Ekinci, Cumhur & Ersan, Oguz, 2018. "A new approach for detecting high-frequency trading from order and trade data," Finance Research Letters, Elsevier, vol. 24(C), pages 313-320.
    394. Chiou, Calvin J. & Zhou, Xiaozhou & Chan, Chang, 2022. "A taxonomy of individual liquidity provision: Evidence from the Taiwan stock exchange," Finance Research Letters, Elsevier, vol. 50(C).
    395. Laure Batz, 2023. "Financial market enforcement in France," European Journal of Law and Economics, Springer, vol. 55(3), pages 409-468, June.
    396. Kun Li, 2018. "Do high-frequency fleeting orders exacerbate market illiquidity?," Electronic Commerce Research, Springer, vol. 18(2), pages 241-255, June.
    397. Jahanshahloo, Hossein & Spokeviciute, Laima, 2021. "Time weighted price contribution," Finance Research Letters, Elsevier, vol. 43(C).
    398. John Coughlan & Alexei G. Orlov, 2023. "High‐frequency trading and market quality: Evidence from account‐level futures data," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(8), pages 1126-1160, August.
    399. Aït-Sahalia, Yacine & Sağlam, Mehmet, 2024. "High frequency market making: The role of speed," Journal of Econometrics, Elsevier, vol. 239(2).
    400. Lee, Jaeram & Ryu, Doojin & Yang, Heejin, 2021. "Does vega-neutral options trading contain information?," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 294-314.
    401. Declerck, F., 2016. "High-frequency trading, geographical concerns and the curvature of the Earth," Financial Stability Review, Banque de France, issue 20, pages 153-160, April.
    402. Pham, Manh Cuong & Anderson, Heather Margot & Duong, Huu Nhan & Lajbcygier, Paul, 2020. "The effects of trade size and market depth on immediate price impact in a limit order book market," Journal of Economic Dynamics and Control, Elsevier, vol. 120(C).
    403. Ben Ammar, Imen & Hellara, Slaheddine, 2021. "Intraday interactions between high-frequency trading and price efficiency," Finance Research Letters, Elsevier, vol. 41(C).
    404. Gang Chu & Xiao Li & Dehua Shen & Yongjie Zhang, 2021. "Stock Crashes and Jumps Reactions to Information Demand and Supply: An Intraday Analysis," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 28(3), pages 397-427, September.
    405. Philipp D. Dubach, 2026. "The Anatomy of a Decentralized Prediction Market: Microstructure Evidence from the Polymarket Order Book," Papers 2604.24366, arXiv.org, revised May 2026.
    406. Paolo Mazza & Mikael Petitjean, 2019. "Testing the effect of technical analysis on market quality and order book dynamics," Applied Economics, Taylor & Francis Journals, vol. 51(18), pages 1947-1976, April.
    407. Cécile Bastidon, 2017. "Stock markets fragmentation, volatility and final investors," Annals of Finance, Springer, vol. 13(4), pages 435-451, November.
    408. Menkveld, Albert J. & Yueshen, Bart Zhou & Zhu, Haoxiang, 2017. "Shades of darkness: A pecking order of trading venues," Journal of Financial Economics, Elsevier, vol. 124(3), pages 503-534.
    409. Purba Mukerji & Christine Chung & Timothy Walsh & Bo Xiong, 2019. "The Impact of Algorithmic Trading in a Simulated Asset Market," JRFM, MDPI, vol. 12(2), pages 1-11, April.
    410. Radu BORES, Author-Workplace-Name : Stefan cel Mare University of Suceava, 720229, Romania & Ana-Maria HLACIUC Author-Workplace-Name : Stefan cel Mare University of Suceava, 720229, Romania, 2016. "New Technologies And Infrastructures Of Financial Services," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 5(Special I), pages 1-25, august.
    411. Benjamin Clapham & Michael Siering & Peter Gomber, 2021. "Popular News Are Relevant News! How Investor Attention Affects Algorithmic Decision-Making and Decision Support in Financial Markets," Information Systems Frontiers, Springer, vol. 23(2), pages 477-494, April.
    412. Marco Di Maggio & Francesco Franzoni & Amir Kermani & Carlo Sommavilla, 2017. "The Relevance of Broker Networks for Information Diffusion in the Stock Market," NBER Working Papers 23522, National Bureau of Economic Research, Inc.
    413. Garvey, Ryan & Qin, Yaohua, 2024. "Inverted vs maker-taker routing choice and trader information," Journal of Empirical Finance, Elsevier, vol. 78(C).
    414. Guanqing Liu, 2019. "Technical Trading Behaviour: Evidence from Chinese Rebar Futures Market," Computational Economics, Springer;Society for Computational Economics, vol. 54(2), pages 669-704, August.
    415. Lu, Zhongjin & Malliaris, Steven & Qin, Zhongling, 2023. "Heterogeneous liquidity providers and night-minus-day return predictability," Journal of Financial Economics, Elsevier, vol. 148(3), pages 175-200.
    416. Schlepper, Kathi, 2016. "High-frequency trading in the Bund futures market," Discussion Papers 15/2016, Deutsche Bundesbank.
    417. Dionne, Georges & Pacurar, Maria & Zhou, Xiaozhou, 2015. "Liquidity-adjusted Intraday Value at Risk modeling and risk management: An application to data from Deutsche Börse," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 202-219.
    418. Benjamin Myers & Austin Gerig, 2013. "Simulating the Synchronizing Behavior of High-Frequency Trading in Multiple Markets," Papers 1311.4160, arXiv.org.
    419. Hayashi, Takaki & Nishide, Katsumasa, 2024. "Strategic liquidity provision in high-frequency trading," International Review of Financial Analysis, Elsevier, vol. 93(C).

Articles

  1. Brogaard, Jonathan & Zareei, Abalfazl, 2023. "Machine Learning and the Stock Market," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 58(4), pages 1431-1472, June.

    Cited by:

    1. Cakici, Nusret & Zaremba, Adam, 2025. "Accounting vs technical information: what matters more for stock return predictability?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 104(C).
    2. Yanlong Wang & Jian Xu & Tiantian Gao & Hongkang Zhang & Shao-Lun Huang & Danny Dongning Sun & Xiao-Ping Zhang, 2025. "FinTSBridge: A New Evaluation Suite for Real-world Financial Prediction with Advanced Time Series Models," Papers 2503.06928, arXiv.org, revised Jun 2025.
    3. Yikuan Huang & Zheqi Fan & Kaiqi Hu & Yifan Ye, 2026. "From Hypotheses to Factors: Constrained LLM Agents in Cryptocurrency Markets," Papers 2604.26747, arXiv.org.
    4. Kwon, Tae Yeon, 2025. "Feature importance in linear models with ensemble machine learning: A study of the Fama and French five-factor model," Finance Research Letters, Elsevier, vol. 71(C).
    5. Caixia Liu & Xuesheng Chen & Yuquan Wang & Shuwen Xiao & Chengyu Liu & Feng Liu, 2025. "Exploring the determinants of systematic risk through machine learning: evidence from Chinese listed companies," Applied Economics, Taylor & Francis Journals, vol. 57(59), pages 10454-10468, December.
    6. Allen Yikuan Huang & Zheqi Fan, 2026. "Beyond Prompting: An Autonomous Framework for Systematic Factor Investing via Agentic AI," Papers 2603.14288, arXiv.org, revised Apr 2026.

  2. Jonathan Brogaard & Jing Pan, 2022. "Dark Pool Trading and Information Acquisition," The Review of Financial Studies, Society for Financial Studies, vol. 35(5), pages 2625-2666.

    Cited by:

    1. Julio A. Crego & Jasmin Gider, 2024. "The Dynamic Informativeness of Scheduled News," Management Science, INFORMS, vol. 70(10), pages 6724-6739, October.
    2. Bidisha Chakrabarty & Kenneth W. Shaw & Xu (Frank) Wang, 2026. "Crashing in the Dark? Dark Trading and Stock Price Crashes," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 53(1), pages 243-265, February.
    3. Charles G. McClure & Shawn X. Shi & Edward M. Watts, 2025. "Information acquisition costs and price informativeness: global evidence," Review of Accounting Studies, Springer, vol. 30(3), pages 2468-2507, September.
    4. V.K., Anand Krishnan & Chalissery, Meera Davi & Thomas, Sony, 2024. "A bibliometric review of Market Microstructure literature: Current status, development, and future directions," Finance Research Letters, Elsevier, vol. 69(PA).
    5. Aliyev, Nihad & Huseynov, Fariz & Rzayev, Khaladdin, 2025. "The good and evil of algos: Investment-to-price sensitivity and the learning hypothesis," Journal of Corporate Finance, Elsevier, vol. 94(C).
    6. Chongho Kim & Jihwon Park & Edward Sul, 2025. "The Effects of MiFID II on Voluntary Disclosure," Management Science, INFORMS, vol. 71(10), pages 8565-8585, October.
    7. Jayson Talakai & Devon Erickson & Kevin H. Kim & Lynn Rees, 2025. "Investor Sentiment and Information Demand," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 52(5), pages 2210-2235, November.
    8. Lin, Hai & Qiao, Rui, 2026. "Dark trading and informational efficiency around macroeconomic news arrivals: Evidence from the U.S. Treasury market," Economics Letters, Elsevier, vol. 260(C).
    9. Crego, Julio & Gider, Jasmin, 2024. "The dynamic informativeness of scheduled news," Other publications TiSEM d4538ed2-3aeb-4259-b1f1-2, Tilburg University, School of Economics and Management.
    10. Rzayev, Khaladdin & Savaser, Tanseli & Sisli-Ciamarra, Elif, 2025. "Dark Trading and Stock-based CEO Pay," Journal of Corporate Finance, Elsevier, vol. 94(C).
    11. Blanco, Ivan & Martin-Flores, Jose M. & Remesal, Alvaro, 2024. "Climate shocks, institutional investors, and the information content of stock prices," Journal of Corporate Finance, Elsevier, vol. 86(C).
    12. Su, Lixin (Nancy) & Wong, Sonia Man-Lai & Xue, Yuan & Zhao, Xiaofeng, 2025. "Do short-sale constraints inhibit information acquisition? Evidence from regulation SHO," Journal of Financial Markets, Elsevier, vol. 72(C).
    13. Gomber, Peter & Sagade, Satchit & Theissen, Erik & Weber, Moritz Christian & Westheide, Christian, 2023. "Spoilt for choice: Determinants of market shares in fragmented equity markets," Journal of Financial Markets, Elsevier, vol. 64(C).
    14. Guo, Xiaodong & Pang, Caiji & Qiao, Zheng & Yao, Xiangkun, 2024. "Institutional investor cliques and stock price efficiency: Evidence from China," Journal of Financial Markets, Elsevier, vol. 71(C).
    15. Ekanayake, Deelaka & Smales, Lee A. & Wen, Yuanji, 2024. "The relevance of dark trading for information acquisition in the German stock market," Finance Research Letters, Elsevier, vol. 69(PB).

  3. Jonathan Brogaard & Thanh Huong Nguyen & Talis J Putnins & Eliza Wu, 2022. "What Moves Stock Prices? The Roles of News, Noise, and Information," The Review of Financial Studies, Society for Financial Studies, vol. 35(9), pages 4341-4386.

    Cited by:

    1. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: evidence from Frankfurt-London microwave," LSE Research Online Documents on Economics 119989, London School of Economics and Political Science, LSE Library.
    2. Hao, Xianfeng & Wang, Yudong & Wu, Chongfeng & Wu, Liangyu, 2024. "Oil information uncertainty and aggregate market returns: A natural experiment based on satellite data," Journal of Financial Markets, Elsevier, vol. 70(C).
    3. Wang, Ziwei & Yang, Haijun & Li, Zhen, 2025. "Will technological advancement affect Bitcoin trading and pricing? Evidence from BRC-20 tokens," Global Finance Journal, Elsevier, vol. 65(C).
    4. Dekker, Lennart, 2024. "Essays on asset liquidity and investment funds," Other publications TiSEM 5fc9bf77-84e7-4a36-9e3a-1, Tilburg University, School of Economics and Management.
    5. Chen, Yangyang & Ng, Jeffrey & Ofosu, Emmanuel & Yang, Xin, 2025. "Tick size and firm financing decisions: Evidence from a natural experiment," Journal of Empirical Finance, Elsevier, vol. 83(C).
    6. Marta Khomyn, 2020. "Essays on Modern Market Structure," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 2-2020, January-A.
    7. Maryam Farboodi & Adrien Matray & Laura Veldkamp & Venky Venkateswaran, 2022. "Where Has All the Data Gone?," The Review of Financial Studies, Society for Financial Studies, vol. 35(7), pages 3101-3138.
    8. Reyes, Tomas & Batista, Julian A. & Chacon, Alvaro & Martinez, Diego & Kausel, Edgar E., 2023. "Attention-driven reaction to extreme earnings surprises," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 230-248.
    9. Cheema, Arbab K. & Eshraghi, Arman & Wang, Qingwei, 2023. "Macroeconomic news and price synchronicity," Journal of Empirical Finance, Elsevier, vol. 73(C), pages 390-412.
    10. Durmaz, Nazif & Kim, Hyeongwoo & Lee, Hyejin & Sun, Yanfei, 2023. "Trend Breaks and the Persistence of Closed-End Mutual Fund Discounts," MPRA Paper 117789, University Library of Munich, Germany.
    11. Minfeng Yu & Mengna Fan & Gaoliang Tian & Yi Si, 2025. "Power of R&D Expert and Narrative Innovation Disclosure," Australian Accounting Review, CPA Australia, vol. 35(2), pages 121-159, June.
    12. Nie, Jing & Ge, Huiyun & Chang, Xue, 2025. "Dividends and cash flow risk: Exploring an inverted J-shaped relationship," International Review of Financial Analysis, Elsevier, vol. 106(C).
    13. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: Evidence from Frankfurt-London microwave," Journal of Financial Markets, Elsevier, vol. 66(C).
    14. Angelidis, Timotheos & Tessaromatis, Nikolaos, 2023. "The disappearing profitability of volatility-managed equity factors," Journal of Financial Markets, Elsevier, vol. 65(C).
    15. Dimitris Papadimitriou, 2023. "Trading under uncertainty about other market participants," The Financial Review, Eastern Finance Association, vol. 58(2), pages 343-367, May.
    16. Chen, Guanhua & Liu, Xiangli & Liu, Xiao & Zhao, Zhihua, 2024. "ETF ownership and stock pricing efficiency: The role of ETF arbitrage," Finance Research Letters, Elsevier, vol. 62(PA).
    17. Xiaoqi Sheng & Jun Shao, 2026. "Digital transformation and enterprise resilience in Chinese listed firms: evidence from information transfer efficiency," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-18, December.
    18. Nazif Durmaz & Hyeongwoo Kim & Hyejin Lee & Yanfei Sun, 2025. "Trend-Breaks and the Persistence of Closed-End Fund Discounts," Auburn Economics Working Paper Series auwp2025-02, Department of Economics, Auburn University.
    19. Jia, Shaoqing & An, Yunbi & Yang, Liuyong & Zhou, Fangzhao, 2024. "Price limit relaxation and stock price crash risk: Evidence from China," Finance Research Letters, Elsevier, vol. 59(C).
    20. Lin, Hai & Qiao, Rui, 2026. "Dark trading and informational efficiency around macroeconomic news arrivals: Evidence from the U.S. Treasury market," Economics Letters, Elsevier, vol. 260(C).
    21. Federico Siano, 2025. "The News in Earnings Announcement Disclosures: Capturing Word Context Using LLM Methods," Management Science, INFORMS, vol. 71(11), pages 9831-9855, November.
    22. John Paul Broussard & Andrei Nikiforov & Sergey Osmekhin, 2025. "The market ecosystem in the age of algorithms: An analysis of trading dynamics and market quality," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 49(2), pages 343-363, June.
    23. Kerssenfischer, Mark & Schmeling, Maik, 2022. "What moves markets?," Discussion Papers 16/2022, Deutsche Bundesbank.
    24. Rzayev, Khaladdin & Savaser, Tanseli & Sisli-Ciamarra, Elif, 2025. "Dark Trading and Stock-based CEO Pay," Journal of Corporate Finance, Elsevier, vol. 94(C).
    25. Yin, Libo & Zhu, Xiaoye & Su, Zhi & Guo, Hongliang, 2025. "Is disagreement beneficial for market efficiency? Evidence from ESG ratings," Journal of International Money and Finance, Elsevier, vol. 154(C).
    26. Pérez-Rodríguez, Jorge V. & Sosvilla-Rivero, Simón & Andrada-Felix, Julián & Gómez-Déniz, Emilio, 2022. "Searching for informed traders in stock markets: The case of Banco Popular," The North American Journal of Economics and Finance, Elsevier, vol. 63(C).
    27. Bohl, Martin T. & Irwin, Scott H. & Pütz, Alexander & Sulewski, Christoph, 2023. "The impact of financialization on the efficiency of commodity futures markets," Journal of Commodity Markets, Elsevier, vol. 31(C).
    28. Blanco, Ivan & Martin-Flores, Jose M. & Remesal, Alvaro, 2024. "Climate shocks, institutional investors, and the information content of stock prices," Journal of Corporate Finance, Elsevier, vol. 86(C).
    29. Masoud Ataei, 2025. "Multiscale Causal Analysis of Market Efficiency via News Uncertainty Networks and the Financial Chaos Index," Papers 2505.01543, arXiv.org.
    30. Aliyev, Nihad & Huseynov, Fariz & Rzayev, Khaladdin, 2022. "Algorithmic trading and investment-to-price sensitivity," LSE Research Online Documents on Economics 118844, London School of Economics and Political Science, LSE Library.
    31. James Brugler & Calebe de Roure & Marta Khomyn & Max Prakoso & Talis Putniņš, 2026. "Designing an Efficient Reference Rate: Lessons from SOFIA," RBA Research Discussion Papers rdp2026-03, Reserve Bank of Australia.
    32. Ufuk Beyaztas & Kaiying Ji & Han Lin Shang & Eliza Wu, 2025. "Stock Return Prediction Based on a Functional Capital Asset Pricing Model," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 44(6), pages 2017-2036, September.

  4. Bhagwat, Vineet & Brogaard, Jonathan & Julio, Brandon, 2021. "A BIT goes a long way: Bilateral investment treaties and cross-border mergers," Journal of Financial Economics, Elsevier, vol. 140(2), pages 514-538.

    Cited by:

    1. Gopalakrishnan, Balagopal & Jacob, Joshy & Srivastava, Jagriti, 2022. "Fishing in muddy waters: Mergers and acquisitions during uncertainty," IIMA Working Papers WP 2022-09-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
    2. Peter Egger & Alain Pirotte & Catharine Titi, 2023. "International investment agreements and foreign direct investment: A survey," The World Economy, Wiley Blackwell, vol. 46(6), pages 1524-1565, June.
    3. Radoniqi, Fatos & White, Roger, 2025. "Cross-border mergers and acquisitions: The interplay of cultural differences and prior M&A activity," The Quarterly Review of Economics and Finance, Elsevier, vol. 102(C).
    4. Ahsan, Faisal Mohammad & Popli, Manish & Kumar, Vikas, 2024. "Formal institutions and cross-border mergers and acquisitions: A systematic literature review and research agenda," International Business Review, Elsevier, vol. 33(5).
    5. Siyang Tian, 2025. "Cross‐border buyout exit success," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 455-476, January.
    6. Radovan Kastratović & Predrag Bjelić, 2023. "The Effectiveness Of Bilateral Investment Treaties In Attracting Foreign Direct Investment: The Case Of Serbia," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 68(237), pages 37-68, April – J.
    7. Nauerth, Jannik A., 2023. "On the effect of investment disputes on bilateral portfolio investment in emerging markets," CEPIE Working Papers 01/23, Technische Universität Dresden, Center of Public and International Economics (CEPIE).
    8. Wang, Yichen & Hu, Jun & Chen, Jia, 2023. "Does Fintech facilitate cross-border M&As? Evidence from Chinese A-share listed firms," International Review of Financial Analysis, Elsevier, vol. 85(C).
    9. Huang, Chenghao & Jin, Zhi & Tian, Siyang & Wu, Eliza, 2023. "The real effects of corruption on M&A flows: Evidence from China's anti-corruption campaign," Journal of Banking & Finance, Elsevier, vol. 150(C).
    10. Federico Carril-Caccia & Juliette Milgram Baleix & Jordi Paniagua, 2022. "Does terrorism affect greenfield investment? A structural gravity approach," ThE Papers 22/06, Department of Economic Theory and Economic History of the University of Granada..
    11. Eichler, Stefan & Nauerth, Jannik A., 2024. "Bilateral investment treaties and portfolio investment," CEPIE Working Papers 01/24, Technische Universität Dresden, Center of Public and International Economics (CEPIE).
    12. Han, Yonghui & Cheng, Hao & Wang, Hao, 2025. "How bilateral investment treaties affect cross-border mergers and acquisitions: Novel evidence from China's internationalization," Emerging Markets Review, Elsevier, vol. 65(C).
    13. Gómez-Mera, Laura & Varela, Gonzalo, 2024. "Emerging market multinationals and international investment agreements," International Business Review, Elsevier, vol. 33(3).
    14. Eichler, Stefan & Nauerth, Jannik André, 2024. "Bilateral investment treaties and portfolio investment," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    15. Joshua Yindenaba Abor & Richard Adjei Dwumfour & Elikplimi Komla Agbloyor & Lei Pan, 2024. "Foreign direct investment and inclusive finance: do financial markets and quality of institutions matter?," Empirical Economics, Springer, vol. 67(2), pages 773-815, August.
    16. Ahmad, Muhammad Farooq & Lambert, Thomas & Martín-Flores, José M. & Romec, Arthur, 2024. "Does democracy shape international merger activity?," Journal of International Economics, Elsevier, vol. 152(C).
    17. Du, Julan & Zhang, Yifei, 2024. "ISDS disputes, adjudication and cross-border M&As," Journal of Corporate Finance, Elsevier, vol. 87(C).
    18. Muhammad Farooq Ahmad & Nihat Aktas & Douglas Cumming & Guosong Xu, 2024. "Board reforms and M&A performance: international evidence," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(5), pages 616-637, July.
    19. Stefan Eichler & Jannik André Nauerth, 2025. "Bilateral investment treaties and sovereign default risk: Evidence for emerging markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1803-1830, April.

  5. Jonathan Brogaard & Matthew Denes & Ran Duchin & David Denis, 2021. "Political Influence and the Renegotiation of Government Contracts," The Review of Financial Studies, Society for Financial Studies, vol. 34(6), pages 3095-3137.

    Cited by:

    1. Wan, Mengfei & Li, Li, 2025. "Impact of political connections on constructing a unified national market: Evidence from inter-regional capital flows," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    2. Kris De Jaegher & Michal Soltes & Vitezslav Titl, 2023. "Easing Renegotiation Rules in Public Procurement: Evidence from a Policy Reform," CERGE-EI Working Papers wp757, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    3. J. David Brown & Matthew Denes & Ran Duchin & John Hackney, 2024. "How Big is Small? The Economic Effects of Access to Small Business Subsidies," Working Papers 24-28, Center for Economic Studies, U.S. Census Bureau.
    4. Omri Even-Tov & Guoman She & Lynn Linghuan Wang & Detian Yang, 2025. "How government procurement shapes corporate climate disclosures, commitments, and actions," Review of Accounting Studies, Springer, vol. 30(2), pages 1968-2014, June.
    5. Changhyun Ahn & Joel F. Houston & Sehoon Kim, 2025. "Hidden in Plain Sight: The Role of Corporate Board of Directors in Public Charity Lobbying," Management Science, INFORMS, vol. 71(12), pages 10556-10578, December.
    6. Bonifaz, José L. & Saavedra, Eduardo H., 2023. "Aggressive bidding and the renegotiation of concession contracts: Empirical evidence from Peru," Utilities Policy, Elsevier, vol. 85(C).
    7. Barbakadze, I., 2023. "With a Little Help from My Friend: Political Connections and Allocation of COVID-19 Aid," Cambridge Working Papers in Economics 2355, Faculty of Economics, University of Cambridge.
    8. Qian, Yilei & Wang, Feng & Zhang, Muyang & Zhong, Ninghua, 2024. "Political uncertainty, bank loans, and corporate behavior: New investigation with machine learning," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).
    9. Nguyen, Hieu Quang, 2023. "Corruption, political connection, and firm investments," International Review of Financial Analysis, Elsevier, vol. 90(C).
    10. Brad Nathan, 2024. "Show Your Hand: The Impacts of Fair Pricing Requirements in Procurement Contracting," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 62(4), pages 1405-1448, September.
    11. Huq, Tahsin Imtiazul & Hassan, M.Kabir & Houston, Reza, 2022. "The effects of firm political contributions on earmarks and subsequent firm performance," Research in International Business and Finance, Elsevier, vol. 62(C).
    12. Liu, Hengxu & Zhao, Wenxi, 2023. "The role of political connections in bad times: Evidence from the COVID-19 pandemic," Economics Letters, Elsevier, vol. 224(C).
    13. Ağca, Şenay & Igan, Deniz & Li, Fuhong & Mishra, Prachi, 2025. "Doing more for less? New evidence on lobbying and government contracts," Journal of Economic Behavior & Organization, Elsevier, vol. 232(C).
    14. Brogaard, Jonathan & Gerasimova, Nataliya & Rohrer, Maximilian, 2024. "The effect of female leadership on contracting from Capitol Hill to Main Street," Journal of Financial Economics, Elsevier, vol. 155(C).
    15. Wenqin Zhong & Ligang Ren & Mengyi Wang, 2025. "Regulating unproductive contract adaptation: A payment deduction mechanism," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(4), pages 2237-2248, June.
    16. Moszoro, Marian W. & Saussier, Stéphane & Beuve, Jean, 2024. "Rigidity in public contracts: Implications for renewal dynamics," The Quarterly Review of Economics and Finance, Elsevier, vol. 98(C).
    17. Monteiro, Pedro & Suleymanov, Masim, 2025. "Government contracts and labor investment efficiency," Journal of Corporate Finance, Elsevier, vol. 92(C).
    18. Zhiyan Wu & Wenjiao Cao, 2026. "Competitive Dynamics in the Political Marketplace: How Donor Firms’ Political Wins Prompt Product-Market Peers to Appoint Politicians to Their Boards," Management Science, INFORMS, vol. 72(4), pages 2681-2701, April.
    19. Michelson, Noam, 2023. "The revolving door of former civil servants and firm value: A comprehensive approach," European Journal of Political Economy, Elsevier, vol. 79(C).
    20. Marco Grotteria & Max Miller & S.Lakshmi Naaraayanan, 2024. "Foreign influence in US politics," Discussion Papers 2024-12, Nottingham Interdisciplinary Centre for Economic and Political Research (NICEP).
    21. Kyriacou, Kyriacos & Liu, Siming & Mase, Bryan, 2026. "Strategic flexibility: How rent-seeking behavior enables firms to adapt to uncertainty," Journal of Corporate Finance, Elsevier, vol. 96(C).
    22. Brugués, Felipe & Brugués, Javier & Giambra, Samuele, 2024. "Political connections and misallocation of procurement contracts: Evidence from Ecuador," Journal of Development Economics, Elsevier, vol. 170(C).
    23. Senay Agca & Deniz Igan, 2022. "The Lion's Share: Evidence from Federal Contracts on the Value of Political Connections," BIS Working Papers 1058, Bank for International Settlements.
    24. Ilona Babenko & Viktar Fedaseyeu & Song Zhang, 2023. "Executives in Politics," Management Science, INFORMS, vol. 69(10), pages 6251-6270, October.
    25. Jiao, Anqi & Lu, Juntai, 2024. "Buffing firm innovation by lobbying," Journal of Corporate Finance, Elsevier, vol. 85(C).
    26. Pyun, Chaehyun, 2025. "Trading on government contracts: The investment potential of public procurement awards," Economics Letters, Elsevier, vol. 252(C).
    27. Yujing Huang, 2022. "The Impact of Government Official Assessment on Ecological Poverty Alleviation: Evidence from Chinese Listed Companies," IJERPH, MDPI, vol. 19(6), pages 1-19, March.
    28. Chu, Yongqiang & Zhang, Tim, 2022. "Political influence and banks: Evidence from mortgage lending," Journal of Financial Intermediation, Elsevier, vol. 52(C).
    29. Liu, Xiao & Ma, Zhiming & Ruan, Lufei, 2025. "Creditor protection and government procurement contracting," Journal of Accounting and Economics, Elsevier, vol. 79(2).

  6. Jonathan Brogaard & Lili Dai & Phong T H Ngo & Bohui Zhang, 2020. "Global Political Uncertainty and Asset Prices," The Review of Financial Studies, Society for Financial Studies, vol. 33(4), pages 1737-1780.

    Cited by:

    1. Cakici, Nusret & Zaremba, Adam, 2024. "What drives stock returns across countries? Insights from machine learning models," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    2. Pringpong, Sasin & Maneenop, Sakkakom & Jaroenjitrkam, Anutchanat, 2023. "Geopolitical risk and firm value: Evidence from emerging markets," The North American Journal of Economics and Finance, Elsevier, vol. 68(C).
    3. Chiang, Thomas C., 2022. "The effects of economic uncertainty, geopolitical risk and pandemic upheaval on gold prices," Resources Policy, Elsevier, vol. 76(C).
    4. Chen, Min & Zhu, Zhaobo & Han, Peiwen & Chen, Bo & Liu, Jia, 2022. "Economic policy uncertainty and analyst behaviours: Evidence from the United Kingdom," International Review of Financial Analysis, Elsevier, vol. 79(C).
    5. Vishal Roy & Amit Gautam, 2026. "Ripple effect of United States political uncertainty on developed and emerging markets: unveiling financial turbulence," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 50(1), pages 1-27, December.
    6. Hoang, Thao & Ngo, Phong T.H. & Zhang, Le, 2025. "Polarized corporate boards," Journal of Corporate Finance, Elsevier, vol. 91(C).
    7. António Afonso & José Alves & João Jalles & Sofia Monteiro & João Tovar Jalles, 2024. "Energy Price Dynamics in the Face of Uncertainty Shocks and the Role of Exchange Rate Regimes: A Global Cross-Country Analysis," CESifo Working Paper Series 11384, CESifo.
    8. Wang, Liyao, 2024. "Partisan conflict and corporate credit spreads: The role of political connection," Journal of Corporate Finance, Elsevier, vol. 84(C).
    9. Liu, Yang & Han, Liyan & Xu, Yang, 2021. "The impact of geopolitical uncertainty on energy volatility," International Review of Financial Analysis, Elsevier, vol. 75(C).
    10. Han, Yingwei & Li, Jie, 2023. "The impact of global economic policy uncertainty on portfolio optimization: A Black–Litterman approach," International Review of Financial Analysis, Elsevier, vol. 86(C).
    11. Lang, Qiaoqi & Li, Chenyu & Wen, Lixuan & Wu, Hanlin, 2025. "Biodiversity risk and agricultural futures markets," International Review of Financial Analysis, Elsevier, vol. 107(C).
    12. William M Cheung, 2024. "Cointegrations in house price dynamics and ageing population risks," PLOS ONE, Public Library of Science, vol. 19(2), pages 1-20, February.
    13. Xiaolu Wei & Yubo Tian & Na Li & Huanxin Peng, 2024. "Evaluating ensemble learning techniques for stock index trend prediction: a case of China," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 23(3), pages 505-530, September.
    14. Wang, He & Yao, Yang & Zhou, Yue, 2022. "Markets price politicians: Evidence from China’s municipal bond markets," Journal of Economics and Business, Elsevier, vol. 122(C).
    15. Rahman, Dewan & Haque, Anamul & Kabir, Muhammad & Bin Hasan, Shehub, 2024. "Firm-level political risk and equity issuance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    16. Smales, Lee A., 2020. "Examining the relationship between policy uncertainty and market uncertainty across the G7," International Review of Financial Analysis, Elsevier, vol. 71(C).
    17. Xiaolu Wei & Hongbing Ouyang, 2023. "Forecasting Carbon Price Using Double Shrinkage Methods," IJERPH, MDPI, vol. 20(2), pages 1-20, January.
    18. Lai, Fujun & Xiong, Deping & Zhu, Sha & Li, Yunzhong & Tan, Yanzhi, 2023. "Will geopolitical risks only inhibit corporate investment? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    19. Liow, Kim Hiang & Song, Jeongseop, 2020. "Dynamic interdependence of ASEAN5 with G5 stock markets," Emerging Markets Review, Elsevier, vol. 45(C).
    20. Cao, Ngan Duong & Trinh, Vu Quang & Nguyen, Tam Duc, 2025. "Geopolitical uncertainty and firm tail risk: Evidence from energy-focused economies," Energy Economics, Elsevier, vol. 150(C).
    21. Dang, Tung Lam & Luong, Hoang & Nguyen, Lily & Nguyen, My, 2024. "Political uncertainty and commonality in liquidity," Pacific-Basin Finance Journal, Elsevier, vol. 83(C).
    22. Li, Zhenjun & Cheng, Maoyong, 2024. "The impacts of anti-organized crime on asset prices: Evidence from China," Economic Systems, Elsevier, vol. 48(3).
    23. Mobeen Ur Rehman & Wafa Ghardallou & Nasir Ahmad & Xuan Vinh Vo & Sang Hoon Kang, 2024. "Does effect of risk and uncertainties on US sectoral returns differ across different investment horizons and market conditions," Risk Management, Palgrave Macmillan, vol. 26(1), pages 1-49, February.
    24. Jeutang, Noel Pavel & Kesse, Kwabena & Payne, Brian C., 2025. "Political stability as a risk factor in global markets," Finance Research Letters, Elsevier, vol. 73(C).
    25. Mohammad R. Jahan-Parvar & Yuriy Kitsul & Jamil Rahman & Beth Anne Wilson, 2024. "Foreign economic policy uncertainty and U.S. equity returns," International Finance Discussion Papers 1401, Board of Governors of the Federal Reserve System (U.S.).
    26. Shan, Chenyu & Tang, Dragon Yongjun & Wang, Sarah Qian & Zhang, Chang, 2022. "The diversification benefits and policy risks of accessing China’s stock market," Journal of Empirical Finance, Elsevier, vol. 66(C), pages 155-175.
    27. Simona Malovana & Dominika Ehrenbergerova & Zuzana Gric, 2023. "What Do Economists Think About the Green Transition? Exploring the Impact of Environmental Awareness," Working Papers 2023/6, Czech National Bank, Research and Statistics Department.
    28. Ji, Qiang & Ma, Dandan & Zhai, Pengxiang & Fan, Ying & Zhang, Dayong, 2024. "Global climate policy uncertainty and financial markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 95(C).
    29. Gyimah, Daniel & Danso, Albert & Adu-Ameyaw, Emmanuel & Boateng, Agyenim, 2022. "Firm-level political risk and corporate leverage decisions," International Review of Financial Analysis, Elsevier, vol. 84(C).
    30. Yifei Lu & Joanna Shuang Wu & Yucheng (John) Yang, 2026. "Does Foreign Investors’ Information Access Vary with Geopolitical Tensions? Evidence from Corporate Conference Calls," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 64(1), pages 417-475, March.
    31. Su, Xianfang & Guo, Dawei & Dai, Liang, 2023. "Do green bond and green stock markets boom and bust together? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 89(C).
    32. Chiang, Thomas C. & Chen, Pei-Ying, 2023. "Inflation risk and stock returns: Evidence from US aggregate and sectoral markets," The North American Journal of Economics and Finance, Elsevier, vol. 68(C).
    33. Lalwani, Vaibhav, 2024. "Climate risks, corporate bonds, and economic uncertainty," Economics Letters, Elsevier, vol. 244(C).
    34. Rangan Gupta & Yuvana Jaichand & Christian Pierdzioch & Reneé van Eyden, 2023. "Realized Stock-Market Volatility of the United States and the Presidential Approval Rating," Mathematics, MDPI, vol. 11(13), pages 1-27, July.
    35. Frijns, Bart & Indriawan, Ivan & Tourani-Rad, Alireza & Zhang, Hengbin, 2023. "The effect of equity market uncertainty on informational efficiency: Cross-sectional evidence," Global Finance Journal, Elsevier, vol. 57(C).
    36. Ömer Faruk TAN, 2023. "Is There Any Impact of the World Uncertainty Spillover Index (WUSI) on Firm Investment? Evidence from Turkey," Bingol University Journal of Economics and Administrative Sciences, Bingol University, Faculty of Economics and Administrative Sciences, vol. 7(1), pages 97-108, June.
    37. Xiao-Li Gong & Hao-Yang Ning & Xiong Xiong, 2025. "Research on the cross-contagion between international stock markets and geopolitical risks: the two-layer network perspective," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-32, December.
    38. Chan, Kam Fong & Smales, Lee A., 2025. "U.S. Presidential news coverage: Risk, uncertainty and stocks," International Review of Economics & Finance, Elsevier, vol. 98(C).
    39. Refk Selmi & Tommy Garling, 2026. "Elections, Emotional Asymmetry and Jumps in Stock Prices," Annals of Economics and Finance, Society for AEF, vol. 27(1), pages 199-222, May.
    40. Jiang, Fuwei & Kang, Jie & Meng, Lingchao, 2024. "Certainty of uncertainty for asset pricing," Journal of Empirical Finance, Elsevier, vol. 78(C).
    41. Huang, Wenli & Li, Shi & Qi, Zhen & Zhang, Qi, 2022. "Macro disagreement and international stock markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    42. Nidhal Mgadmi & Fekria Belhouichet & Néjib Hachicha & Wajdi Moussa, 2025. "US presidential elections and cross-market spillovers: DCC-GARCH R2 analysis of crypto, DeFi, NFTs, and oil," SN Business & Economics, Springer, vol. 5(9), pages 1-36, September.
    43. Zhang, Maojun & Zhang, Rongjia & Zhao, Yang, 2024. "Economic policy uncertainty and volatility of corporate bond credit spread: Evidence from China and the United States," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 827-841.
    44. Cheng, Maoyong & Duan, Huiqin & Li, Liuchuang, 2026. "Political leaders’ absences and equity market returns: Evidence from a novel uncertainty in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 106(C).
    45. Whelsy Boungou & Alhonita Yatié, 2024. "Uncertainty, stock and commodity prices during the Ukraine-Russia war ," Post-Print hal-04746052, HAL.
    46. Min Chen & Zhaobo Zhu & Peiwen Han & Bo Chen & Jia Liu, 2022. "Economic policy uncertainty and analyst behaviours: Evidence from the United Kingdom," Post-Print hal-03628930, HAL.
    47. Lukas Handler & Rainer Jankowitsch, 2025. "Political uncertainty and sovereign bond markets," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 39(1), pages 47-97, March.
    48. Giulia Piccillo & Poramapa Poonpakdee, 2021. "Effects of Macro Uncertainty on Mean Expectation and Subjective Uncertainty: Evidence from Households and Professional Forecasters," CESifo Working Paper Series 9486, CESifo.
    49. Gala, Vito D. & Pagliardi, Giovanni & Zenios, Stavros A., 2023. "Global political risk and international stock returns," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 78-102.
    50. Bhambhwani, Siddharth M., 2022. "Disruption and stock markets: Evidence from Hong Kong," International Review of Financial Analysis, Elsevier, vol. 81(C).
    51. Khalfaoui, Rabeh & Mefteh-Wali, Salma & Viviani, Jean-Laurent & Ben Jabeur, Sami & Abedin, Mohammad Zoynul & Lucey, Brian M., 2022. "How do climate risk and clean energy spillovers, and uncertainty affect U.S. stock markets?," Technological Forecasting and Social Change, Elsevier, vol. 185(C).
    52. Ahmad, Muhammad Farooq & Aziz, Saqib & El-Khatib, Rwan & Kowalewski, Oskar, 2023. "Firm-level political risk and dividend payout," International Review of Financial Analysis, Elsevier, vol. 86(C).
    53. Hu, Yi & Yin, Chao, 2025. "Reprint of: Political uncertainty, corporate social responsibility, and firm performance," The British Accounting Review, Elsevier, vol. 57(1).
    54. Vo, Hong & Nguyen, Tien, 2023. "Foreign economic policy uncertainties and corporate investments: Insights from Hong Kong," Economics Letters, Elsevier, vol. 233(C).
    55. He, Hongbo & Chen, Yiqing & Ou, Jinghua & Yao, Shujie, 2025. "Investing in relative market positions in interconnected financial markets: A strategy for international portfolio diversification," Pacific-Basin Finance Journal, Elsevier, vol. 89(C).
    56. Chrétien, Stéphane & Fu, Hsuan, 2023. "Presidential cycles in international equity flows and returns," Finance Research Letters, Elsevier, vol. 53(C).
    57. Sun, Zhihong & Miao, Rui, 2026. "U.S.–China relations and cross-border capital flows: Is digital technology a “Buffer” or a “Booster”?," Research in International Business and Finance, Elsevier, vol. 84(C).
    58. Zhiyan Wu & Wenjiao Cao, 2026. "Competitive Dynamics in the Political Marketplace: How Donor Firms’ Political Wins Prompt Product-Market Peers to Appoint Politicians to Their Boards," Management Science, INFORMS, vol. 72(4), pages 2681-2701, April.
    59. Yu, Wei & Zheng, Ying & Jia, Jianjun, 2025. "Political uncertainty and stock performance: Evidence from sessions of the Chinese Provincial People’s Congress," Research in International Business and Finance, Elsevier, vol. 75(C).
    60. Lee A. Smales, 2021. "Policy uncertainty in Australian financial markets," Australian Journal of Management, Australian School of Business, vol. 46(3), pages 523-547, August.
    61. Lotfi, Somayyeh & Pagliardi, Giovanni & Paparoditis, Efstathios & Zenios, Stavros A., 2025. "Hedging political risk in international portfolios," European Journal of Operational Research, Elsevier, vol. 322(2), pages 629-646.
    62. Okan Akarsu & Fatih Karahan & Huzeyfe Torun, 2025. "Communication as policy and firm uncertainty: evidence from randomised control trial," BIS Papers chapters, in: Bank for International Settlements (ed.), Monetary policy decision-making and communication under high uncertainty, volume 127, pages 121-140, Bank for International Settlements.
    63. Sakariyahu, Rilwan & Lawal, Rodiat & Adigun, Rasheed & Paterson, Audrey & Johan, Sofia, 2024. "One crash, too many: Global uncertainty, sentiment factors and cryptocurrency market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 94(C).
    64. Hemrit, Wael & Benlagha, Noureddine, 2021. "Does renewable energy index respond to the pandemic uncertainty?," Renewable Energy, Elsevier, vol. 177(C), pages 336-347.
    65. Ceballos, Luis & Piljak, Vanja & Swinkels, Laurens, 2024. "Is firm-level political risk priced in the corporate bond market?," Journal of Empirical Finance, Elsevier, vol. 79(C).
    66. Zhaobo Zhu & Licheng Sun, 2024. "Economic policy uncertainty and short-term reversals," Post-Print hal-04691597, HAL.
    67. Lee A. Smales, 2022. "The influence of policy uncertainty on exchange rate forecasting," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 41(5), pages 997-1016, August.
    68. Xiaolu Wei & Hongbing Ouyang & Muyan Liu, 2022. "Stock index trend prediction based on TabNet feature selection and long short-term memory," PLOS ONE, Public Library of Science, vol. 17(12), pages 1-18, December.
    69. Alam, Ahmed W. & Farjana, Ashupta & Houston, Reza, 2023. "Firm investment steering through state-level policy uncertainty," Finance Research Letters, Elsevier, vol. 58(PC).
    70. Treepongkaruna, Sirimon & Chan, Kam Fong & Malik, Ihtisham, 2023. "Climate policy uncertainty and the cross-section of stock returns," Finance Research Letters, Elsevier, vol. 55(PA).
    71. Cheng, Mengyao, 2022. "Legislative gridlock and stock return dispersion around roll-call votes," Journal of Banking & Finance, Elsevier, vol. 138(C).
    72. Wang, Lu & Ma, Feng & Hao, Jianyang & Gao, Xinxin, 2021. "Forecasting crude oil volatility with geopolitical risk: Do time-varying switching probabilities play a role?," International Review of Financial Analysis, Elsevier, vol. 76(C).
    73. Cheng, Maoyong & Geng, Hongyan, 2021. "Do local firms employ political activities to respond to political uncertainty?," Journal of Asian Economics, Elsevier, vol. 73(C).
    74. Carney, Richard W. & El Ghoul, Sadok & Guedhami, Omrane & Wang, He (Helen), 2024. "Geopolitical risk and the cost of capital in emerging economies," Emerging Markets Review, Elsevier, vol. 61(C).
    75. Gong, Xiao-Li & Liu, Jian-Min & Xiong, Xiong & Zhang, Wei, 2022. "Research on stock volatility risk and investor sentiment contagion from the perspective of multi-layer dynamic network," International Review of Financial Analysis, Elsevier, vol. 84(C).
    76. Gong, Xu & Fu, Chengbo & Huang, Qiping & Lin, Meimei, 2022. "International political uncertainty and climate risk in the stock market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    77. Cakici, Nusret & Zaremba, Adam, 2023. "Misery on Main Street, victory on Wall Street: Economic discomfort and the cross-section of global stock returns," Journal of Banking & Finance, Elsevier, vol. 149(C).
    78. Ahmed, Shaker & Hasan, Mostafa M. & Hossain, Ashrafee T. & Saadi, Samir, 2025. "The comeback effect: Market responses to Trump's 2024 election victory," Economics Letters, Elsevier, vol. 247(C).
    79. Yunpeng Su & Jia Li & Baochen Yang & Yunbi An, 2024. "The Impacts of Policy Uncertainty on Asset Prices: Evidence from China’s Market," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(4), pages 1087-1133, December.
    80. Chen, Zilin & Da, Zhi & Huang, Dashan & Wang, Liyao, 2023. "Presidential economic approval rating and the cross-section of stock returns," Journal of Financial Economics, Elsevier, vol. 147(1), pages 106-131.
    81. Brent W. Ambrose & Matthew Gustafson & Maxence Valentin & Zihan Ye, 2026. "Voter-Induced Municipal Credit Risk," Management Science, INFORMS, vol. 72(2), pages 1214-1235, February.

  7. Jonathan Brogaard & Terrence Hendershott & Ryan Riordan, 2019. "Price Discovery without Trading: Evidence from Limit Orders," Journal of Finance, American Finance Association, vol. 74(4), pages 1621-1658, August.

    Cited by:

    1. Dodd, Olga & Frijns, Bart & Indriawan, Ivan & Pascual, Roberto, 2023. "US cross-listing and domestic high-frequency trading: Evidence from Canadian stocks," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 301-320.
    2. Jurich, Stephen N. & Mishra, Ajay Kumar & Parikh, Bhavik, 2020. "Indecisive algos: Do limit order revisions increase market load?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    3. Servanna Mianjun Fu & Christos Alexakis & Vasileios Pappas & Emmanouil Skarmeas & Thanos Verousis, 2026. "Does Algorithmic Trading Induce Herding?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 1186-1202, January.
    4. Bongaerts, Dion & Achter, Mark Van, 2021. "Competition among liquidity providers with access to high-frequency trading technology," Journal of Financial Economics, Elsevier, vol. 140(1), pages 220-249.
    5. Jianchang Zhu & Leilei Zhang & Xuchu Sun, 2024. "Optimal liquidation using extended trading close for multiple trading days," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-33, December.
    6. Abad, David & Massot, Magdalena & Nawn, Samarpan & Pascual, Roberto & Yagüe, José, 2025. "Message traffic and short-term illiquidity in high-speed markets," Emerging Markets Review, Elsevier, vol. 65(C).
    7. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: evidence from Frankfurt-London microwave," LSE Research Online Documents on Economics 119989, London School of Economics and Political Science, LSE Library.
    8. Ye, Mao & Zheng, Miles Y. & Zhu, Wei, 2023. "The effect of tick size on managerial learning from stock prices," Journal of Accounting and Economics, Elsevier, vol. 75(1).
    9. Chen, Yangyang & Ng, Jeffrey & Ofosu, Emmanuel & Yang, Xin, 2025. "Tick size and firm financing decisions: Evidence from a natural experiment," Journal of Empirical Finance, Elsevier, vol. 83(C).
    10. Ranjan R. Chakravarty & Sudhanshu Pani, 2021. "A Data Paradigm to Operationalise Expanded Filtration: Realized Volatilities and Kernels from Non-Synchronous NASDAQ Quotes and Trades," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 19(4), pages 617-652, December.
    11. Ma, Richie & Serra, Teresa, 2026. "Fast but noisy: Why options react first in agricultural derivatives markets," 2026 Annual Meeting, July 26 - 28, 2026, Kansas City, Missouri 404352, Agricultural and Applied Economics Association.
    12. Andrew C. Meldrum & Oleg Sokolinskiy, 2025. "The Relationship between Market Depth and Liquidity Fragility in the Treasury Market," Finance and Economics Discussion Series 2025-014, Board of Governors of the Federal Reserve System (U.S.).
    13. Marjolein E. Verhulst & Philippe Debie & Stephan Hageboeck & Joost M. E. Pennings & Cornelis Gardebroek & Axel Naumann & Paul van Leeuwen & Andres A. Trujillo-Barrera & Lorenzo Moneta, 2021. "When Two Worlds Collide: Using Particle Physics Tools to Visualize the Limit Order Book," Papers 2109.04812, arXiv.org.
    14. Kalaitzoglou, Iordanis Angelos & Ibrahim, Boulis Maher, 2023. "Market conditions and order-type preference," International Review of Financial Analysis, Elsevier, vol. 87(C).
    15. Cziraki, Peter & Lyandres, Evgeny & Michaely, Roni, 2021. "What do insiders know? Evidence from insider trading around share repurchases and SEOs," Journal of Corporate Finance, Elsevier, vol. 66(C).
    16. Bellia, Mario & Christensen, Kim & Kolokolov, Aleksey & Pelizzon, Loriana & Renò, Roberto, 2022. "Do designated market makers provide liquidity during a flash crash?," SAFE Working Paper Series 270, Leibniz Institute for Financial Research SAFE, revised 2022.
    17. Rao, Amar & Dev, Dhairya & Kharbanda, Aeshna & Parihar, Jaya Singh & Sala, Dariusz, 2024. "Mineral policy and sustainable development goals: Volatility forecasting in the Global South's minerals market," Resources Policy, Elsevier, vol. 98(C).
    18. Tripathi, Abhinava & Dixit, Alok & Vipul,, 2021. "Information content of order imbalance in an order-driven market: Indian Evidence," Finance Research Letters, Elsevier, vol. 41(C).
    19. Richie R. Ma & Teresa Serra, 2025. "Is liquidity provision informative? Evidence from agricultural futures markets," American Journal of Agricultural Economics, John Wiley & Sons, vol. 107(1), pages 125-151, January.
    20. Xiao, Xijuan & Yamamoto, Ryuichi, 2020. "Price discovery, order submission, and tick size during preopen period," Pacific-Basin Finance Journal, Elsevier, vol. 63(C).
    21. Bart Frijns & Ivan Indriawan & Alireza Tourani‐Rad, 2021. "Quote dynamics of cross‐listed stocks," International Review of Finance, International Review of Finance Ltd., vol. 21(2), pages 497-522, June.
    22. Eleni Gousgounis & Esen Onur, 2024. "The end of an era: Who paid the price when the livestock futures pits closed?," American Journal of Agricultural Economics, John Wiley & Sons, vol. 106(3), pages 1111-1140, May.
    23. Ligot, Stephanie & Gillet, Roland & Veryzhenko, Iryna, 2021. "Intraday volatility smile: Effects of fragmentation and high frequency trading on price efficiency," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    24. Joel Hasbrouck, 2021. "Price Discovery in High Resolution," Journal of Financial Econometrics, Oxford University Press, vol. 19(3), pages 395-430.
    25. Ryan Garvey & Yaohua Qin, 2022. "When does slower order execution occur? Evidence from U.S. equity investors," Journal of Asset Management, Palgrave Macmillan, vol. 23(2), pages 130-137, March.
    26. Raymond P. H. Fishe & Richard Haynes & Esen Onur, 2022. "Resiliency in the E‐mini futures market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(1), pages 5-23, January.
    27. Sudhanshu Pani, 2020. "A Theory of 'Auction as a Search' in speculative markets," Papers 2006.00775, arXiv.org.
    28. Menkveld, Albert J. & Saru, Ion Lucas & Yu, Shihao, 2025. "Price dislocations: insights from trade repository data," ESRB Working Paper Series 152, European Systemic Risk Board.
    29. Patel, Vinay & Putniņš, Tālis J. & Michayluk, David & Foley, Sean, 2020. "Price discovery in stock and options markets," Journal of Financial Markets, Elsevier, vol. 47(C).
    30. Yuferova, Darya, 2024. "Algorithmic trading and market efficiency around the introduction of the NYSE Hybrid Market," Journal of Financial Markets, Elsevier, vol. 69(C).
    31. Nawn, Samarpan & Banerjee, Ashok, 2019. "Do the limit orders of proprietary and agency algorithmic traders discover or obscure security prices?," Journal of Empirical Finance, Elsevier, vol. 53(C), pages 109-125.
    32. Zema, Sebastiano Michele, 2022. "Directed acyclic graph based information shares for price discovery," Journal of Economic Dynamics and Control, Elsevier, vol. 139(C).
    33. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: Evidence from Frankfurt-London microwave," Journal of Financial Markets, Elsevier, vol. 66(C).
    34. Panagiotis Anagnostidis & Patrice Fontaine & Christos Varsakelis, 2020. "Are high–frequency traders informed?," Post-Print hal-03062831, HAL.
    35. Lien, Donald & Hung, Pi-Hsia & Lin, Zong-Wei, 2020. "Whose trades move stock prices? Evidence from the Taiwan Stock Exchange," International Review of Economics & Finance, Elsevier, vol. 66(C), pages 25-50.
    36. Chaboud, Alain & Hjalmarsson, Erik & Zikes, Filip, 2021. "The evolution of price discovery in an electronic market," Journal of Banking & Finance, Elsevier, vol. 130(C).
    37. Ryan Garvey & Tao Huang & Fei Wu, 2021. "Is faster or slower trading better? An examination of order type execution speed and costs," European Financial Management, European Financial Management Association, vol. 27(2), pages 326-363, March.
    38. Keshab Shrestha & Sheena Philip & Yessy Peranginangin, 2020. "Contributions of Crude Oil Exchange Traded Funds in Price Discovery Process," American Business Review, Pompea College of Business, University of New Haven, vol. 23(2), pages 393-407.
    39. Adlai Fisher & Charles Martineau & Jinfei Sheng, 2022. "Macroeconomic Attention and Announcement Risk Premia," The Review of Financial Studies, Society for Financial Studies, vol. 35(11), pages 5057-5093.
    40. Aritra Pan & Arun Kumar Misra, 2022. "Assessment of Asymmetric Information Cost in Indian Stock Market: A Sectoral Approach," Global Business Review, International Management Institute, vol. 23(2), pages 512-535, April.
    41. Robert Garrison & Pankaj Jain & Mark Paddrik, 2019. "Cross-Asset Market Order Flow, Liquidity, and Price Discovery," Working Papers 19-04, Office of Financial Research, US Department of the Treasury.
    42. Aliyev, Nihad & Huseynov, Fariz & Rzayev, Khaladdin, 2025. "The good and evil of algos: Investment-to-price sensitivity and the learning hypothesis," Journal of Corporate Finance, Elsevier, vol. 94(C).
    43. Papavassiliou, Vassilios G. & Kinateder, Harald, 2021. "Information shares and market quality before and during the European sovereign debt crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    44. Robertson, Kevin & Zhang, Rene, 2025. "Price discovery in bitcoin spot and futures markets," Journal of International Money and Finance, Elsevier, vol. 159(C).
    45. Comerton-Forde, Carole & Marta, Thomas, 2025. "ETF effects: The role of primary versus secondary market activities," Journal of Financial Markets, Elsevier, vol. 75(C).
    46. Schweikert, Karsten, 2026. "Asymptotic inference for Hasbrouck information shares," Economics Letters, Elsevier, vol. 258(C).
    47. Chen, Yu-Lun & Xu, Ke, 2021. "The impact of RMB’s SDR inclusion on price discovery in onshore-offshore markets," Journal of Banking & Finance, Elsevier, vol. 127(C).
    48. Luca Lalor & Anatoliy Swishchuk, 2024. "Market Simulation under Adverse Selection," Papers 2409.12721, arXiv.org, revised Jun 2026.
    49. Andrew C. Meldrum & Oleg Sokolinskiy, 2023. "The Effects of Volatility on Liquidity in the Treasury Market," Finance and Economics Discussion Series 2023-028, Board of Governors of the Federal Reserve System (U.S.).
    50. Timoth'ee Fabre & Vincent Ragel, 2023. "Interpretable ML for High-Frequency Execution," Papers 2307.04863, arXiv.org, revised Sep 2024.
    51. Kalaitzoglou, Iordanis Angelos, 2026. "Lost in the crowd! Pricing carbon at the age of algorithms," International Review of Financial Analysis, Elsevier, vol. 109(C).
    52. Jan Hanousek & Hoje Jo & Christos Pantzalis & Jung Chul Park, 2023. "A Dilemma of Self-interest vs. Ethical Responsibilities in Political Insider Trading," Journal of Business Ethics, Springer, vol. 187(1), pages 137-167, September.
    53. Laurence Daures & Sophie Moinas & Selma Boussetta, 2026. "Click First or Last? Strategic Order Submission During the Euronext Preopening Session," Management Science, INFORMS, vol. 72(3), pages 2656-2679, March.
    54. Alex Frino & Robert Gaudiosi & Robert I. Webb & Z. Ivy Zhou, 2025. "Price Discovery in Bitcoin Spot or Futures? The Jury Is Out," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 45(4), pages 269-288, April.
    55. Ni Yang & Adrian Fernandez‐Perez & Ivan Indriawan, 2025. "The price impact of tweets: A high‐frequency study," The Financial Review, Eastern Finance Association, vol. 60(1), pages 147-171, February.
    56. Brugler, James & Comerton-Forde, Carole, 2025. "Differential access to dark markets and execution outcomes," Journal of Financial Economics, Elsevier, vol. 171(C).
    57. Kang, Jongho & Kang, Jangkoo & Kwon, Kyung Yoon, 2022. "Market versus limit orders of speculative high-frequency traders and price discovery," Research in International Business and Finance, Elsevier, vol. 63(C).
    58. Antonio Figueiredo & Pankaj Jain & Suchismita Mishra, 2023. "The role of fleeting orders on option expiration days," Quantitative Finance, Taylor & Francis Journals, vol. 23(10), pages 1511-1529, October.
    59. Robert Garrison & Pankaj K. Jain & Mark Paddrik, 2024. "Cross‐Asset Tandem Trading and Extraordinary Volatility," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 44(9), pages 1508-1542, September.
    60. Roberto Riccò & Barbara Rindi & Duane J. Seppi, 2020. "Information, Liquidity, and Dynamic Limit Order Markets," Working Papers 660, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    61. Sebastiano Michele Zema & Francesco Cordoni, 2023. "A non-Normal framework for price discovery: The independent component based information shares measure," LEM Papers Series 2023/03, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    62. Stephen N. Jurich, 2020. "Size Precedence And Share Volume: The Case Of The Psx Exchange," Journal of Financial Management, Markets and Institutions (JFMMI), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-28, December.
    63. Eric M. Aldrich & Daniel Friedman, 2023. "Order Protection Through Delayed Messaging," Management Science, INFORMS, vol. 69(2), pages 774-790, February.
    64. Brolley, Michael & Malinova, Katya, 2021. "Informed liquidity provision in a limit order market," Journal of Financial Markets, Elsevier, vol. 52(C).
    65. Yamada, Masahiro & Ito, Takatoshi, 2022. "Price discovery and liquidity recovery: Forex market reactions to macro announcements," Journal of International Money and Finance, Elsevier, vol. 120(C).
    66. Han, SeungOh, 2024. "Price clustering on cryptocurrency order books at a US-based exchange," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    67. Sadoghi, Amirhossein & Vecer, Jan, 2022. "Optimal liquidation problem in illiquid markets," European Journal of Operational Research, Elsevier, vol. 296(3), pages 1050-1066.
    68. Doan, Bao & Vo, Duc Hong, 2021. "Is there any information content of traded stocks in an emerging market? Evidence from Vietnam," International Economics, Elsevier, vol. 167(C), pages 78-87.
    69. Zhou, Hao & Kalev, Petko S. & Frino, Alex, 2020. "Algorithmic trading in turbulent markets," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    70. Box, Travis & Davis, Ryan & Evans, Richard & Lynch, Andrew, 2021. "Intraday arbitrage between ETFs and their underlying portfolios," Journal of Financial Economics, Elsevier, vol. 141(3), pages 1078-1095.
    71. Peng, Kexin & Iima, Hitoshi & Kitamura, Yoshihiro, 2025. "Predicting FX market movements using GAN with limit order event data," Finance Research Letters, Elsevier, vol. 72(C).
    72. Alexandre Aidov & Olesya Lobanova, 2021. "Volatility and Depth in Commodity and FX Futures Markets," JRFM, MDPI, vol. 14(11), pages 1-16, November.
    73. Nicholas Hirschey, 2021. "Do High-Frequency Traders Anticipate Buying and Selling Pressure?," Management Science, INFORMS, vol. 67(6), pages 3321-3345, June.
    74. Zhu, Hongyu & Yamamoto, Ryuichi, 2022. "Order submission, information asymmetry, and tick size," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    75. Corey Garriot & Ryan Riordan, 2020. "Trading on Long-term Information," Staff Working Papers 20-20, Bank of Canada.
    76. Yamamoto, Shuhei & Janzen, Joseph P. & Serra, Teresa, 2024. "Autopsy of a futures market failure: Japan’s Dojima rice futures in the early 21st century," Food Policy, Elsevier, vol. 128(C).
    77. Nilabhra Bhattacharya & Bidisha Chakrabarty & Xu (Frank) Wang, 2020. "High-frequency traders and price informativeness during earnings announcements," Review of Accounting Studies, Springer, vol. 25(3), pages 1156-1199, September.
    78. Karolis Liaudinskas, 2022. "Human vs. Machine: Disposition Effect among Algorithmic and Human Day Traders," Working Paper 2022/6, Norges Bank.
    79. Ali Raza Jafree & Konark Jain & Nick Firoozye, 2025. "When AI Trading Agents Compete: Adverse Selection of Meta-Orders by Reinforcement Learning-Based Market Making," Papers 2510.27334, arXiv.org.
    80. Amirhossein Sadoghi & Jan Vecer, 2022. "Optimal liquidation problem in illiquid markets," Post-Print hal-03696768, HAL.
    81. Garriott, Corey & van Kervel, Vincent & Zoican, Marius, 2025. "Queuing and inventories in limit order markets," Journal of Financial Markets, Elsevier, vol. 75(C).
    82. Liwei Jin & Xianghui Yuan & Shihao Wang & Peiran Li & Feng Lian, 2022. "Trades or quotes: Which drives price discovery? Evidence from Chinese index futures markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(12), pages 2235-2247, December.
    83. Anagnostidis, Panagiotis & Fontaine, Patrice & Varsakelis, Christos, 2020. "Are high–frequency traders informed?," Economic Modelling, Elsevier, vol. 93(C), pages 365-383.
    84. Ito, Katsuki & Iima, Hitoshi & Kitamura, Yoshihiro, 2022. "LSTM forecasting foreign exchange rates using limit order book," Finance Research Letters, Elsevier, vol. 47(PA).
    85. Anirban Banerjee & Ashok Banerjee, 2025. "Why Do HFTs Use the Futures Market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 45(9), pages 1134-1153, September.
    86. Donald Lien & Pi-Hsia Hung, 2023. "Whose trades contribute more to price discovery? Evidence from the Taiwan stock exchange," Review of Quantitative Finance and Accounting, Springer, vol. 61(1), pages 213-263, July.
    87. Thomas A. P. de Boer & Cornelis Gardebroek & Joost M. E. Pennings & Andres Trujillo‐Barrera, 2022. "Intraday liquidity in soybean complex futures markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(7), pages 1189-1211, July.
    88. Michael Goldstein & Amy Kwan & Richard Philip, 2023. "High-Frequency Trading Strategies," Management Science, INFORMS, vol. 69(8), pages 4413-4434, August.
    89. Aït-Sahalia, Yacine & Brunetti, Celso, 2020. "High frequency traders and the price process," Journal of Econometrics, Elsevier, vol. 217(1), pages 20-45.
    90. Anwer S. Ahmed & Yiwen Li & Nina Xu, 2020. "Tick Size and Financial Reporting Quality in Small‐Cap Firms: Evidence from a Natural Experiment," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 58(4), pages 869-914, September.
    91. Xinquan Zhou & Guillaume Bagnarosa & Mark Cummins, 2026. "How Do Corporate Factors Affect Price Discovery Process Between Equity and Credit Markets?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 66(1), pages 551-574, March.
    92. Yamamoto, Ryuichi, 2020. "Limit order submission risks, order choice, and tick size," Pacific-Basin Finance Journal, Elsevier, vol. 59(C).
    93. James Collin Harkrader & Michael Puglia, 2020. "Price Discovery in the U.S. Treasury Cash Market: On Principal Trading Firms and Dealers," Finance and Economics Discussion Series 2020-096, Board of Governors of the Federal Reserve System (U.S.).
    94. Jang, Hyun Jin & Najmiddinov, Bekhzodbek, 2025. "Profitability of high-frequency market-making under market instability and manipulative behaviors," Finance Research Letters, Elsevier, vol. 86(PE).
    95. Cox, Justin & Woods, Donovan, 2023. "COVID-19 and market structure dynamics," Journal of Banking & Finance, Elsevier, vol. 147(C).
    96. Wenqian Huang & Peter O'Neill & Angelo Ranaldo & Shihao Yu, 2023. "HFTs and Dealer Banks: Liquidity and Price Discovery in FX Trading," Swiss Finance Institute Research Paper Series 23-48, Swiss Finance Institute.
    97. Sebastiano Michele Zema, 2020. "Directed Acyclic Graph based Information Shares for Price Discovery," LEM Papers Series 2020/28, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    98. Armstrong, Will J. & Cardella, Laura & Sabah, Nasim, 2021. "Information shocks, disagreement, and drift," Journal of Financial Economics, Elsevier, vol. 140(3), pages 916-940.
    99. Xie, Fei & Zhang, Yi & Yao, Yangyang & Liu, Yang & Chen, Xiao, 2025. "The impact of informed trading on the effectiveness of technical indicators: A behavioral finance perspective," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    100. Matta, Rafael & Rocha, Sergio H. & Vaz, Paulo, 2025. "Short selling and product market competition," Journal of Banking & Finance, Elsevier, vol. 171(C).
    101. Comerton-Forde, Carole & Grégoire, Vincent & Zhong, Zhuo, 2019. "Inverted fee structures, tick size, and market quality," Journal of Financial Economics, Elsevier, vol. 134(1), pages 141-164.
    102. Khairul Zharif Zaharudin & Martin R. Young & Wei‐Huei Hsu, 2022. "High‐frequency trading: Definition, implications, and controversies," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 75-107, February.
    103. Aliyev, Nihad & Huseynov, Fariz & Rzayev, Khaladdin, 2022. "Algorithmic trading and investment-to-price sensitivity," LSE Research Online Documents on Economics 118844, London School of Economics and Political Science, LSE Library.
    104. Petter N. Kolm & Jeremy Turiel & Nicholas Westray, 2023. "Deep order flow imbalance: Extracting alpha at multiple horizons from the limit order book," Mathematical Finance, Wiley Blackwell, vol. 33(4), pages 1044-1081, October.
    105. Lin, Hai & Lo, Ingrid & Qiao, Rui, 2021. "Macroeconomic news announcements and market efficiency: Evidence from the U.S. Treasury market," Journal of Banking & Finance, Elsevier, vol. 133(C).
    106. Philip, R., 2020. "Estimating permanent price impact via machine learning," Journal of Econometrics, Elsevier, vol. 215(2), pages 414-449.
    107. Onur, Esen & Roberts, John S. & Tuzun, Tugkan, 2023. "Trader positions and aggregate portfolio demand," The Journal of Economic Asymmetries, Elsevier, vol. 27(C).
    108. Martineau, Charles, 2021. "Rest in Peace Post-Earnings Announcement Drift," SocArXiv z7k3p, Center for Open Science.
    109. Breedon, Francis & Chen, Louisa & Ranaldo, Angelo & Vause, Nicholas, 2023. "Judgment day: Algorithmic trading around the Swiss franc cap removal," Journal of International Economics, Elsevier, vol. 140(C).
    110. John Coughlan & Alexei G. Orlov, 2023. "High‐frequency trading and market quality: Evidence from account‐level futures data," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(8), pages 1126-1160, August.
    111. Carlos Jorge Lenczewski Martins, 2019. "Market and limit orders and their role in the price discovery process," Bank i Kredyt, Narodowy Bank Polski, vol. 50(6), pages 551-570.
    112. Mynbaev, Kairat, 2020. "Using full limit order book for price jump prediction," MPRA Paper 101684, University Library of Munich, Germany.
    113. Mehdi Arzandeh & Julieta Frank & Justin Daniels, 2025. "Real‐Time Tracking of Public Announcements in the Limit Order Book," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 45(6), pages 569-599, June.
    114. Çağlayan-Gümüş, Ayşe & Karahan, Cenk C., 2024. "Information content of the limit order book: A cross-sectional analysis in Borsa Istanbul," Global Finance Journal, Elsevier, vol. 62(C).
    115. Garvey, Ryan & Qin, Yaohua, 2024. "Inverted vs maker-taker routing choice and trader information," Journal of Empirical Finance, Elsevier, vol. 78(C).

  8. Brogaard, Jonathan & Garriott, Corey, 2019. "High-Frequency Trading Competition," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(4), pages 1469-1497, August.
    See citations under working paper version above.
  9. Brogaard, Jonathan & Koski, Jennifer L. & Siegel, Andrew F., 2019. "Do upgrades matter? Evidence from trading volume," Journal of Financial Markets, Elsevier, vol. 43(C), pages 54-77.

    Cited by:

    1. Jun Zhang, 2019. "Is options trading informed? Evidence from credit rating change announcements," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 39(9), pages 1085-1106, September.
    2. He Xiao & Yaohua Qin, 2025. "Mandatory audit partner rotation and earnings informativeness in the bond market," The Financial Review, Eastern Finance Association, vol. 60(2), pages 363-392, May.
    3. Melissa Woodley & Peter DaDalt & John R. Wingender, 2020. "The price and volume response to earnings announcements in the corporate bond market," The Financial Review, Eastern Finance Association, vol. 55(4), pages 669-696, November.
    4. Kim, Junwoo & Kim, Robert & Kim, Sangwan, 2020. "Does financial statement comparability mitigate delayed trading volume before earnings announcements?," Journal of Business Research, Elsevier, vol. 107(C), pages 62-75.
    5. Quan M. P. Nguyen & Hung Xuan Do & Alexander Molchanov & Lily Nguyen & Nhut H. Nguyen, 2024. "Asymmetric trading responses to credit rating announcements from issuer‐ versus investor‐paid rating agencies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(1-2), pages 84-112, January.

  10. Baron, Matthew & Brogaard, Jonathan & Hagströmer, Björn & Kirilenko, Andrei, 2019. "Risk and Return in High-Frequency Trading," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(3), pages 993-1024, June.

    Cited by:

    1. Dodd, Olga & Frijns, Bart & Indriawan, Ivan & Pascual, Roberto, 2023. "US cross-listing and domestic high-frequency trading: Evidence from Canadian stocks," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 301-320.
    2. Jurich, Stephen N. & Mishra, Ajay Kumar & Parikh, Bhavik, 2020. "Indecisive algos: Do limit order revisions increase market load?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    3. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: evidence from Frankfurt-London microwave," LSE Research Online Documents on Economics 119989, London School of Economics and Political Science, LSE Library.
    4. Roşu, Ioanid, 2019. "Fast and slow informed trading," Journal of Financial Markets, Elsevier, vol. 43(C), pages 1-30.
    5. Kemme, David M. & McInish, Thomas H. & Zhang, Jiang, 2022. "Market fairness and efficiency: Evidence from the Tokyo Stock Exchange," Journal of Banking & Finance, Elsevier, vol. 134(C).
    6. Sandrine Jacob Leal & Mauro Napoletano & Andrea Roventini & Giorgio Fagiolo, 2016. "Rock around the clock: An agent-based model of low- and high-frequency trading," Journal of Evolutionary Economics, Springer, vol. 26(1), pages 49-76, March.
    7. Poutré, Cédric & Dionne, Georges & Yergeau, Gabriel, 2023. "International high-frequency arbitrage for cross-listed stocks," International Review of Financial Analysis, Elsevier, vol. 89(C).
    8. Bastian von Beschwitz & Donald B Keim & Massimo Massa, 2020. "First to “Read” the News: News Analytics and Algorithmic Trading," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 10(1), pages 122-178.
    9. Cuñat, Vicente & Xu, Moqi, 2025. "Timing complex news to target attention," LSE Research Online Documents on Economics 122380, London School of Economics and Political Science, LSE Library.
    10. Brolley, Michael & Zoican, Marius, 2023. "Liquid speed: A micro-burst fee for low-latency exchanges," Journal of Financial Markets, Elsevier, vol. 64(C).
    11. Baldauf, Markus & Mollner, Joshua, 2022. "Fast traders make a quick buck: The role of speed in liquidity provision," Journal of Financial Markets, Elsevier, vol. 58(C).
    12. Viktoria Dalko & Michael H. Wang, 2020. "High-frequency trading: Order-based innovation or manipulation?," Journal of Banking Regulation, Palgrave Macmillan, vol. 21(4), pages 289-298, December.
    13. Viktor Manahov, 2024. "The rapid growth of cryptocurrencies: How profitable is trading in digital money?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 2214-2229, April.
    14. Chen, Marie & Garriott, Corey, 2020. "High-frequency trading and institutional trading costs," Journal of Empirical Finance, Elsevier, vol. 56(C), pages 74-93.
    15. Paul Bilokon & Burak Gunduz, 2023. "C++ Design Patterns for Low-latency Applications Including High-frequency Trading," Papers 2309.04259, arXiv.org.
    16. Matteo Aquilina & Sean Foley & Peter O'Neill & Matteo Thomas Ruf, 2023. "Sharks in the dark: quantifying HFT dark pool latency arbitrage," BIS Working Papers 1115, Bank for International Settlements.
    17. Biais, Bruno & Foucault, Thierry & Moinas, Sophie, 2013. "Equilibrium Fast Trading," IDEI Working Papers 769, Institut d'Économie Industrielle (IDEI), Toulouse, revised Sep 2014.
    18. Liu, Wei, 2021. "Can HFT profit in Chinese stock market?," Economics Letters, Elsevier, vol. 209(C).
    19. Khapko, Mariana & Zoican, Marius, 2021. "Do speed bumps curb low-latency investment? Evidence from a laboratory market," Journal of Financial Markets, Elsevier, vol. 55(C).
    20. Chengyu Li & Luyi Shen & Guoqi Qian, 2023. "Online Hybrid Neural Network for Stock Price Prediction: A Case Study of High-Frequency Stock Trading in the Chinese Market," Econometrics, MDPI, vol. 11(2), pages 1-19, May.
    21. Rajiv Sethi & Julie Seager & Emily Cai & Daniel M. Benjamin & Fred Morstatter, 2021. "Models, Markets, and the Forecasting of Elections," Papers 2102.04936, arXiv.org, revised May 2021.
    22. Rama Cont & Arseniy Kukanov, 2017. "Optimal order placement in limit order markets," Quantitative Finance, Taylor & Francis Journals, vol. 17(1), pages 21-39, January.
    23. Banerjee, Anirban & Roy, Prince, 2023. "High-frequency traders’ evolving role as market makers," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    24. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: Evidence from Frankfurt-London microwave," Journal of Financial Markets, Elsevier, vol. 66(C).
    25. Chakrabarty, Bidisha & Pascual, Roberto, 2023. "Stock liquidity and algorithmic market making during the COVID-19 crisis," Journal of Banking & Finance, Elsevier, vol. 147(C).
    26. José Antonio Núñez-Mora & Mario Iván Contreras-Valdez & Roberto Joaquín Santillán-Salgado, 2023. "Risk Premium of Bitcoin and Ethereum during the COVID-19 and Non-COVID-19 Periods: A High-Frequency Approach," Mathematics, MDPI, vol. 11(20), pages 1-20, October.
    27. Yamada, Masahiro, 2022. "Profitability and liquidity provision of HFTs during large price shocks: Does relative tick size matter?," Finance Research Letters, Elsevier, vol. 46(PA).
    28. Horst Treiblmaier, 2022. "Do cryptocurrencies really have (no) intrinsic value?," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1749-1758, September.
    29. Thiago W. Alves & Ionuţ Florescu & Dragoş Bozdog, 2023. "Insights on the Statistics and Market Behavior of Frequent Batch Auctions," Mathematics, MDPI, vol. 11(5), pages 1-26, March.
    30. Andriy Shkilko & Konstantin Sokolov, 2020. "Every Cloud Has a Silver Lining: Fast Trading, Microwave Connectivity, and Trading Costs," Journal of Finance, American Finance Association, vol. 75(6), pages 2899-2927, December.
    31. Nimalendran, Mahendrarajah & Rzayev, Khaladdin & Sagade, Satchit, 2024. "High-frequency trading in the stock market and the costs of options market making," LSE Research Online Documents on Economics 124228, London School of Economics and Political Science, LSE Library.
    32. Hoffmann, Peter & Jank, Stephan, 2024. "What is the value of retail order flow?," Discussion Papers 33/2024, Deutsche Bundesbank.
    33. Michael Brolley & Marius Zoican, 2019. "Liquid Speed: On-Demand Fast Trading at Distributed Exchanges," Papers 1907.10720, arXiv.org.
    34. Breckenfelder, Johannes, 2024. "Competition among high-frequency traders and market quality," Journal of Economic Dynamics and Control, Elsevier, vol. 166(C).
    35. Kang, Jongho & Kang, Jangkoo & Kwon, Kyung Yoon, 2022. "Market versus limit orders of speculative high-frequency traders and price discovery," Research in International Business and Finance, Elsevier, vol. 63(C).
    36. Sánchez Serrano Antonio, 2020. "High-Frequency Trading and Systemic Risk: A Structured Review of Findings and Policies," Review of Economics, De Gruyter, vol. 71(3), pages 169-195, December.
    37. Stephen N. Jurich, 2020. "Size Precedence And Share Volume: The Case Of The Psx Exchange," Journal of Financial Management, Markets and Institutions (JFMMI), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-28, December.
    38. Bidisha Chakrabarty & Pankaj K. Jain & Andriy Shkilko & Konstantin Sokolov, 2021. "Unfiltered Market Access and Liquidity: Evidence from the SEC Rule 15c3-5," Management Science, INFORMS, vol. 67(2), pages 1183-1198, February.
    39. Ge, Hengshun & Yang, Haijun & Doukas, John A., 2024. "The optimal strategies of competitive high-frequency traders and effects on market liquidity," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 653-679.
    40. Jonathan Brogaard & Corey Garriott & Anna Pomeranets, 2014. "High-Frequency Trading Competition," Staff Working Papers 14-19, Bank of Canada.
    41. Karolis Liaudinskas, 2022. "Human vs. Machine: Disposition Effect among Algorithmic and Human Day Traders," Working Paper 2022/6, Norges Bank.
    42. Xuefeng Gao & Yunhan Wang, 2018. "Optimal Market Making in the Presence of Latency," Papers 1806.05849, arXiv.org, revised Mar 2020.
    43. Mark Marner-Hausen, 2022. "Developing a Framework for Real-Time Trading in a Laboratory Financial Market," ECONtribute Discussion Papers Series 172, University of Bonn and University of Cologne, Germany.
    44. Nimalendran, Mahendrarajah & Rzayev, Khaladdin & Sagade, Satchit, 2024. "High-frequency trading in the stock market and the costs of options market making," Journal of Financial Economics, Elsevier, vol. 159(C).
    45. Aït-Sahalia, Yacine & Brunetti, Celso, 2020. "High frequency traders and the price process," Journal of Econometrics, Elsevier, vol. 217(1), pages 20-45.
    46. Ekinci, Cumhur & Ersan, Oğuz, 2022. "High-frequency trading and market quality: The case of a “slightly exposed” market," International Review of Financial Analysis, Elsevier, vol. 79(C).
    47. Luyao Zhang & Fan Zhang, 2023. "Understand Waiting Time in Transaction Fee Mechanism: An Interdisciplinary Perspective," Papers 2305.02552, arXiv.org.
    48. Arumugam, Devika & Krishna Prasanna, P., 2021. "Commonality and contrarian trading among algorithmic traders," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    49. Glebkin, Sergei & Kuong, John Chi-Fong, 2023. "When large traders create noise," Journal of Financial Economics, Elsevier, vol. 150(2).
    50. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).
    51. Jang, Hyun Jin & Najmiddinov, Bekhzodbek, 2025. "Profitability of high-frequency market-making under market instability and manipulative behaviors," Finance Research Letters, Elsevier, vol. 86(PE).
    52. Thierry Foucault & Roman Kozhan & Wing Wah Tham, 2017. "Toxic Arbitrage," The Review of Financial Studies, Society for Financial Studies, vol. 30(4), pages 1053-1094.
    53. Yang ZHANG & Ziang QIU Ziang & Donghyun PARK & Shu TIAN, 2026. "Role of Artificial Intelligence in Finance: Selective Literature Review and Implications for Asia's Financial Stability," Working Papers wp61, South East Asian Central Banks (SEACEN) Research and Training Centre, revised Feb 2026.
    54. Aït-Sahalia, Yacine & Sağlam, Mehmet, 2024. "High frequency market making: The role of speed," Journal of Econometrics, Elsevier, vol. 239(2).
    55. Kaihua Qin & Liyi Zhou & Yaroslav Afonin & Ludovico Lazzaretti & Arthur Gervais, 2021. "CeFi vs. DeFi -- Comparing Centralized to Decentralized Finance," Papers 2106.08157, arXiv.org, revised Jun 2021.
    56. Yan Peng & Jason Shachat & Lijia Wei & S. Sarah Zhang, 2024. "Speed traps: algorithmic trader performance under alternative market balances and structures," Experimental Economics, Springer;Economic Science Association, vol. 27(2), pages 325-350, April.

  11. Jonathan Brogaard & Matthew C Ringgenberg & David Sovich, 2019. "The Economic Impact of Index Investing," The Review of Financial Studies, Society for Financial Studies, vol. 32(9), pages 3461-3499.

    Cited by:

    1. Smimou, K. & Bosch, D. & Filbeck, G., 2024. "Commodities and Policy Uncertainty Channel(s)," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 351-379.
    2. Tobias Lauter & Marcel Prokopczuk & Stefan Trück, 2026. "Commodity financialization and electronification: evidence from high-frequency data," Review of Derivatives Research, Springer, vol. 29(1), pages 1-29, December.
    3. Kang, Wenjin & Tang, Ke & Wang, Ningli, 2023. "Financialization of commodity markets ten years later," Journal of Commodity Markets, Elsevier, vol. 30(C).
    4. Bohl, Martin T. & Pütz, Alexander & Sulewski, Christoph, 2021. "Speculation and the informational efficiency of commodity futures markets," Journal of Commodity Markets, Elsevier, vol. 23(C).
    5. DeCoste, Joseph, 2025. "Comovement and S&P 500 membership," Global Finance Journal, Elsevier, vol. 65(C).
    6. Biguri, Kizkitza & Brownlees, Christian & Ippolito, Filippo, 2022. "Corporate hedging and the variance of stock returns," Journal of Corporate Finance, Elsevier, vol. 72(C).
    7. Yang, Baochen & Xu, Jingru & Dai, Yuxuan & Zhang, Yongjie & Geng, Peixuan, 2025. "Commodity financialization and firm investment:Implications for market efficiency and economic stability in emerging markets," International Review of Economics & Finance, Elsevier, vol. 99(C).
    8. Yang, Baochen & Geng, Peixuan & Fan, Ying, 2023. "Hedging firm's idiosyncratic risk from commodity financialization," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 815-842.
    9. Itay Goldstein, 2023. "Information in Financial Markets and Its Real Effects," Review of Finance, European Finance Association, vol. 27(1), pages 1-32.
    10. Ahmed S. Baig & Benjamin M. Blau & R. Jared DeLisle, 2022. "Does mutual fund ownership reduce stock price clustering? Evidence from active and index funds," Review of Quantitative Finance and Accounting, Springer, vol. 58(2), pages 615-647, February.
    11. Celso Brunetti & Jeffrey H. Harris & Bahattin Büyükşahin, 2024. "Crude Oil Price Movements and Institutional Traders," Commodities, MDPI, vol. 3(1), pages 1-23, February.
    12. DeCoste, Joseph, 2025. "Does excess futures market demand affect the spot price of oil?," Energy Economics, Elsevier, vol. 149(C).
    13. Ferracuti, Elia, 2022. "Information uncertainty and organizational design," Journal of Accounting and Economics, Elsevier, vol. 74(1).
    14. Chinco, Alex & Sammon, Marco, 2024. "The passive ownership share is double what you think it is," Journal of Financial Economics, Elsevier, vol. 157(C).
    15. Melone, Alessandro & Randl, Otto & Sögner, Leopold & Zechner, Josef, 2025. "Stock-Oil Comovement: Cash Flows or Discount Rates?," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325398, Verein für Socialpolitik / German Economic Association.
    16. Jamel Boukhatem & Ali M. Alhazmi, 2024. "COVID-19 pandemic, oil prices and Saudi stock market: empirical evidence from ARDL modeling and Bayer–Hanck cointegration approach," Future Business Journal, Springer, vol. 10(1), pages 1-14, December.
    17. Sun-Feel Yang & So-Won Choi & Eul-Bum Lee, 2023. "A Prediction Model for Spot LNG Prices Based on Machine Learning Algorithms to Reduce Fluctuation Risks in Purchasing Prices," Energies, MDPI, vol. 16(11), pages 1-39, May.
    18. Gunratan Lonare & Ahmet Nart & Ahmet M. Tuncez, 2022. "Industry tournament incentives and corporate hedging policies," Financial Management, Financial Management Association International, vol. 51(2), pages 399-453, June.
    19. Wei, Hao & Liu, Yuan, 2025. "Commodity import price rising and production stability of Chinese firms," Structural Change and Economic Dynamics, Elsevier, vol. 73(C), pages 434-448.
    20. Itay Goldstein & Liyan Yang, 2022. "Commodity Financialization and Information Transmission," Journal of Finance, American Finance Association, vol. 77(5), pages 2613-2667, October.
    21. Jin, Ling & Li, Zhisheng & Lu, Lei & Ni, Xiaoran, 2023. "Does stock market rescue affect investment efficiency in the real sector?," Journal of Financial Markets, Elsevier, vol. 65(C).
    22. Zhi Da & Ke Tang & Yubo Tao & Liyan Yang, 2024. "Financialization and Commodity Markets Serial Dependence," Management Science, INFORMS, vol. 70(4), pages 2122-2143, April.
    23. Nguyen, Quynh Nga & Aboura, Sofiane & Chevallier, Julien & Zhang, Lyuyuan & Zhu, Bangzhu, 2020. "Local Gaussian correlations in financial and commodity markets," European Journal of Operational Research, Elsevier, vol. 285(1), pages 306-323.
    24. Bohl, Martin T. & Irwin, Scott H. & Pütz, Alexander & Sulewski, Christoph, 2023. "The impact of financialization on the efficiency of commodity futures markets," Journal of Commodity Markets, Elsevier, vol. 31(C).
    25. Lauter, Tobias & Prokopczuk, Marcel, 2022. "Measuring commodity market quality," Journal of Banking & Finance, Elsevier, vol. 145(C).
    26. Marco Sammon, 2025. "Passive Ownership and Price Informativeness," Management Science, INFORMS, vol. 71(6), pages 4582-4598, June.

  12. Brogaard, Jonathan & Carrion, Allen & Moyaert, Thibaut & Riordan, Ryan & Shkilko, Andriy & Sokolov, Konstantin, 2018. "High frequency trading and extreme price movements," Journal of Financial Economics, Elsevier, vol. 128(2), pages 253-265.
    See citations under working paper version above.
  13. Jonathan Brogaard & Joseph Engelberg & Edward Van Wesep, 2018. "Do Economists Swing for the Fences after Tenure?," Journal of Economic Perspectives, American Economic Association, vol. 32(1), pages 179-194, Winter.

    Cited by:

    1. Muhammad Asali, 2019. "A Tale of Two Tracks," Working Papers 004-19 JEL Codes: J21, J1, International School of Economics at TSU, Tbilisi, Republic of Georgia.
    2. Franklin G. Mixon, 2018. "Do academics swing for the fences after tenure? Analysis of attributions data from economics research," Scientometrics, Springer;Akadémiai Kiadó, vol. 116(3), pages 2155-2160, September.
    3. Michael Nower, 2025. "Perceived job security and politicians’ legislative effort," Public Choice, Springer, vol. 204(3), pages 563-588, September.
    4. Jonathan Brogaard & Joseph E. Engelberg & Sapnoti K. Eswar & Edward D. Van Wesep, 2024. "On the Causal Effect of Fame on Citations," Management Science, INFORMS, vol. 70(10), pages 7187-7214, October.
    5. Stremersch, S. & Winer, R.S., 2018. "Academic Research in Marketing and Business School Health," ERIM Report Series Research in Management 116485, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    6. Yang, Bingyan & Liu, Ruiming & Liu, Chuanbin & Shi, Yang, 2025. "Publish or perish: Up-or-out rules and research performance of universities," China Economic Review, Elsevier, vol. 89(C).
    7. van Dalen, Hendrik Peter, 2021. "How the publish-or-perish principle divides a science: The case of economists," Other publications TiSEM a6a5a855-bb5a-4d52-a841-3, Tilburg University, School of Economics and Management.
    8. van Dalen, Hendrik Peter, 2020. "How the Publish-or-Perish Principle Divides a Science : The Case of Academic Economists," Other publications TiSEM 6fbb6b92-0e06-4271-b6e7-3, Tilburg University, School of Economics and Management.
    9. Jean Luc De Meulemeester, 2020. "De quelques préconditions à la liberté académique," Working Papers CEB 20-013, ULB -- Universite Libre de Bruxelles.
    10. João Ricardo Faria & Franklin G. Mixon, 2020. "The Peter and Dilbert Principles applied to academe," Economics of Governance, Springer, vol. 21(2), pages 115-132, June.
    11. Marco Nieddu & Roberto Nisticò & Lorenzo Pandolfi, 2025. "The Effects of Tenure-Track Systems on Selection and Productivity in Economics," CESifo Working Paper Series 12090, CESifo.
    12. Kyle R. Myers & Wei Yang Tham & Jerry Thursby & Marie Thursby & Nina Cohodes & Karim Lakhani & Rachel Mural & Yilun Xu, 2023. "New Facts and Data about Professors and their Research," Papers 2312.01442, arXiv.org.
    13. Franklin G. Mixon & Kamal P. Upadhyaya, 2024. "When forgiveness beats permission: Exploring the scholarly ethos of clinical faculty in economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 83(1), pages 75-91, January.
    14. Jon A. Garfinkel & Mosab Hammoudeh & James Weston, 2024. "Academic publishing behavior and pay across business fields," Financial Management, Financial Management Association International, vol. 53(1), pages 31-58, March.
    15. Asali, Muhammad, 2018. "A Tale of Two Academic Tracks," IZA Discussion Papers 11423, IZA Network @ LISER.
    16. Stremersch, S. & Winer, R.S. & Camacho, N.M.A., 2020. "Faculty Research Incentives and Business School Health: A New Perspective for Marketing," ERIM Report Series Research in Management ERS-2020-007-MKT, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    17. Hendrik P. Dalen, 2021. "How the publish-or-perish principle divides a science: the case of economists," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(2), pages 1675-1694, February.
    18. Mila Getmansky Sherman & Heather E. Tookes, 2022. "Female Representation in the Academic Finance Profession," Journal of Finance, American Finance Association, vol. 77(1), pages 317-365, February.
    19. Marc Diederichs & Joshua Angrist, 2025. "Dissertation Paths: Advisors and Students in the Economics Research Production Function," RFBerlin Discussion Paper Series 2501, ROCKWOOL Foundation Berlin (RFBerlin).
    20. Corsi, Marcella & D’Ippoliti, Carlo & Zacchia, Giulia, 2019. "Diversity of backgrounds and ideas: The case of research evaluation in economics," Research Policy, Elsevier, vol. 48(9), pages 1-1.
    21. Stremersch, S. & Winer, R.S., 2018. "Academic Research in Marketing and Business School Health: Limiters and Improvement Opportunities," ERIM Report Series Research in Management ERS-2019-007-MKT, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    22. Jun Zhang & Xiaoyan Su & Yifei Wang, 2024. "A Qualitative Study on the Relationship between Faculty Mobility and Scientific Impact: Toward the Sustainable Development of Higher Education," Sustainability, MDPI, vol. 16(17), pages 1-18, September.
    23. Jenny Bourne & Nathan Grawe & Nathan D. Grawe & Michael Hemesath & Maya Jensen, 2022. "Scholarly Activity among Economists at Liberal Arts Colleges: A Life Cycle Analysis," Working Papers 2022-01, Carleton College, Department of Economics.
    24. Rajeev K. Goel & Devrim Göktepe-Hultén, 2020. "Drivers of innovation productivity of academic researchers through career advancement," The Journal of Technology Transfer, Springer, vol. 45(2), pages 414-429, April.

  14. Kathryn L. Dewenter & Alan C. Hess & Jonathan Brogaard, 2018. "Institutions and Deposit Insurance: Empirical Evidence," Journal of Financial Services Research, Springer;Western Finance Association, vol. 54(3), pages 269-292, December.

    Cited by:

    1. Chen, Qian & Shen, Chuang, 2023. "Deposit insurance system, risk-adjusted premium and bank systemic risk: Evidence from China," Research in International Business and Finance, Elsevier, vol. 65(C).
    2. Hui Shan Lee & Shyue Chuan Chong & Shen Yap & Bik Kai Sia & Ying Xi Chen, 2021. "Does Economic Freedom in Host Countries Lead to Increased Non-Life Insurance Development?," SAGE Open, , vol. 11(4), pages 21582440211, October.
    3. Matteo, Gatti & Tommaso, Oliviero, 2019. "Deposit Insurance and Banks’ Deposit Rates: Evidence from the 2009 EU Policy Change," Working Papers 419, University of Milano-Bicocca, Department of Economics, revised 19 Aug 2019.
    4. Magdalena Kozińska, 2022. "The non‐payout functions of deposit insurance schemes," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 1749-1768, April.
    5. Saibal Ghosh, 2026. "Did Deposit Insurance Reforms Improve Liquidity Creation? Evidence from Indian Banking," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 24(1), pages 83-102, March.
    6. Matteo Gatti & Tommaso Oliviero, 2019. "Deposit Insurance and Banks’ Deposit Rates: Evidence from the 2009 EU Policy," CSEF Working Papers 532, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    7. Douglas da Rosa München & Herbert Kimura, 2020. "Regulatory Banking Leverage: what do you know?," Working Papers Series 540, Central Bank of Brazil, Research Department.
    8. Delis, Manthos D. & Iosifidi, Maria & Papadopoulos, Panagiotis, 2022. "Blessing or curse? Government funding of deposit insurance and corporate lending," Journal of Financial Stability, Elsevier, vol. 61(C).
    9. Deniz Anginer & Ata Can Bertay, 2019. "Deposit Insurance," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(01), pages 03-08, May.
    10. Xiangyi Zhou & Xinyue Li & Yifan Zhou & Alper Kara, 2025. "Deposit Insurance and Bank Liquidity Creation: Evidence from a Natural Experiment in China," Journal of Financial Services Research, Springer;Western Finance Association, vol. 67(3), pages 101-137, June.

  15. Brogaard, Jonathan & Li, Dan & Xia, Ying, 2017. "Stock liquidity and default risk," Journal of Financial Economics, Elsevier, vol. 124(3), pages 486-502.

    Cited by:

    1. Su, Yu, 2025. "Perceived corporate individualism culture and corporate bond issuing costs," International Review of Financial Analysis, Elsevier, vol. 103(C).
    2. Son, D. Pham & Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2023. "Liquidity spillover between ETFs and their constituents," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 723-747.
    3. Li, Yongkui & Liu, Xiaokang & Li, Jianhong & Gao, Xiang, 2026. "Shadow banking engagement and trade-credit financing: Evidence from nonfinancial firms in China," Economic Systems, Elsevier, vol. 50(1).
    4. Liu, Benjamin & Johl, Shireenjit & Lasantha, Ruwan, 2023. "ESG scores and cash holdings: The role of disciplinary trading," Finance Research Letters, Elsevier, vol. 55(PA).
    5. Zhang, Lin & Yong, Fan, 2026. "China government accounting supervision and corporate debt default risk," Research in International Business and Finance, Elsevier, vol. 84(C).
    6. Ni, Xiaoran & Xu, Hongmei, 2023. "Are short selling threats beneficial to creditors? Insights from corporate default risk," Pacific-Basin Finance Journal, Elsevier, vol. 81(C).
    7. Weimin Liu & Di Luo & Seyoung Park & Huainan Zhao, 2022. "The cross‐sectional return predictability of employment growth: A liquidity risk explanation," The Financial Review, Eastern Finance Association, vol. 57(1), pages 155-178, February.
    8. Roy, Suvra & Nguyen, Harvey & Visaltanachoti, Nuttawat, 2023. "Be nice to the air: Severe haze pollution and mutual fund risk," Global Finance Journal, Elsevier, vol. 58(C).
    9. Hyeongjun Kim & Hoon Cho & Doojin Ryu, 2020. "Corporate Default Predictions Using Machine Learning: Literature Review," Sustainability, MDPI, vol. 12(16), pages 1-11, August.
    10. Deni Irawan & Tatsuyoshi Okimoto, 2021. "Conditional Capital Surplus and Shortfall across Renewable and Non-Renewable Resource Firms," LPEM FEBUI Working Papers 202165, LPEM, Faculty of Economics and Business, University of Indonesia, revised 2021.
    11. Li, Keming & Nishikawa, Takeshi & Rao, Ramesh P., 2025. "Does the threat of short selling discipline management? Evidence from default risk changes around regulation SHO," Journal of Financial Markets, Elsevier, vol. 73(C).
    12. Zhang, Cheng & Ho, Kung-Cheng & Yan, Cheng & Gong, Yujing, 2023. "Societal trust and firm-level trust: Substitute or complement? An international evidence," International Review of Financial Analysis, Elsevier, vol. 86(C).
    13. Buchanan, Bonnie & Kaya, Caglar, 2024. "Foundation ownership and creditor governance: Evidence from publicly listed companies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    14. Xue, Shuyu & Wu, Huilin & Ling, Yishu & Lu, Ye, 2024. "Mandatory CSR disclosure and stock liquidity: Evidence from Chinese listed firms," Finance Research Letters, Elsevier, vol. 59(C).
    15. Michael, Michael & Ali, Muhammad Jahangir & Atawnah, Nader & Muniandy, Balachandran, 2022. "Fiduciary or loyalty? Evidence from top management counsel and stock liquidity," Global Finance Journal, Elsevier, vol. 52(C).
    16. Wu, Dexiang & Cheng, Huihui & Luo, Cuicui & Han, Liyan, 2022. "Does government initiated corporate social responsibility lower the default risk? Evidence from the targeted poverty alleviation campaign in China," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
    17. Nguyen, Duc Nguyen & Nguyen, Canh Phuc & Dang, Le Phuong Xuan, 2022. "Uncertainty and corporate default risk: Novel evidence from emerging markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).
    18. Ashrafee Hossain & Samir Saadi & Abu S. Amin, 2023. "Does CEO Risk-Aversion Affect Carbon Emission?," Journal of Business Ethics, Springer, vol. 182(4), pages 1171-1198, February.
    19. Nufazil Altaf Ahangar, 2021. "Stock liquidity and corporate debt maturity structure: Evidences from Indian firms," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(7), pages 1754-1764, October.
    20. Denny IRAWAN & Tatsuyoshi OKIMOTO, 2021. "Conditional Capital Surplus and Shortfall across Resource Firms," Discussion papers 21031, Research Institute of Economy, Trade and Industry (RIETI).
    21. Meskat Ibne Sharif, 2023. "Parametric test of liquidity wavering in response to the dynamic equity constituents," SN Business & Economics, Springer, vol. 3(1), pages 1-26, January.
    22. Ahmed, Shamim & Judge, Amrit & Mahmud, Syed Ehsan, 2018. "Does derivatives use reduce the cost of equity?," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 1-16.
    23. Irawan, Denny & Okimoto, Tatsuyoshi, 2022. "Conditional capital surplus and shortfall across renewable and non-renewable resource firms," Energy Economics, Elsevier, vol. 112(C).
    24. Chen, Chuanglian & Zhou, Lichao & Sun, Chuanwang & Lin, Yuting, 2024. "Does oil future increase the network systemic risk of financial institutions in China?," Applied Energy, Elsevier, vol. 364(C).
    25. Nguyen, Hung T. & Pham, Mia Hang & Truong, Cameron, 2023. "Leadership in a pandemic: Do more able managers keep firms out of trouble?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    26. Nguyen, Dinh Trung & Pham, Thu Phuong & Tran, Ngoc Anh & Zurbruegg, Ralf, 2024. "The dynamic effects of debtor bankruptcy on unsecured creditors' stock liquidity," Journal of Financial Stability, Elsevier, vol. 74(C).
    27. Marshall, Ben R. & Nguyen, Justin Hung & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2021. "Does a change in the information environment affect labor adjustment costs?," International Review of Financial Analysis, Elsevier, vol. 74(C).
    28. Lin, Xin-Yi & Liu, Jing-Yue & Zhang, Yue-Jun, 2024. "Does corporate social responsibility affect stock liquidity? Evidence from China," Finance Research Letters, Elsevier, vol. 60(C).
    29. Kangqi Jiang & Jie Zhang & Mengling Zhou & Zhongfei Chen, 2025. "ESG disagreement and corporate debt maturity: evidence from China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-39, December.
    30. Fu, Yumei & He, Feng & Li, Jintian & Zan, Bingyan, 2024. "Commonality in liquidity and corporate default risk - Evidence from China," Research in International Business and Finance, Elsevier, vol. 69(C).
    31. Nam Thanh Vu & Duc Hong Vo, 2026. "When Nature Hits the Bottom Line: Transition Biodiversity Risk and Corporate Creditworthiness," Business Strategy and the Environment, Wiley Blackwell, vol. 35(2), pages 2728-2754, February.
    32. Gniadkowska-Szymańska Agata, 2017. "The impact of trading liquidity on the rate of return on emerging markets: the example of Poland and the Baltic countries," Financial Internet Quarterly (formerly e-Finanse), Paradigm, vol. 13(4), pages 136-148, December.
    33. Duong, Huu Nhan & Goyal, Abhinav & Kallinterakis, Vasileios & Veeraraghavan, Madhu, 2021. "Market manipulation rules and IPO underpricing," Journal of Corporate Finance, Elsevier, vol. 67(C).
    34. Mingming Li & Xiaolei Fu & Haiming Liu, 2026. "The flip side of institutional dual holdings: evidence from China," Risk Management, Palgrave Macmillan, vol. 28(3), pages 1-30, September.
    35. Shiyan Yin & Kai Yao & Thanaset Chevapatrakul & Rong Huang, 2024. "Reduced disclosure and default risk: analysis of smaller reporting companies," Review of Quantitative Finance and Accounting, Springer, vol. 63(1), pages 355-395, July.
    36. Feng, Xiaoli & Li, Wenjing & Peng, Yuanhuai & Tan, Youchao, 2021. "International trade friction and the cost of debt: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    37. Abinzano, Isabel & Gonzalez-Urteaga, Ana & Muga, Luis & Sanchez, Santiago, 2020. "Performance of default-risk measures: the sample matters," Journal of Banking & Finance, Elsevier, vol. 120(C).
    38. Goodhart, Charles A.E. & Tsomocos, Dimitrios P. & Wang, Xuan, 2023. "Bank credit, inflation, and default risks over an infinite horizon," Journal of Financial Stability, Elsevier, vol. 67(C).
    39. Boussetta, Selma, 2022. "Stock exchange governance and stock liquidity: International evidence," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
    40. Mousavi, Mohammad Mahdi & Gozgor, Giray & Acheampong, Albert, 2024. "Do oil market shocks affect financial distress? Evidence from firm-level global data," Journal of Commodity Markets, Elsevier, vol. 36(C).
    41. Lu, Zheng & Liang, Yanzi & Hu, Yanglin & Liu, Yang, 2024. "Is managerial myopia detrimental to corporate ESG performance?," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 998-1015.
    42. Ee, Mong Shan & Hasan, Iftekhar & Huang, He, 2022. "Stock liquidity and corporate labor investment," Journal of Corporate Finance, Elsevier, vol. 72(C).
    43. Mostafa Monzur Hasan & Ashrafee T. Hossain & Takdir Hossain, 2022. "CEO inside debt holdings and trade credit," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3677-3709, September.
    44. Dayani, Arash, 2022. "CEO inside debt and mutual fund investment decisions," Journal of Banking & Finance, Elsevier, vol. 145(C).
    45. Mehmet Serkan Tosun & Serhat Yildiz, 2020. "How Does Aggregate Tax Policy Uncertainty Affect Default Risk?," JRFM, MDPI, vol. 13(12), pages 1-17, December.
    46. Kabir, Md Nurul & Miah, Mohammad Dulal & Ali, Searat & Sharma, Parmendra, 2020. "Institutional and foreign ownership vis-à-vis default risk: Evidence from Japanese firms," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 469-493.
    47. Hyun Joong Im & Barry Oliver & Heungju Park, 2022. "The effect of stock liquidity on corporate cash holdings: The real investment motive," International Review of Finance, International Review of Finance Ltd., vol. 22(3), pages 580-596, September.
    48. Samarawickrama, Dhanushika & Biswas, Pallab Kumar & Roberts, Helen, 2025. "CSR disclosure, business groups and firm risk," Emerging Markets Review, Elsevier, vol. 69(C).
    49. Jin, Long & Song, Yuhang & Pan, Changchun, 2024. "Does peer firms' debt default have positive externalities: The investment efficiency perspective," Finance Research Letters, Elsevier, vol. 59(C).
    50. Dorinth van Dijk & Marc Francke & Yumei Wang, 2025. "The Dynamic Relationship between Delinquency Rates, Funding and Market Liquidity and Asset Prices in Private Commercial Real Estate Markets," Working Papers 835, DNB.
    51. Chai, Bailin & Jiang, Fuwei & Lin, Yihao & You, Tian, 2025. "Predicting bond risk premiums with machine learning: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    52. Baghdadi, Ghasan A. & Nguyen, Lily H.G. & Podolski, Edward J., 2020. "Board co-option and default risk," Journal of Corporate Finance, Elsevier, vol. 64(C).
    53. Jiacai Xiong & Yixing Tong & Feida Zhang & Caiyue Ouyang & Kam C. Chan, 2024. "Does share pledging affect corporate philanthropy? Evidence from China," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 51(1-2), pages 180-208, January.
    54. Chowdhury, Hasibul & Rahman, Shofiqur, 2023. "Do tournament incentives affect corporate dividend policy?," Journal of Banking & Finance, Elsevier, vol. 152(C).
    55. Xin, Zhuoyao & Zhang, Zongyi & Xiang, Cheng, 2024. "Do suppliers value clients’ ESG profiles? Evidence from Chinese firms," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 241-258.
    56. Liu, Zhonglu & Pang, Tengfei & Sun, Haibo, 2024. "Decarbonization policy and high-carbon enterprise default risk: Evidence from China," Economic Modelling, Elsevier, vol. 134(C).
    57. Zhitao, Wang & Xiang, Ma, 2023. "Financial mismatch on corporate debt default risk: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    58. Yin, Liang & Hu, Shiyang & Yan, Huijun, 2025. "Local government implicit debt and corporate bankruptcy: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 107(C).
    59. Jinli Wang & Tingting Wang & Qiyong Xiao & Ping Qin, 2026. "The Power of Colour: Does the Visual Communication of ESG Disclosure Promote Stock Liquidity?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 66(1), pages 722-737, March.
    60. Kim, Jinhwan & Cho, Hoon & Seok, Sangik, 2023. "Liquidity risk, return performance, and tracking error: Synthetic vs. Physical ETFs," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    61. Huang, Sheng & Maharjan, Johan & Nanda, Vikram, 2024. "Liquid stock as an acquisition currency," Journal of Corporate Finance, Elsevier, vol. 85(C).
    62. Zhang, Cheng & Lee, Yun-Chi & Ho, Kung-Cheng & Shen, Xixi, 2023. "Influence of institutional differences on trade credit use during pandemics," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    63. Wang, Liyue & Yang, Liuyong, 2023. "Environmental, social and governance performance and credit risk: Moderating effect of corporate life cycle," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    64. Nie, Zi & Ling, Xuan & Chen, Meian, 2023. "The power of technology: FinTech and corporate debt default risk in China," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    65. Wu, Anshun & Dong, Yang & Luo, Yuhui & Zeng, Chunhua, 2020. "Fluctuations-induced regime shifts in the Endogenous Credit system with time delay," Chaos, Solitons & Fractals, Elsevier, vol. 134(C).
    66. Cumming, Douglas & Lu, Fanyu & Xu, Limin & Yu, Chia-Feng (Jeffrey), 2025. "Does stakeholder orientation mitigate shareholder-employee conflicts? Evidence from a quasi-natural experiment," Journal of Corporate Finance, Elsevier, vol. 91(C).
    67. Long, Huaigang & Tao, Cuixia & Yao, Zhongwei & Zhu, Yanjian, 2025. "Visible hands versus invisible hands: Default risk and stock price crashes in China," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    68. Chia, Yee-Ee & Lim, Kian-Ping & Goh, Kim-Leng, 2020. "Liquidity and firm value in an emerging market: Nonlinearity, political connections and corporate ownership," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
    69. Cheung, William Ming Yan & Im, Hyun Joong & Selvam, Srinivasan, 2023. "Stock liquidity and investment efficiency: Evidence from the split-share structure reform in China," Emerging Markets Review, Elsevier, vol. 56(C).
    70. Haoyi Yang & Shikong Luo, 2023. "A dark side to options trading? Evidence from corporate default risk," Review of Quantitative Finance and Accounting, Springer, vol. 60(2), pages 531-564, February.
    71. Ho, Kung-Cheng & Yen, Huang-Ping & Lu, Canyi & Lee, Shih-Cheng, 2023. "Does information disclosure and transparency ranking system prevent the default risk of a firm?," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1089-1105.
    72. Alessandro Zattoni & Emmanouil Dedoulis & Stergios Leventis & Hans Van Ees, 2020. "Corporate governance and institutions—A review and research agenda," Corporate Governance: An International Review, Wiley Blackwell, vol. 28(6), pages 465-487, November.
    73. Haibo Sun & Shuguang He & Nan Cheng & Zhonglu Liu, 2024. "Climate transition risk and enterprise default probability," Business Strategy and the Environment, Wiley Blackwell, vol. 33(8), pages 8929-8945, December.
    74. Wang, Yushi & Feng, Yuan & Zhu, Zhangyao & Liu, Jia & Li, Yubin, 2024. "Financial statement comparability and expected default risk," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    75. Fiorillo, Paolo & Meles, Antonio & Salerno, Dario & Verdoliva, Vincenzo, 2024. "Analyst coverage and default risk," International Review of Economics & Finance, Elsevier, vol. 94(C).
    76. Lutfi Abdul Razak & Mansor H. Ibrahim & Adam Ng, 2020. "Which Sustainability Dimensions Affect Credit Risk? Evidence from Corporate and Country-Level Measures," JRFM, MDPI, vol. 13(12), pages 1-22, December.
    77. Xiang, Youtao & Borjigin, Sumuya, 2025. "Hedge funds network and stock price crash risk," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
    78. Gatot Soepriyanto & Engkos Achmad Kuncoro & Arfian Erma Zudana & Livia Averine, 2022. "Does Executive Compensation Affect Accounting Irregularities? Evidence From Listed Firms in Indonesia," SAGE Open, , vol. 12(3), pages 21582440221, July.
    79. Hong Yang & Xujing Li & Meng Li, 2026. "ESG performance and corporate default risk: insights from investor perspectives," Risk Management, Palgrave Macmillan, vol. 28(1), pages 1-39, February.
    80. Xiaoling Tan & Jichang Zhao, 2020. "The illiquidity network of stocks in China's market crash," Papers 2004.01917, arXiv.org, revised Nov 2021.
    81. Lu, Chao & Yang, Meng & Xia, Xiaoxue, 2023. "Economic policy uncertainty and default risk: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 821-836.
    82. Malik, Ali K. & Colak, Gonul, 2025. "Twitter-based economic uncertainty and corporate bond credit spreads," Finance Research Letters, Elsevier, vol. 85(PE).
    83. Nguyen, Justin Hung & Qiu, Buhui, 2022. "Right-to-Work laws and corporate innovation," Journal of Corporate Finance, Elsevier, vol. 76(C).
    84. Roy, Suvra & Marshall, Ben R. & Nguyen, Hung T. & Visaltanachoti, Nuttawat, 2025. "Stock price crashes and systematic risk," Journal of Contemporary Accounting and Economics, Elsevier, vol. 21(3).
    85. Lingwen, Kong & Hanye, Gu & Runxiang, Xu & Yang, Zhiguo, 2025. "Firm-level perception of uncertainty and corporate default risk: Evidence from China’s listed firms," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 1082-1096.
    86. Agata Gniadkowska-Szymańska, 2022. "The liquidity of shares and the risk of bankruptcy," Bank i Kredyt, Narodowy Bank Polski, vol. 53(6), pages 565-586.
    87. Ballester, Laura & González-Urteaga, Ana & Martínez, Beatriz, 2020. "The role of internal corporate governance mechanisms on default risk: A systematic review for different institutional settings," Research in International Business and Finance, Elsevier, vol. 54(C).
    88. Nadarajah, Sivathaasan & Duong, Huu Nhan & Ali, Searat & Liu, Benjamin & Huang, Allen, 2021. "Stock liquidity and default risk around the world," Journal of Financial Markets, Elsevier, vol. 55(C).
    89. Sivathaasan Nadarajah & Muhammad Atif & Vincent Tawiah & Jia Liu & Geoffrey Wood, 2025. "Corruption and Default Risk: Global Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 52(3), pages 1604-1630, June.
    90. Ning Zhang & Lan Bo & Shulin Wang & Xuanqiao Wang, 2025. "Exploring Confucian Culture’s Impact on Corporate Debt Default Risk: An Ethical Decision-Making Approach," Journal of Business Ethics, Springer, vol. 198(2), pages 467-484, May.
    91. Hyeongjun Kim & Hoon Cho & Doojin Ryu, 2022. "Corporate Bankruptcy Prediction Using Machine Learning Methodologies with a Focus on Sequential Data," Computational Economics, Springer;Society for Computational Economics, vol. 59(3), pages 1231-1249, March.
    92. Chen, Jiayuan & Gong, Di & Muckley, Cal, 2020. "Stock market illiquidity, bargaining power and the cost of borrowing," Journal of Empirical Finance, Elsevier, vol. 58(C), pages 181-206.
    93. Qingxi Meng & Anting Zhang & Yi Yang & Linda H. Chen, 2026. "Digitalization of tax information and its impact on mitigating debt default risk – insights from overdue bank loans of publicly traded firms in China," Review of Quantitative Finance and Accounting, Springer, vol. 66(3), pages 1283-1329, April.
    94. Maria Afreen, 2020. "Building Vulnerability Predictive Indicator for the Banking Sector: Perspective of Bangladesh," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 9(3), pages 01-14, July.
    95. Amrit Judge & Khai Le & Kim Ly, 2026. "The Impact of Derivative Use on Default Probability Among Nonfinancial Firms: Evidence From European Firms," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 46(3), pages 562-581, March.
    96. Trinh, Hai Hong & Nguyen, Canh Phuc & Hao, Wei & Wongchoti, Udomsak, 2021. "Does stock liquidity affect bankruptcy risk? DID analysis from Vietnam," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
    97. Buhui Qiu & Gary Gang Tian & Haijian Zeng, 2022. "How Does Deleveraging Affect Funding Market Liquidity?," Management Science, INFORMS, vol. 68(6), pages 4568-4601, June.
    98. Nguyen, Harvey & Pham, Anh Viet & Pham, Man Duy (Marty) & Pham, Mia Hang, 2025. "Climate change and corporate credit worthiness: International evidence," Global Finance Journal, Elsevier, vol. 64(C).
    99. Liyun Zhou & Chunpeng Yang, 2019. "Differences in the effects of seller-initiated versus buyer-initiated crowded trades in stock markets," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(4), pages 859-890, December.
    100. Yezhou Sha & Ziwen Bu & Zilong Wang, 2023. "What drives the distress risk–return puzzle? A perspective on limits of arbitrage," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 3574-3592, October.
    101. Hoang Vu, Ngan & Dang, Ha V. & Nguyen, Hung T. & Pham, Mia Hang, 2025. "Upholding integrity: The influence of executives’ backgrounds on corporate information environment," Journal of Behavioral and Experimental Finance, Elsevier, vol. 46(C).
    102. Sun, Wenbin & Ding, Zhihua & Xu, Xiaobo & Cui, Kacie, 2020. "Internationalization and firm default risk: The roles of environmental dynamism and marketing capability," Journal of Business Research, Elsevier, vol. 121(C), pages 142-153.
    103. Li, WeiWei & Padmanabhan, Prasad & Huang, Chia-Hsing, 2026. "Do analysts and long-term institutional investors influence a firm's distress risks?," International Review of Economics & Finance, Elsevier, vol. 106(C).
    104. Ling, Chuanqi & Dong, Dayong & Yang, Jinyu & Cao, Jiawei, 2025. "In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    105. Tran, Thanh & Nguyen, Harvey & Pham, Mia Hang, 2025. "Do financial markets value corporate culture?," International Review of Financial Analysis, Elsevier, vol. 98(C).
    106. Marks, Joseph M. & Shang, Chenguang, 2024. "Business seasonality and stock liquidity," Journal of Financial Markets, Elsevier, vol. 67(C).
    107. Feng, Yuruo & Hao, Wei & Fang, Jiali & Wongchoti, Udomsak, 2024. "In the radiance of enlightenment: The influence of nontheistic religions on corporate default risk," Emerging Markets Review, Elsevier, vol. 60(C).
    108. Li, Dan & Xia, Ying, 2021. "Gauging the effects of stock liquidity on earnings management: Evidence from the SEC tick size pilot test," Journal of Corporate Finance, Elsevier, vol. 67(C).
    109. Arjoon, Vaalmikki & Bhatnagar, Chandra Shekhar & Ramlakhan, Prakash, 2020. "Herding in the Singapore stock Exchange," Journal of Economics and Business, Elsevier, vol. 109(C).
    110. Pham, Thu Phuong & Singh, Harminder & Vu, Van Hoang, 2023. "The impact of bank loan announcements on stock liquidity," MPRA Paper 116398, University Library of Munich, Germany.
    111. Wei, Zhi & Li, Shangpu & Huang, Yuzhe, 2026. "Public data openness and corporate default risk: Firm-Level evidence from an emerging market," Finance Research Letters, Elsevier, vol. 91(C).
    112. Gong, Di & Jiang, Tao & Li, Zhao & Wu, Weixing, 2022. "Optimal loan contracting under policy uncertainty: Theory and international evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
    113. Li, Yong & Han, Minghui & Faff, Robert & Zhang, Hao, 2022. "Foreign ownership and stock liquidity uncertainty," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    114. Spiropoulos, Helen & Zhao, Ruoyun, 2023. "Stock liquidity, cash flow sensitivity and the value of cash," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 1565-1581.
    115. Wei Zhang & Yi Li, 2023. "Liquidity risk and expected cryptocurrency returns," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 472-492, January.
    116. Lin, Chen & Yao, Wentao & Zou, Hong, 2026. "The real effects of tick-size adjustments: Evidence from the 2016 tick-size pilot," Journal of Corporate Finance, Elsevier, vol. 96(C).
    117. Nguyen, Harvey & Pham, Mia Hang & Vu, Van Hoang, 2025. "Executives’ early-life experience and corporate debt contracting: Evidence from CEO military experience," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 103(C).
    118. Qin Zhang & Jin Boon Wong, 2023. "The influence of oil price uncertainty on stock liquidity," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(2), pages 141-167, February.
    119. Haiwei Xu, 2026. "Development of the commercial paper market and corporate default risk," Risk Management, Palgrave Macmillan, vol. 28(2), pages 1-27, May.
    120. Shih, Yi-Cheng & Wang, Yao & Zhong, Rui & Ma, Yi-Ming, 2021. "Corporate environmental responsibility and default risk: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
    121. Ammad Ahmed & Muhammad Atif & Ernest Gyapong, 2021. "Boardroom gender diversity and CEO pay deviation: Australian evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(2), pages 3135-3170, June.
    122. Dang, Man & Puwanenthiren, Premkanth & Nguyen, Manh Toan & Hoang, Viet Anh & Mazur, Mieszko & Henry, Darren, 2022. "Does managerial tone matter for stock liquidity? Evidence from textual disclosures," Finance Research Letters, Elsevier, vol. 48(C).
    123. Nguyen, Harvey & Pham, Anh Viet & Pham, Man Duy (Marty) & Pham, Mia Hang, 2023. "Business resilience: Lessons from government responses to the global COVID-19 crisis," International Business Review, Elsevier, vol. 32(5).
    124. Atif, Muhammad & Huang, Allen & Liu, Benjamin, 2020. "The effect of say on pay on CEO compensation and spill-over effect on corporate cash holdings: Evidence from Australia," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
    125. Kathleen Petrie Fuller & Qun Wu & Serhat Yildiz, 2024. "Corporate debt policy and tax uncertainty," Review of Quantitative Finance and Accounting, Springer, vol. 62(1), pages 247-270, January.
    126. Bohua Wang & Xingchun Wang & Mengjie Zhao, 2025. "Valuing Vulnerable Basket Options with Stochastic Liquidity Risk in Reduced-form Models," Computational Economics, Springer;Society for Computational Economics, vol. 66(3), pages 2439-2455, September.
    127. Viet Anh Dang & Ning Gao & Tiancheng Yu, 2023. "Climate Policy Risk and Corporate Financial Decisions: Evidence from the NO x Budget Trading Program," Management Science, INFORMS, vol. 69(12), pages 7517-7539, December.
    128. Tianlun Fei & Xiaoquan Liu & Conghua Wen, 2023. "Forecasting stock return volatility: Realized volatility‐type or duration‐based estimators," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(7), pages 1594-1621, November.
    129. Vincent Tawiah & Abdulrasheed Zakari & Yan Wang, 2022. "Partisan political connections, ethnic tribalism, and firm performance," Review of Quantitative Finance and Accounting, Springer, vol. 58(4), pages 1331-1362, May.
    130. Rao, Lanlan & Zhou, Liyun, 2019. "Crash risk, institutional investors and stock returns," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    131. Hendijani Zadeh, Mohammad & Jalali, Zahra, 2024. "Do options trading activities affect underlying firms' asymmetric cost behavior?," Journal of Corporate Finance, Elsevier, vol. 88(C).
    132. Wang, Ziqiao & Zhang, Wei & Zhang, Xiaotao, 2024. "Sociopolitical activity and corporate default risk: Evidence from the targeted poverty alleviation program in China," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    133. Safiullah, Md & Phan, Dinh Hoang Bach & Nurul Kabir, Md., 2024. "Green innovation and corporate default risk," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 95(C).
    134. Paseda, Oluseun & Olowe, Rufus, 2018. "The Debt Maturity Structure of Nigerian Quoted Firms," MPRA Paper 117061, University Library of Munich, Germany, revised 30 Jun 2018.
    135. Chang, Jeffery (Jinfan) & Meng, Qingbin & Ni, Xiaoran, 2022. "A tale of riskiness: The real effects of share pledging on the Chinese stock market," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    136. Pham, Mia Hang, 2020. "In law we trust: Lawyer CEOs and stock liquidity," Journal of Financial Markets, Elsevier, vol. 50(C).
    137. Huang, Can & Huang, Hung-Yi & Ho, Kung-Cheng, 2024. "Media coverage and stock liquidity: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 665-682.
    138. Islam, Md Shahidul & Alam, Md Samsul & Bin Hasan, Shehub & Mollah, Sabur, 2022. "Firm-level political risk and distance-to-default," Journal of Financial Stability, Elsevier, vol. 63(C).
    139. Jun Xie & Junyi Chen, 2021. "Corporate philanthropy, public awareness, and the cost of equity capital: Evidence from China," Annals of Economics and Finance, Society for AEF, vol. 22(1), pages 153-194, May.
    140. Ho, Kung-Cheng & Lee, Shih-Cheng & Chen, Jiun-Lin, 2022. "Book-to-market equity and asset correlations—An international study," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 258-274.
    141. Chen, Zhenzhu & Li, Li & Tang, Yao, 2024. "Weather, credit, and economic fluctuations: Evidence from China," Journal of Economic Behavior & Organization, Elsevier, vol. 221(C), pages 406-422.
    142. Muchenje, Linda Tinofirei, 2025. "Stock liquidity and corporate climate performance: evidence from China," Journal of Financial Stability, Elsevier, vol. 77(C).
    143. (DJ) Fairhurst, Douglas & Liu, Yanguang & Ni, Xiaoran, 2020. "Employment protection and tax aggressiveness: Evidence from wrongful discharge laws," Journal of Banking & Finance, Elsevier, vol. 119(C).
    144. Min Bai, 2022. "Rollover restrictions and the maturity mismatch between investment and enterprise financing," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 3286-3300, December.
    145. Qin Zhang & Jin Boon Wong, 2022. "Do oil shocks impact stock liquidity?," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(3), pages 472-491, March.
    146. Do, Trung K. & Huang, Henry Hongren & Le, Anh-Tuan, 2023. "Customer concentration and stock liquidity," Journal of Banking & Finance, Elsevier, vol. 154(C).
    147. Ndubuisi Ezenwa & Svetlana Grigorieva, 2025. "Effect of target firms’ ESG rating on bid premiums in M&A deals," SN Business & Economics, Springer, vol. 5(12), pages 1-30, December.
    148. Ali, Searat & Liu, Benjamin & Su, Jen Je, 2018. "Does corporate governance quality affect default risk? The role of growth opportunities and stock liquidity," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 422-448.
    149. Shang, Yuping & Xiao, Zisheng & Nasim, Asma & Zhao, Xin, 2025. "Influence of ESG on corporate debt default risk: An analysis of the dual risk scenarios," Journal of International Money and Finance, Elsevier, vol. 151(C).
    150. Meng, Qingbin & Huang, Haozheng & Li, Xinyu & Wang, Song, 2023. "Short-selling and corporate default risk: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 398-417.
    151. Mia Hang Pham & Yulia Merkoulova & Chris Veld, 2023. "Credit risk assessment and executives’ legal expertise," Review of Accounting Studies, Springer, vol. 28(4), pages 2361-2400, December.
    152. Chowdhury, Hasibul & Malik, Ihtisham & Sun, Hui & Ali, Searat, 2026. "Natural disasters and corporate default risk," International Review of Economics & Finance, Elsevier, vol. 106(C).
    153. Marchetti, James & Tian, Xiao & Lee, Alex & Kalev, Petko S., 2025. "Who watches what and why it matters: Attention allocation, tug-of-war, and market resiliency: A pre-registered report," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    154. Muhammad Atif & Searat Ali, 2021. "Environmental, social and governance disclosure and default risk," Business Strategy and the Environment, Wiley Blackwell, vol. 30(8), pages 3937-3959, December.
    155. Liu, Guangqiang & Liu, Boyang, 2023. "How digital technology improves the high-quality development of enterprises and capital markets: A liquidity perspective," Finance Research Letters, Elsevier, vol. 53(C).
    156. Farooque, Omar Al & Baghdadi, Ghasan & Trinh, Hai Hong & Khandaker, Sarod, 2023. "Stock liquidity during COVID-19 crisis: A cross-country analysis of developed and emerging economies, and economic policy uncertainty," Emerging Markets Review, Elsevier, vol. 55(C).
    157. Xi Zhong & Liuyang Ren & Ge Ren, 2023. "Does performance persistence below aspirations affect firms' accounting information disclosure strategies? An empirical study based on reliability and comparability," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 32(3), pages 1060-1077, July.
    158. Stereńczak, Szymon & Kubiak, Jarosław, 2022. "Dividend policy and stock liquidity: Lessons from Central and Eastern Europe," Research in International Business and Finance, Elsevier, vol. 62(C).
    159. Muhammad Atif & Benjamin Liu & Sivathaasan Nadarajah, 2022. "The effect of corporate environmental, social and governance disclosure on cash holdings: Life‐cycle perspective," Business Strategy and the Environment, Wiley Blackwell, vol. 31(5), pages 2193-2212, July.
    160. Liu, Junrong & Deng, Guoying & Yan, Jingzhou & Ma, Shibo, 2025. "Does economic policy uncertainty matter to corporate default probability? findings from theoretic analyses and China’s listed firms," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
    161. Shen, Haomin & Cheng, Xiaoke & Ouyang, Caiyue & Li, Ya & Chan, Kam C., 2022. "Does share pledging affect firms' use of derivatives? Evidence from China," Emerging Markets Review, Elsevier, vol. 50(C).
    162. Ho, Kung-Cheng & Yen, Huang-Ping & Gu, Yan & Shi, Lisi, 2020. "Does societal trust make firms more trustworthy?," Emerging Markets Review, Elsevier, vol. 42(C).
    163. Cai, Xiangshang & Gao, Yang & Wu, Zhiting & Yuan, Jiayi, 2024. "Chief executive officer marital status and corporate credit ratings," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    164. Jia Liao & Yun Zhan & Yu Yuan, 2024. "Top management team stability and corporate default risk: The moderating effects of industry competition and strategic deviance," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(2), pages 809-827, March.
    165. Anthony Bellofatto & Marie-Hélène Broihanne & Catherine D’Hondt, 2025. "Financial knowledge acquisition and trading behavior: empirical evidence from an online information tool," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 39(1), pages 1-45, March.
    166. Balasingham Balachandran & Huu Nhan Duong & Tony van Zijl & Arfian Erma Zudana, 2023. "Does the threat of takeover affect default risk?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(9-10), pages 1572-1611, October.
    167. Ashton De Silva & Huu Nhan Duong & My Nguyen & Yen Ngoc Nguyen, 2023. "Bank risk in uncertain times: Do credit rationing and revenue diversification matter?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(7-8), pages 1240-1273, July.
    168. Wang, Xiaoqiong & Wei, Siqi, 2021. "Does the investment horizon of institutional investors matter for stock liquidity?," International Review of Financial Analysis, Elsevier, vol. 74(C).
    169. Huang, Xue & Wang, Zhibin, 2024. "Does minority shareholder activism impede corporate default risk? Evidence from China," Finance Research Letters, Elsevier, vol. 61(C).
    170. Geng, Huixia & Zhu, Hongbing & Lau, Wei Theng & Razak, Nazrul Hisyam Ab & Nor, Normaziah Mohd, 2024. "Exacerbate or alleviate? Impact of controlling shareholders' share pledging on over-investment," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    171. Wang, Jinbo & Ran, Maosheng & Huang, Qing & Li, Wanli, 2022. "Nationalization of private enterprises and default risk: Evidence from mixed-ownership reform in China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 534-553.
    172. Zhao, Lingling & Mollica, Vito & Shen, Yun & Liang, Qi, 2026. "Liquidity and default risk in China: The double-edged role of state ownership," Pacific-Basin Finance Journal, Elsevier, vol. 95(C).
    173. Armanious, Amir & Zhao, Ruoyun, 2024. "Stock liquidity effect on leverage: The role of debt security, financial constraint, and risk around the global financial crisis and Covid-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 92(C).
    174. Wenli Lu & Shengrong Lu, 2025. "China's Low Interest Rate Environment and Corporate Default Risk," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 33(6), pages 246-278, November.
    175. Lai, Xiaobing & Yue, Shujing & Guo, Chong & Zhang, Xinhe, 2023. "Does FinTech reduce corporate excess leverage? Evidence from China," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 281-299.
    176. Thakerngkiat, Narongdech & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2023. "Does fear spur default risk?," International Review of Economics & Finance, Elsevier, vol. 83(C), pages 879-899.
    177. Ji, Yu & Shi, Lina & Zhang, Shunming, 2022. "Digital finance and corporate bankruptcy risk: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 72(C).
    178. Eaton, Gregory W. & Irvine, Paul J. & Liu, Tingting, 2021. "Measuring institutional trading costs and the implications for finance research: The case of tick size reductions," Journal of Financial Economics, Elsevier, vol. 139(3), pages 832-851.
    179. Jenny Xinjiao Guan & Kangtao Ye & Shanshan Zhang & Xiao‐Jun Zhang, 2025. "Does International Financial Reporting Standards adoption improve or impede comparability? New evidence from Chinese dual‐class firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 52(2), pages 1025-1058, April.
    180. Amiraslani, Hami & Deller, Carolyn & Ittner, Christopher D. & Keusch, Thomas, 2025. "Board risk oversight and environmental and social performance," Journal of Accounting and Economics, Elsevier, vol. 79(2).
    181. Huang, Hung-Yi, 2025. "How do credit default swap spreads react to languages?," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
    182. Fu, Xi & Zhang, Zhifang, 2019. "CFO cultural background and stock price crash risk," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 62(C), pages 74-93.
    183. Li-Su Huang, 2022. "Directors and officers liability insurance and default risk," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(2), pages 375-408, April.
    184. Habibi Khalaj, Ali & Halgamuge, Saman K., 2017. "A Review on efficient thermal management of air- and liquid-cooled data centers: From chip to the cooling system," Applied Energy, Elsevier, vol. 205(C), pages 1165-1188.
    185. Yunsen Chen & Jianqiao Huang & Xiao Li & Qingbo Yuan, 2022. "Does stock market liberalization improve stock price efficiency? Evidence from China," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1175-1210, July.
    186. Luo, Deming & Yao, Zhongwei & Zhu, Yanjian, 2022. "Bubble-crash experience and investment styles of mutual fund managers," Journal of Corporate Finance, Elsevier, vol. 76(C).
    187. Dinh, Dung V. & Powell, Robert J. & Vo, Duc H., 2021. "Forecasting corporate financial distress in the Southeast Asian countries: A market-based approach," Journal of Asian Economics, Elsevier, vol. 74(C).
    188. Mirza, Nawazish & Rahat, Birjees & Naqvi, Bushra & Rizvi, Syed Kumail Abbas, 2023. "Impact of Covid-19 on corporate solvency and possible policy responses in the EU," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 181-190.
    189. Kabir, Md Nurul & Rahman, Sohanur & Rahman, Md Arifur & Anwar, Mumtaheena, 2021. "Carbon emissions and default risk: International evidence from firm-level data," Economic Modelling, Elsevier, vol. 103(C).
    190. Hyun Joong Im & Thomas Noe & William Cheung, 2026. "Liquidity, Information Production, and Corporate Financing Decisions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 53(1), pages 487-524, February.
    191. Ni, Xiaoran & Song, Wei & Yao, Jiaquan, 2020. "Stakeholder orientation and corporate payout policy: Insights from state legal shocks," Journal of Banking & Finance, Elsevier, vol. 121(C).
    192. Mehmet Celiktas & Mine Ugurlu & Neslihan Yilmaz, 2025. "Corporate governance, blockholders, and financial distress: Global evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(2), pages 1347-1398, June.
    193. Shang, Chenguang, 2020. "Trade credit and stock liquidity," Journal of Corporate Finance, Elsevier, vol. 62(C).
    194. Zhang, Lin & Sok, Sinmyong, 2025. "The impact of government open data platform construction on corporate capital market performance: Evidence from stock liquidity," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    195. Shen, Carl Hsin-han & Zhang, Hao, 2020. "What's good for you is good for me: The effect of CEO inside debt on the cost of equity," Journal of Corporate Finance, Elsevier, vol. 64(C).

  16. Brogaard, Jonathan & Hendershott, Terrence & Riordan, Ryan, 2017. "High frequency trading and the 2008 short-sale ban," Journal of Financial Economics, Elsevier, vol. 124(1), pages 22-42.

    Cited by:

    1. Mestel, Roland & Murg, Michael & Theissen, Erik, 2018. "Algorithmic trading and liquidity: Long term evidence from Austria," Finance Research Letters, Elsevier, vol. 26(C), pages 198-203.
    2. Arumugam, Devika, 2023. "Algorithmic trading: Intraday profitability and trading behavior," Economic Modelling, Elsevier, vol. 128(C).
    3. Bae, Kyoung-Hun & Dixon, Peter & Lee, Eun-Jung, 2025. "Large trade anticipation," The Quarterly Review of Economics and Finance, Elsevier, vol. 104(C).
    4. Kemme, David M. & McInish, Thomas H. & Zhang, Jiang, 2022. "Market fairness and efficiency: Evidence from the Tokyo Stock Exchange," Journal of Banking & Finance, Elsevier, vol. 134(C).
    5. Yang, Haijun & Xue, Feng, 2021. "Analysis of stock market volatility: Adjusted VPIN with high-frequency data," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 210-222.
    6. Félez-Viñas, Ester, 2026. "When protection backfires: How short selling bans weaken market resiliency," Finance Research Letters, Elsevier, vol. 87(C).
    7. Nathalie Oriol & Iryna Veryzhenko, 2019. "Market structure or traders' behavior? A multi agent model to assess flash crash phenomena and their regulation," Post-Print halshs-01984442, HAL.
    8. Yang, Haijun & Ge, Hengshun & Luo, Ying, 2020. "The optimal bid-ask price strategies of high-frequency trading and the effect on market liquidity," Research in International Business and Finance, Elsevier, vol. 53(C).
    9. Peter N Dixon, 2021. "Why Do Short Selling Bans Increase Adverse Selection and Decrease Price Efficiency? [The market for ‘lemons’: Quality uncertainty and the market mechanism]," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 11(1), pages 122-168.
    10. Goudarzi, Mostafa & Bazzana, Flavio, 2023. "Identification of high-frequency trading: A machine learning approach," Research in International Business and Finance, Elsevier, vol. 66(C).
    11. Yamani, Ehab, 2023. "Return–volume nexus in financial markets: A survey of research," Research in International Business and Finance, Elsevier, vol. 65(C).
    12. Chen, Kejing & Jiang, Lin & Kang, Yanling & Yang, Mo & Zhen, Jiahua, 2024. "Blockholder exit threats and excess executive perks," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 80-97.
    13. Ya‐Kai Chang & Robin K. Chou, 2022. "Algorithmic trading and market quality: Evidence from the Taiwan index futures market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(10), pages 1837-1855, October.
    14. Seungho Lee, 2022. "The COVID-19 pandemic, short-sale ban, and market efficiency: empirical evidence from the European equity markets," Journal of Asset Management, Palgrave Macmillan, vol. 23(2), pages 156-171, March.
    15. Kang, Jongho & Kang, Jangkoo & Kwon, Kyung Yoon, 2022. "Market versus limit orders of speculative high-frequency traders and price discovery," Research in International Business and Finance, Elsevier, vol. 63(C).
    16. Christophe Desagre & Floris Laly & Mikael Petitjean, 2025. "Revisiting the trading activity of high-frequency trading firms around ultra-fast flash events," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-37, December.
    17. Rif, Alexandru & Utz, Sebastian, 2021. "Short-term stock price reversals after extreme downward price movements," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 123-133.
    18. Hautsch, Nikolaus & Noé, Michael & Zhang, S. Sarah, 2017. "The ambivalent role of high-frequency trading in turbulent market periods," CFS Working Paper Series 580, Center for Financial Studies (CFS).
    19. Nilabhra Bhattacharya & Bidisha Chakrabarty & Xu (Frank) Wang, 2020. "High-frequency traders and price informativeness during earnings announcements," Review of Accounting Studies, Springer, vol. 25(3), pages 1156-1199, September.
    20. Qixuan Luo & Yu Shi & Xuan Zhou & Handong Li, 2021. "Research on the Effects of Institutional Liquidation Strategies on the Market Based on Multi-agent Model," Computational Economics, Springer;Society for Computational Economics, vol. 58(4), pages 1025-1049, December.
    21. Aït-Sahalia, Yacine & Brunetti, Celso, 2020. "High frequency traders and the price process," Journal of Econometrics, Elsevier, vol. 217(1), pages 20-45.
    22. Ekinci, Cumhur & Ersan, Oğuz, 2022. "High-frequency trading and market quality: The case of a “slightly exposed” market," International Review of Financial Analysis, Elsevier, vol. 79(C).
    23. Yensen Ni, 2024. "Navigating Energy and Financial Markets: A Review of Technical Analysis Used and Further Investigation from Various Perspectives," Energies, MDPI, vol. 17(12), pages 1-22, June.
    24. Arumugam, Devika & Krishna Prasanna, P., 2021. "Commonality and contrarian trading among algorithmic traders," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    25. Eaton, Gregory W. & Green, T. Clifton & Roseman, Brian S. & Wu, Yanbin, 2022. "Retail trader sophistication and stock market quality: Evidence from brokerage outages," Journal of Financial Economics, Elsevier, vol. 146(2), pages 502-528.
    26. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).
    27. Xiaoman, Jin & Qing, Li & Jun, Wang & Jingmei, Zhao, 2023. "Voice or noise? Repetitive information and stock performance," Finance Research Letters, Elsevier, vol. 52(C).
    28. Chakrabarty, Bidisha & Moulton, Pamela C. & Pascual, Roberto, 2017. "Trading system upgrades and short-sale bans: Uncoupling the effects of technology and regulation," Journal of Empirical Finance, Elsevier, vol. 43(C), pages 74-90.
    29. Jing Nie & Juliana Malagon & Julian Williams, 2022. "The impact of high speed quoting on execution risk dynamics: Evidence from interest rate futures markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(8), pages 1434-1465, August.
    30. Luong, Phat V. & Sopranzetti, Ben, 2022. "Commodity markets intervention: Consequences of speculation, and informed trading," Journal of Commodity Markets, Elsevier, vol. 26(C).
    31. Ravi Kashyap, 2019. "Imitation in the Imitation Game," Papers 1911.06893, arXiv.org.
    32. John Coughlan & Alexei G. Orlov, 2023. "High‐frequency trading and market quality: Evidence from account‐level futures data," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 43(8), pages 1126-1160, August.

  17. Jonathan Brogaard & Andrew Detzel, 2015. "The Asset-Pricing Implications of Government Economic Policy Uncertainty," Management Science, INFORMS, vol. 61(1), pages 3-18, January.

    Cited by:

    1. Thanh Huu Phu Nguyen & Ho Hoang Gia Bao & Hoang Phong Le, 2025. "US economic and political instability and vietnamese stock returns: the roles of firm size and government ownership," Cogent Economics & Finance, Taylor & Francis Journals, vol. 13(1), pages 2584624-258, December.
    2. Mohsen Bahmani-Oskooee & Sujata Saha, 2019. "On the effects of policy uncertainty on stock prices," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 43(4), pages 764-778, October.
    3. Bijoy Chandra Das & Fakhrul Hasan & Soma Rani Sutradhar, 2024. "The impact of economic policy uncertainty and inflation risk on corporate cash holdings," Review of Quantitative Finance and Accounting, Springer, vol. 62(3), pages 865-887, April.
    4. Bakhtiar Javaheri & Fateh habibi & Ramin Amani, 2022. "Economic policy uncertainty and the US stock market trading: non-ARDL evidence," Future Business Journal, Springer, vol. 8(1), pages 1-10, December.
    5. Pringpong, Sasin & Maneenop, Sakkakom & Jaroenjitrkam, Anutchanat, 2023. "Geopolitical risk and firm value: Evidence from emerging markets," The North American Journal of Economics and Finance, Elsevier, vol. 68(C).
    6. Hamza Almustafa & Imad Jabbouri & Ploypailin Kijkasiwat, 2023. "Economic Policy Uncertainty, Financial Leverage, and Corporate Investment: Evidence from U.S. Firms," Economies, MDPI, vol. 11(2), pages 1-19, January.
    7. Mehmet Balcilar & Rangan Gupta & Clement Kyei & Mark E. Wohar, 2016. "Does Economic Policy Uncertainty Predict Exchange Rate Returns and Volatility? Evidence from a Nonparametric Causality-in-Quantiles Test," Open Economies Review, Springer, vol. 27(2), pages 229-250, April.
    8. Duca, John V. & Saving, Jason L., 2018. "What drives economic policy uncertainty in the long and short runs: European and U.S. evidence over several decades," Journal of Macroeconomics, Elsevier, vol. 55(C), pages 128-145.
    9. Chen, Min & Zhu, Zhaobo & Han, Peiwen & Chen, Bo & Liu, Jia, 2022. "Economic policy uncertainty and analyst behaviours: Evidence from the United Kingdom," International Review of Financial Analysis, Elsevier, vol. 79(C).
    10. Ali, Sara & Badshah, Ihsan & Demirer, Riza & Hegde, Prasad, 2022. "Economic policy uncertainty and institutional investment returns: The case of New Zealand," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    11. Byomakesh Debata & Jitendra Mahakud, 2018. "Economic policy uncertainty and stock market liquidity," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 10(1), pages 112-135, April.
    12. Gizem Uzuner & Sudeshna Ghosh, 2021. "Do pandemics have an asymmetric effect on tourism in Italy?," Quality & Quantity: International Journal of Methodology, Springer, vol. 55(5), pages 1561-1579, October.
    13. Zhu, Zhaobo & Lin, Hang & Chen, Min & Han, Peiwen, 2023. "The spillover effect of economic policy uncertainty: Evidence from analyst behaviors in Hong Kong," Finance Research Letters, Elsevier, vol. 52(C).
    14. Freire, Gustavo, 2021. "Tail risk and investors’ concerns: Evidence from Brazil," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    15. Christou, Christina & Gupta, Rangan, 2020. "Forecasting equity premium in a panel of OECD countries: The role of economic policy uncertainty," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 243-248.
    16. Bush, Georgia & López Noria, Gabriela, 2021. "Uncertainty and exchange rate volatility: Evidence from Mexico," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 704-722.
    17. Zhang, Jiaming & Xiang, Yitian & Zou, Yang & Guo, Songlin, 2024. "Volatility forecasting of Chinese energy market: Which uncertainty have better performance?," International Review of Financial Analysis, Elsevier, vol. 91(C).
    18. Kamal, Javed Bin & Wohar, Mark & Kamal, Khaled Bin, 2022. "Do gold, oil, equities, and currencies hedge economic policy uncertainty and geopolitical risks during covid crisis?," Resources Policy, Elsevier, vol. 78(C).
    19. Syeda Beena Zaidi & Abidullah Khan & Shabeer Khan & Mohd Ziaur Rehman & Wadi B. Alonazi & Abul Ala Noman, 2023. "Connectedness between Pakistan’s Stock Markets with Global Factors: An Application of Quantile VAR Network Model," Mathematics, MDPI, vol. 11(19), pages 1-17, October.
    20. Andreas A. Papandreou, 2019. "Stranded assets and the financial system," Working Papers 272, Bank of Greece.
    21. Basher, Syed Abul & Haug, Alfred A. & Sadorsky, Perry, 2019. "The impact of economic policy uncertainty and commodity prices on CARB country stock market volatility," MPRA Paper 96577, University Library of Munich, Germany.
    22. Wang, Yudong & Hao, Xianfeng & Wu, Chongfeng, 2021. "Forecasting stock returns: A time-dependent weighted least squares approach," Journal of Financial Markets, Elsevier, vol. 53(C).
    23. Amélie Charles & Olivier Darné & Jae H. Kim, 2022. "Stock return predictability: Evaluation based on interval forecasts," Bulletin of Economic Research, Wiley Blackwell, vol. 74(2), pages 363-385, April.
    24. Refk Selmi & Jamal Bouoiyour, 2020. "The financial costs of political uncertainty: Evidence from the 2016 US presidential elections," Scottish Journal of Political Economy, Scottish Economic Society, vol. 67(2), pages 166-185, May.
    25. Xu, Yongan & Li, Ming & Yan, Wen & Bai, Jiancheng, 2022. "Predictability of the renewable energy market returns: The informational gains from the climate policy uncertainty," Resources Policy, Elsevier, vol. 79(C).
    26. Doriana Cucinelli & Vincenzo Farina & Paola Schwizer & Maria Gaia Soana, 2021. "Better the Devil You Know: The Impact of Brexit Political Uncertainty on European Financial Markets," International Journal of Business and Management, Canadian Center of Science and Education, vol. 15(6), pages 1-62, July.
    27. Godil, Danish Iqbal & Sarwat, Salman & Sharif, Arshian & Jermsittiparsert, Kittisak, 2020. "How oil prices, gold prices, uncertainty and risk impact Islamic and conventional stocks? Empirical evidence from QARDL technique," Resources Policy, Elsevier, vol. 66(C).
    28. Ma, Huanyu & Hao, Dapeng, 2022. "Economic policy uncertainty, financial development, and financial constraints: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 368-386.
    29. Assaf, Ata & Charif, Husni & Mokni, Khaled, 2021. "Dynamic connectedness between uncertainty and energy markets: Do investor sentiments matter?," Resources Policy, Elsevier, vol. 72(C).
    30. Deshuai Hou & Luhan Shi & Hong He & Jian Xiong, 2023. "Research on the Deviation of Corporate Green Behaviour under Economic Policy Uncertainty Based on the Perspective of Green Technology Innovation in Chinese Listed Companies," Sustainability, MDPI, vol. 15(9), pages 1-27, May.
    31. Tan, Xueping & Zhong, Yiran & Vivian, Andrew & Geng, Yong & Wang, Ziyi & Zhao, Difei, 2024. "Towards an era of multi-source uncertainty: A systematic and bibliometric analysis," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    32. Daniel O. Beltran & Deepa Dhume Datta & Thiago Revil T. Ferreira & Matteo Iacoviello & Mohammad Jahan-Parvar & Canlin Li & Juan M. Londono & Marius del Giudice Rodriguez & John H. Rogers & Bo Sun, 2017. "Taxonomy of Global Risk, Uncertainty, and Volatility Measures," International Finance Discussion Papers 1216, Board of Governors of the Federal Reserve System (U.S.).
    33. Christina Christou & Rangan Gupta & Christis Hassapis, 2016. "Does Economic Policy Uncertainty Forecast Real Housing Returns in a Panel of OECD Countries? A Bayesian Approach," Working Papers 201637, University of Pretoria, Department of Economics.
    34. Karim Iddouch & Sara Loukili, 2026. "Geopolitical risk and global banking stability: the role of financial architecture, institutional quality, and regional integration," Journal of Banking Regulation, Palgrave Macmillan, vol. 27(3), pages 1-25, September.
    35. Saeed, Tareq & Bouri, Elie & Alsulami, Hamed, 2021. "Extreme return connectedness and its determinants between clean/green and dirty energy investments," Energy Economics, Elsevier, vol. 96(C).
    36. Elie Bouri & Tom L. Dudda & Lavinia Rognone & Thomas Walther, 2025. "Climate risk and the nexus of clean energy and technology stocks," Annals of Operations Research, Springer, vol. 347(1), pages 445-469, April.
    37. Jamal Bouoiyour & Refk Selmi, 2016. "The Price of Political Uncertainty: Evidence from the 2016 U.S. Presidential Election and the U.S. Stock Markets," Papers 1612.06200, arXiv.org, revised Mar 2017.
    38. Amritkant MISHRA, 2024. "Do Economic Policy Uncertainty Have Ramifications On Inflation And Stock Market Performance? Evidence From Global Framework," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 19(3), pages 172-190, December.
    39. Zhao, Yan & Su, Kun, 2022. "Economic policy uncertainty and corporate financialization: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).
    40. Babaei, Hamid & Hübner, Georges & Muller, Aline, 2023. "The effects of uncertainty on the dynamics of stock market interdependence: Evidence from the time-varying cointegration of the G7 stock markets," Journal of International Money and Finance, Elsevier, vol. 139(C).
    41. Jeffrey Ng & Walid Saffar & Janus Jian Zhang, 2020. "Policy uncertainty and loan loss provisions in the banking industry," Review of Accounting Studies, Springer, vol. 25(2), pages 726-777, June.
    42. Yang, Jianlei & Yang, Chunpeng, 2021. "Economic policy uncertainty, COVID-19 lockdown, and firm-level volatility: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
    43. Joëlle Noailly ; Laura Nowzohour; Matthias van den Heuvel, 2022. "Does Environmental Policy Uncertainty Hinder Investments Towards a Low-Carbon Economy?," CIES Research Paper series 74-2022, Centre for International Environmental Studies, The Graduate Institute.
    44. Smimou, K. & Bosch, D. & Filbeck, G., 2024. "Commodities and Policy Uncertainty Channel(s)," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 351-379.
    45. Shabir, Mohsin & Jiang, Ping & Shahab, Yasir & Wang, Peng, 2023. "Geopolitical, economic uncertainty and bank risk: Do CEO power and board strength matter?," International Review of Financial Analysis, Elsevier, vol. 87(C).
    46. Karanasos, M. & Yfanti, S., 2021. "On the Economic fundamentals behind the Dynamic Equicorrelations among Asset classes: Global evidence from Equities, Real estate, and Commodities," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    47. Abir ABID & Christophe RAULT, 2020. "On the Exchange Rates Volatility and Economic Policy Uncertainty Nexus: A Panel VAR Approach for Emerging Markets," LEO Working Papers / DR LEO 2894, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    48. Liu, Hongkui & Yu, Jiasheng & Tang, Guohao & Chen, Jian, 2025. "External trade policy uncertainty, corporate risk exposure, and stock market volatility," China Economic Review, Elsevier, vol. 89(C).
    49. Fedorova, Elena & Ledyaeva, Svetlana & Drogovoz, Pavel & Nevredinov, Alexandr, 2022. "Economic policy uncertainty and bankruptcy filings," International Review of Financial Analysis, Elsevier, vol. 82(C).
    50. Li, Wanli & Su, Yueying & Wang, Kaixiu, 2022. "How does economic policy uncertainty affect cross-border M&A: Evidence from Chinese firms," Emerging Markets Review, Elsevier, vol. 52(C).
    51. Qian, Binsheng & Tan, Yusen & Power, Gabriel & Mandal, Anandadeep, 2025. "Economic policy uncertainty, information production, and transparency," International Review of Financial Analysis, Elsevier, vol. 103(C).
    52. Hao, Xianfeng & Wang, Yudong & Wu, Chongfeng & Wu, Liangyu, 2024. "Oil information uncertainty and aggregate market returns: A natural experiment based on satellite data," Journal of Financial Markets, Elsevier, vol. 70(C).
    53. Ko, Jun-Hyung & Lee, Chang-Min, 2015. "International economic policy uncertainty and stock prices: Wavelet approach," Economics Letters, Elsevier, vol. 134(C), pages 118-122.
    54. Hodula, Martin & Škrabić Perić, Blanka & Sorić, Petar, 2023. "Economic uncertainty and non-bank financial intermediation: Evidence from a European panel," Finance Research Letters, Elsevier, vol. 53(C).
    55. Pham, Anh Viet, 2019. "Political risk and cost of equity: The mediating role of political connections," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 64-87.
    56. Kotcharin, Suntichai & Maneenop, Sakkakom, 2020. "Geopolitical risk and corporate cash holdings in the shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 136(C).
    57. Zhang, Yaojie & Zhao, Xinyi & Zhang, Zhikai, 2025. "Financial regulatory policy uncertainty: An informative predictor for financial industry stock returns," The North American Journal of Economics and Finance, Elsevier, vol. 75(PB).
    58. Wang, Qi & Xiong, Xiong & Yang, Zhuoyi & An, Yahui & Feng, Xu, 2024. "Attention of women's liberation and investor herding behavior," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 520-544.
    59. Wang, Liyao, 2024. "Partisan conflict and corporate credit spreads: The role of political connection," Journal of Corporate Finance, Elsevier, vol. 84(C).
    60. Tayyaba Ahsan & Krystian Zawadzki & Mubashir Khan, 2024. "Cryptocurrencies as a Speculative Asset: How Much Uncertainty is Included in Cryptocurrency Price?," SAGE Open, , vol. 14(2), pages 21582440241, June.
    61. François, Abel & Panel, Sophie & Weill, Laurent, 2020. "Educated dictators attract more foreign direct investment," Journal of Comparative Economics, Elsevier, vol. 48(1), pages 37-55.
    62. Fang, Libing & Yu, Honghai & Li, Lei, 2017. "The effect of economic policy uncertainty on the long-term correlation between U.S. stock and bond markets," Economic Modelling, Elsevier, vol. 66(C), pages 139-145.
    63. Wang, Xiaoxiao & Zhang, Xueyong, 2024. "Bank affiliation and timing ability of mutual funds: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 163(C).
    64. Jessica Paule-Vianez & Júlio Lobão & Raúl Gómez-Martínez & Camilo Prado-Román, 2021. "Momentum strategies in times of economic policy uncertainty," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 13(3), pages 285-300, April.
    65. Bonaime, Alice & Gulen, Huseyin & Ion, Mihai, 2018. "Does policy uncertainty affect mergers and acquisitions?," Journal of Financial Economics, Elsevier, vol. 129(3), pages 531-558.
    66. Salzmann, Leonard, 2020. "The Impact of Uncertainty and Financial Shocks in Recessions and Booms," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224588, Verein für Socialpolitik / German Economic Association.
    67. Quang Nguyen & Trang Kim & Marina Papanastassiou, 2018. "Policy uncertainty, derivatives use, and firm-level FDI," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(1), pages 96-126, January.
    68. Vural-Yavaş, Çiğdem, 2020. "Corporate risk-taking in developed countries: The influence of economic policy uncertainty and macroeconomic conditions," Journal of Multinational Financial Management, Elsevier, vol. 54(C).
    69. Trung, Nguyen Ba, 2019. "The spillover effects of US economic policy uncertainty on the global economy: A global VAR approach," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 90-110.
    70. Zeng, Qing & Lu, Xinjie & Dong, Dayong & Li, Pan, 2022. "Category-specific EPU indices, macroeconomic variables and stock market return predictability," International Review of Financial Analysis, Elsevier, vol. 84(C).
    71. Nguyen, Duc Nguyen & Nguyen, Canh Phuc & Dang, Le Phuong Xuan, 2022. "Uncertainty and corporate default risk: Novel evidence from emerging markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).
    72. Nonejad, Nima, 2021. "Predicting equity premium using news-based economic policy uncertainty: Not all uncertainty changes are equally important," International Review of Financial Analysis, Elsevier, vol. 77(C).
    73. Haibo Wang & Jun Huang & Lutfu S Sua & Jaime Ortiz & Jinshyang Roan & Bahram Alidaee, 2026. "Dynamic Risk in the U.S. Banking System: An Analysis of Sentiment, Policy Shocks, and Spillover Effects," Papers 2601.01783, arXiv.org.
    74. Ding, Na & Feng, Panpan & Liu, Jianjun & Ren, Zhaoyue & Zhang, Xueyong, 2025. "Economic policy uncertainty and covenants in venture capital contracts," Journal of Banking & Finance, Elsevier, vol. 181(C).
    75. Tsung-Pao Wu & Shu-Bing Liu & Shun-Jen Hsueh, 2016. "The Causal Relationship between Economic Policy Uncertainty and Stock Market: A Panel Data Analysis," International Economic Journal, Taylor & Francis Journals, vol. 30(1), pages 109-122, March.
    76. Han, Yingwei & Li, Jie, 2023. "The impact of global economic policy uncertainty on portfolio optimization: A Black–Litterman approach," International Review of Financial Analysis, Elsevier, vol. 86(C).
    77. Rabeh Khalfaoui & Sami Ben Jabeur & Shawkat Hammoudeh & Wissal Ben Arfi, 2025. "The role of political risk, uncertainty, and crude oil in predicting stock markets: evidence from the UAE economy," Annals of Operations Research, Springer, vol. 345(2), pages 1105-1135, February.
    78. Wang, Ningli & You, Wanhai, 2023. "New insights into the role of global factors in BRICS stock markets: A quantile cointegration approach," Economic Systems, Elsevier, vol. 47(2).
    79. Cem Işık & Ercan Sirakaya-Turk & Serdar Ongan, 2020. "Testing the efficacy of the economic policy uncertainty index on tourism demand in USMCA: Theory and evidence," Tourism Economics, , vol. 26(8), pages 1344-1357, December.
    80. Chan, Yue-Cheong & Saffar, Walid & Wei, K.C. John, 2021. "How economic policy uncertainty affects the cost of raising equity capital: Evidence from seasoned equity offerings," Journal of Financial Stability, Elsevier, vol. 53(C).
    81. Tat Dat Bui & Mohd Helmi Ali & Feng Ming Tsai & Mohammad Iranmanesh & Ming-Lang Tseng & Ming K Lim, 2020. "Challenges and Trends in Sustainable Corporate Finance: A Bibliometric Systematic Review," JRFM, MDPI, vol. 13(11), pages 1-26, October.
    82. Caixe, Daniel Ferreira, 2022. "Corporate governance and investment sensitivity to policy uncertainty in Brazil," Emerging Markets Review, Elsevier, vol. 51(PB).
    83. Badar Nadeem Ashraf, 2021. "Is Economic Uncertainty a Risk Factor in Bank Loan Pricing Decisions? International Evidence," Risks, MDPI, vol. 9(5), pages 1-17, April.
    84. He, Mengxi & Zhang, Yaojie, 2022. "Climate policy uncertainty and the stock return predictability of the oil industry," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    85. Li, Kun, 2018. "Reaction to news in the Chinese stock market: A study on Xiong’an New Area Strategy," Journal of Behavioral and Experimental Finance, Elsevier, vol. 19(C), pages 36-38.
    86. Huang, Zishan & Zhu, Huiming & Deng, Xi & Zeng, Tian, 2024. "Time-frequency tail risk spillover between ESG climate and high-carbon assets: The role of economic policy uncertainty and financial Stress," Finance Research Letters, Elsevier, vol. 67(PA).
    87. Scott R. Baker & Nicholas Bloom & Steven J. Davis & Marco Sammon, 2021. "What triggers stock market jumps?," POID Working Papers 010, Centre for Economic Performance, LSE.
    88. Christou, Christina & Gupta, Rangan & Jawadi, Fredj, 2021. "Does inequality help in forecasting equity premium in a panel of G7 countries?," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    89. Dung Viet Tran, 2020. "Economic policy uncertainty and bank dividend policy," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 67(3), pages 339-361, September.
    90. Joseph Chukwudi Odionye & Ethelbert Ukachukwu Ojiaku & Ndubuisi Agoh & Chikeziem F. Okorontah & Roy M. Okpara & Callistus Ogu, 2024. "Economic policy uncertainty and equity index in sub-Saharan African (SSA) countries: accounting for multiple structural breaks in a panel framework," SN Business & Economics, Springer, vol. 4(6), pages 1-30, June.
    91. Amélie Charles & Olivier Darné & Jae H. Kim, 2016. "Stock Return Predictability: Evaluation based on prediction intervals," Working Papers hal-01295037, HAL.
    92. Christos Floros & Emilios Galariotis & Konstantinos Gkillas & Efstathios Magerakis & Constantin Zopounidis, 2024. "Time-varying firm cash holding and economic policy uncertainty nexus: a quantile regression approach," Annals of Operations Research, Springer, vol. 341(2), pages 859-895, October.
    93. Jiang, Yong & Al-Nassar, Nassar S. & Ren, Yi-Shuai & Ma, Chao-Qun & Yang, Xiao-Guang, 2024. "Tail connectedness between category-specific policy uncertainty, sovereign debt risk, and stock volatility during a high inflation period," Research in International Business and Finance, Elsevier, vol. 70(PB).
    94. Sha, Yezhou & Kang, Chenlei & Wang, Zilong, 2020. "Economic policy uncertainty and mergers and acquisitions: Evidence from China," Economic Modelling, Elsevier, vol. 89(C), pages 590-600.
    95. Peng, Daoju & Colak, Gonul & Shen, Jianfu, 2023. "Lean against the wind: The effect of policy uncertainty on a firm's corporate social responsibility strategy," Journal of Corporate Finance, Elsevier, vol. 79(C).
    96. Attig, Najah & Driss, Hamdi & El Ghoul, Sadok, 2021. "Credit ratings quality in uncertain times," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    97. Duong, Huu Nhan & Nguyen, Justin Hung & Nguyen, My & Rhee, S. Ghon, 2020. "Navigating through economic policy uncertainty: The role of corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 62(C).
    98. Sammy G. Muriithi & Bruce A. Walters & William R. McCumber & Luis R. Robles, 2022. "Managerial entrenchment and corporate social responsibility engagement: the role of economic policy uncertainty," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(2), pages 621-640, June.
    99. Saumya Ranjan Dash & Debasish Maitra & Byomakesh Debata & Jitendra Mahakud, 2021. "Economic policy uncertainty and stock market liquidity: Evidence from G7 countries," International Review of Finance, International Review of Finance Ltd., vol. 21(2), pages 611-626, June.
    100. Nourhaine Nefzi & Abir Abid, 2025. "Economic uncertainty and exchange rates linkage revisited: modelling tail dependence with high frequency data," Papers 2511.05315, arXiv.org.
    101. Lei, Adrian C.H. & Song, Chen, 2022. "Economic policy uncertainty and stock market activity: Evidence from China," Global Finance Journal, Elsevier, vol. 52(C).
    102. Naveed Khan & Hassan Zada & Ozair Siddiqui & Ehsan Ullah, 2025. "Sectoral Response to Economic Policy Uncertainty in Japan: An Empirical Evidence from the Cross-Quantilogram Approach," Computational Economics, Springer;Society for Computational Economics, vol. 66(6), pages 4727-4762, December.
    103. Jamal Bouoiyour & Refk Selmi, 2016. "Are UK industries resilient in dealing with uncertainty? The case of Brexit," Working papers of CATT hal-01880322, HAL.
    104. Białkowski, Jędrzej & Dang, Huong Dieu & Wei, Xiaopeng, 2022. "High policy uncertainty and low implied market volatility: An academic puzzle?," Journal of Financial Economics, Elsevier, vol. 143(3), pages 1185-1208.
    105. Bianconi, Marcelo & Esposito, Federico & Sammon, Marco, 2021. "Trade policy uncertainty and stock returns," Journal of International Money and Finance, Elsevier, vol. 119(C).
    106. Wildmer Daniel Gregori & Wildmer Agnese Sacchi, 2016. "Has the Grexit news spilled over into euro area financial markets? The role of domestic political leaders, supranational executives and institutions," Mo.Fi.R. Working Papers 134, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    107. Wong, Jin Boon & Zhang, Qin, 2025. "The impact of political risks on carbon emissions," Energy Economics, Elsevier, vol. 141(C).
    108. Syed Hassan & Sarosh Shabi & Taufiq Choudhry, 2018. "Asymmetry, Uncertainty and International Trade," Working Papers 2018-24, Swansea University, School of Management.
    109. Yang, Lu, 2019. "Connectedness of economic policy uncertainty and oil price shocks in a time domain perspective," Energy Economics, Elsevier, vol. 80(C), pages 219-233.
    110. Mohsen Bahmani-Oskooee & Majid Maki-Nayeri, 2019. "Asymmetric Effects of Policy Uncertainty on Domestic Investment in G7 Countries," Open Economies Review, Springer, vol. 30(4), pages 675-693, September.
    111. Anindya Sen & Dennis Wesselbaum, 2023. "On the International Spillover Effects of Uncertainty," Open Economies Review, Springer, vol. 34(3), pages 541-554, July.
    112. Javadi, Siamak & Mollagholamali, Mohsen & Nejadmalayeri, Ali & Al-Thaqeb, Saud, 2021. "Corporate cash holdings, agency problems, and economic policy uncertainty," International Review of Financial Analysis, Elsevier, vol. 77(C).
    113. Koranteng, Barbara & You, Kefei, 2024. "Fintech and financial stability: Evidence from spatial analysis for 25 countries," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 93(C).
    114. Wang, Xiaoqing & Safi, Adnan & Wang, Su & Zhang, Yifei, 2026. "How does carbon market react to economic policy uncertainty and oil price shocks? New evidence from a time-varying perspective," International Review of Economics & Finance, Elsevier, vol. 105(C).
    115. Aït-Sahalia, Yacine & Matthys, Felix & Osambela, Emilio & Sircar, Ronnie, 2025. "When uncertainty and volatility are disconnected: Implications for asset pricing and portfolio performance," Journal of Econometrics, Elsevier, vol. 248(C).
    116. Benjamin A. Abugri & Theophilus T. Osah, 2025. "US Bank Lending to Small Businesses: An Analysis of COVID-19 and the Paycheck Protection Program," JRFM, MDPI, vol. 18(5), pages 1-26, April.
    117. Liu, Qingfu & Tse, Yiuman & Wang, Chuanjie & Yang, Jiaer, 2026. "Hedging financial turbulence risk with textual analysis," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
    118. Li, Xiao-Ming, 2017. "New evidence on economic policy uncertainty and equity premium," Pacific-Basin Finance Journal, Elsevier, vol. 46(PA), pages 41-56.
    119. Feng, Yun & Hou, Weijie & Song, Yuping, 2023. "Asymmetric contagion of jump risk in the Chinese financial sector: Monetary policy transmission matters," Economic Modelling, Elsevier, vol. 119(C).
    120. Md. Qamruzzaman, 2023. "Does Environmental Degradation-Led Remittances Flow? Nexus between Environmental Degradation, Uncertainty, Financial Inclusion and Remittances Inflows in India and China," International Journal of Energy Economics and Policy, International Journal of Energy Economics and Policy, vol. 13(2), pages 9-26, March.
    121. Danilo Cascaldi-Garcia & Deepa Dhume Datta & Thiago Revil T. Ferreira & Olesya V. Grishchenko & Mohammad R. Jahan-Parvar & Juan M. Londono & Francesca Loria & Sai Ma & Marius del Giudice Rodriguez & J, 2020. "What is Certain about Uncertainty?," International Finance Discussion Papers 1294, Board of Governors of the Federal Reserve System (U.S.).
      • Danilo Cascaldi-Garcia & Cisil Sarisoy & Juan M. Londono & Bo Sun & Deepa D. Datta & Thiago Ferreira & Olesya Grishchenko & Mohammad R. Jahan-Parvar & Francesca Loria & Sai Ma & Marius Rodriguez & Ilk, 2023. "What Is Certain about Uncertainty?," Journal of Economic Literature, American Economic Association, vol. 61(2), pages 624-654, June.
    122. Li, Kaifeng & Guo, Zhaoxuan & Chen, Qi, 2021. "The effect of economic policy uncertainty on enterprise total factor productivity based on financial mismatch: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
    123. Han Liu & Ying Liu & Yonglian Wang, 2021. "Exploring the influence of economic policy uncertainty on the relationship between tourism and economic growth with an MF-VAR model," Tourism Economics, , vol. 27(5), pages 1081-1100, August.
    124. Ullah, Assad & Riaz, Adeel, 2025. "The impact of energy-related uncertainty on China’s overall and sectoral stock returns: Evidence from quantile-on-quantile regression," Energy, Elsevier, vol. 320(C).
    125. Xu, Yongan & Wang, Jianqiong & Chen, Zhonglu & Liang, Chao, 2021. "Economic policy uncertainty and stock market returns: New evidence," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    126. Cheng, Feiyang & Wang, Chunfeng & Cui, Xin & Wu, Ji & He, Feng, 2021. "Economic policy uncertainty exposure and stock price bubbles: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 78(C).
    127. Chun, Dohyun & Cho, Hoon & Ryu, Doojin, 2023. "Discovering the drivers of stock market volatility in a data-rich world," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 82(C).
    128. Kiosses, Nikolaos & Leventis, Stergios & Subeniotis, Demetres & Tampakoudis, Ioannis, 2025. "The impact of policy uncertainty on shareholder wealth: Evidence from bank M&A," Journal of Financial Stability, Elsevier, vol. 76(C).
    129. Yang, Lu & Hamori, Shigeyuki, 2021. "Systemic risk and economic policy uncertainty: International evidence from the crude oil market," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 142-158.
    130. Amélie Charles & Olivier Darné & Fabien Tripier, 2017. "Uncertainty and the Macroeconomy," Post-Print hal-01549625, HAL.
    131. Xuejun Jin & Ziqing Chen & Xiaolan Yang, 2019. "Economic policy uncertainty and stock price crash risk," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(5), pages 1291-1318, March.
    132. Rasool Dehghanzadeh Shahabad & Mehmet Balcilar, 2022. "Modelling the Dynamic Interaction between Economic Policy Uncertainty and Commodity Prices in India: The Dynamic Autoregressive Distributed Lag Approach," Mathematics, MDPI, vol. 10(10), pages 1-21, May.
    133. Abid, Abir, 2020. "Economic policy uncertainty and exchange rates in emerging markets: Short and long runs evidence," Finance Research Letters, Elsevier, vol. 37(C).
    134. Berger, Theo & Uddin, Gazi Salah, 2016. "On the dynamic dependence between equity markets, commodity futures and economic uncertainty indexes," Energy Economics, Elsevier, vol. 56(C), pages 374-383.
    135. Xiao, Jihong & Wang, Yudong, 2022. "Macroeconomic uncertainty, speculation, and energy futures returns: Evidence from a quantile regression," Energy, Elsevier, vol. 241(C).
    136. Li, Xiao, 2020. "The impact of economic policy uncertainty on insider trades: A cross-country analysis," Journal of Business Research, Elsevier, vol. 119(C), pages 41-57.
    137. Muhammad Asif Khan & Masood Ahmed & József Popp & Judit Oláh, 2020. "US Policy Uncertainty and Stock Market Nexus Revisited through Dynamic ARDL Simulation and Threshold Modelling," Mathematics, MDPI, vol. 8(11), pages 1-20, November.
    138. Lu, Xinjie & Ma, Feng & Wang, Tianyang & Wen, Fenghua, 2023. "International stock market volatility: A data-rich environment based on oil shocks," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 184-215.
    139. Omar, Ayman M.A. & Lambe, Brendan J & Wisniewski, Tomasz Piotr, 2021. "Perceptions of the threat to national security and the stock market," Journal of Economic Behavior & Organization, Elsevier, vol. 186(C), pages 504-522.
    140. He, Qing & Liang, Bailin & Zhang, Ce, 2026. "Does policy uncertainty affect firms' exchange rate exposure? Evidence from China11," China Economic Review, Elsevier, vol. 95(C).
    141. Li, Dongxin & Zhang, Li & Li, Lihong, 2023. "Forecasting stock volatility with economic policy uncertainty: A smooth transition GARCH-MIDAS model," International Review of Financial Analysis, Elsevier, vol. 88(C).
    142. Wen, Fenghua & Wang, Kangsheng & Zeng, Aiqing, 2024. "Return spillover across the carbon market and financial markets: A quantile-based approach," Research in International Business and Finance, Elsevier, vol. 69(C).
    143. Gungoraydinoglu, Ali & Çolak, Gönül & Öztekin, Özde, 2017. "Political environment, financial intermediation costs, and financing patterns," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 167-192.
    144. Chatjuthamard, Pattanaporn & Wongboonsin, Kua & Ongsakul, Viput & Jiraporn, Pornsit, 2024. "Corporate culture, staggered boards, and managerial entrenchment: Evidence from textual analysis," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 404-418.
    145. Dou, Yue & Li, Yiying & Dong, Kangyin & Ren, Xiaohang, 2022. "Dynamic linkages between economic policy uncertainty and the carbon futures market: Does Covid-19 pandemic matter?," Resources Policy, Elsevier, vol. 75(C).
    146. Alola, Andrew Adewale & Özkan, Oktay & Obekpa, Hephzibah Onyeje, 2023. "Examining the patterns of disaggregate energy security risk and crude oil price: the USA scenario over 1970–2040," Resources Policy, Elsevier, vol. 82(C).
    147. Cooray, Arusha & Gangopadhyay, Partha & Das, Narasingha, 2023. "Causality between volatility and the weekly economic index during COVID-19: The predictive power of efficient markets and rational expectations," International Review of Financial Analysis, Elsevier, vol. 89(C).
    148. Smales, Lee A., 2020. "Examining the relationship between policy uncertainty and market uncertainty across the G7," International Review of Financial Analysis, Elsevier, vol. 71(C).
    149. Yang, Jianlei & Yang, Chunpeng, 2021. "The impact of mixed-frequency geopolitical risk on stock market returns," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 226-240.
    150. James, Robert & Leung, Henry & Leung, Jessica Wai Yin & Prokhorov, Artem, 2023. "Forecasting tail risk measures for financial time series: An extreme value approach with covariates," Journal of Empirical Finance, Elsevier, vol. 71(C), pages 29-50.
    151. Lambe, Brendan & Li, Zhiyong & Qin, Weiping, 2022. "Uncertain times and the insider perspective," International Review of Financial Analysis, Elsevier, vol. 81(C).
    152. Sinem Hacioglu Hoke, 2019. "Macroeconomic effects of political risk shocks," Bank of England Staff Working Paper series 841, Bank of England.
    153. Shahzad, Syed Jawad Hussain & Raza, Naveed & Balcilar, Mehmet & Ali, Sajid & Shahbaz, Muhammad, 2017. "Can economic policy uncertainty and investors sentiment predict commodities returns and volatility?," Resources Policy, Elsevier, vol. 53(C), pages 208-218.
    154. Chen, Xiaoyu & Chiang, Thomas C., 2020. "Empirical investigation of changes in policy uncertainty on stock returns—Evidence from China’s market," Research in International Business and Finance, Elsevier, vol. 53(C).
    155. Oskar Kowalewski & Muhammad Farooq Ahmad & Saqib Aziz & Rwan El-Khatib, 2022. "Firm-Level Political Risk and Dividend Payout," Working Papers 2022-ACF-04, IESEG School of Management.
    156. Pereira, Camila C. & Bastos, Saulo B. & Cajueiro, Daniel O., 2025. "The words that lead to uncertainty: A measure based on word embeddings," Economic Systems, Elsevier, vol. 49(3).
    157. Liu, Li & Zhang, Tao, 2015. "Economic policy uncertainty and stock market volatility," Finance Research Letters, Elsevier, vol. 15(C), pages 99-105.
    158. Frank Kwabi & Andrews Owusu & Ernest Ezeani & Agyenim Boateng, 2024. "The impact of political uncertainty on the cost of capital," Review of Quantitative Finance and Accounting, Springer, vol. 62(4), pages 1397-1429, May.
    159. Chuanzhen Li & Liang Zhao & Yiwen Zhang, 2024. "Economic policy uncertainty and cash dividend policy: evidence from China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-17, December.
    160. Yuan, Mengyi & Zhang, Lin & Lian, Yonghui, 2022. "Economic policy uncertainty and stock price crash risk of commercial banks: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 587-605.
    161. Mohsen Bahmani-Oskooee & Jungho Baek, 2021. "Whose Policy Uncertainty Matters in the Trade between Korea and the U.S.?," JRFM, MDPI, vol. 14(11), pages 1-23, November.
    162. Tarek A. Hassan & Stephan Hollander & Laurence van Lent & Ahmed Tahoun, 2017. "Firm-Level Political Risk: Measurement and Effects," NBER Working Papers 24029, National Bureau of Economic Research, Inc.
    163. Jo, Eun Hye & Lee, Jung Wha, 2024. "Economic policy uncertainty and managerial short-termism," International Review of Financial Analysis, Elsevier, vol. 93(C).
    164. Cakici, Nusret & Zaremba, Adam, 2023. "Recency bias and the cross-section of international stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 84(C).
    165. Xiaqing Su & Zhe Liu, 2021. "Sector Volatility Spillover and Economic Policy Uncertainty: Evidence from China’s Stock Market," Mathematics, MDPI, vol. 9(12), pages 1-22, June.
    166. Amin, Md Ruhul & Wang, Xinyu & Aktas, Elvan, 2023. "Does oil price uncertainty affect corporate innovation?," Energy Economics, Elsevier, vol. 118(C).
    167. Panazan Oana & Gheorghe Catalin & Calefariu Emilia, 2024. "Geopolitical Risks and Stock Market Volatility in the SAARC Region," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 18(1), pages 1-15.
    168. Zhaohua Zhang & Roshini Brizmohun & Gang Li & Ping Wang, 2022. "Does economic policy uncertainty undermine stability of agricultural imports? Evidence from China," PLOS ONE, Public Library of Science, vol. 17(3), pages 1-17, March.
    169. Oluwatomisin J. Oyewole & Idowu A. Adubiagbe & Oluwasegun B. Adekoya, 2022. "Economic policy uncertainty and stock returns among OPEC members: evidence from feasible quasi-generalized least squares," Future Business Journal, Springer, vol. 8(1), pages 1-10, December.
    170. Afzali, Mansoor & Ҫolak, Gönül & Fu, Mengchuan, 2021. "Economic uncertainty and corruption: Evidence from public and private firms," Journal of Financial Stability, Elsevier, vol. 57(C).
    171. Xiahui Che & Minxing Jiang, 2021. "Economic Policy Uncertainty, Financial Expenditure and Energy Poverty: Evidence Based on a Panel Threshold Model," Sustainability, MDPI, vol. 13(21), pages 1-12, October.
    172. Xu, Zhiwei & Wang, Xuefei & Zhang, Teng, 2024. "The international natural gas price and its cross-sectional pricing implication: Evidence from Chinese stock market," Energy, Elsevier, vol. 313(C).
    173. Cakici, Nusret & Zaremba, Adam, 2022. "Salience theory and the cross-section of stock returns: International and further evidence," Journal of Financial Economics, Elsevier, vol. 146(2), pages 689-725.
    174. Guidolin, Massimo & Hansen, Erwin & Cabrera, Gabriel, 2025. "Time-varying risk aversion and international stock returns," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
    175. Liu, Zhenhua & Zhong, Hongyu & Zhang, Deyuan, 2026. "Climate policy uncertainty, investor behavior, and carbon market returns," Journal of Commodity Markets, Elsevier, vol. 41(C).
    176. Nguyen, Thanh Cong, 2022. "Economic policy uncertainty: The probability and duration of economic recessions in major European Union countries," Research in International Business and Finance, Elsevier, vol. 62(C).
    177. Massimo Guidolin, Mingwei (Max) Liang, Milena Petrova, 2026. "The Importance of Considering Regimes in Long-term Asset Allocation to Real Estate," BAFFI CAREFIN Working Papers 26263, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    178. Lee, Chien-Chiang & Wang, Chih-Wei, 2021. "Firms' cash reserve, financial constraint, and geopolitical risk," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
    179. Wang, Jialu & Mishra, Shekhar & Sharif, Arshian & Chen, Huangen, 2024. "Dynamic spillover connectedness among green finance and policy uncertainty: Evidence from QVAR network approach," Energy Economics, Elsevier, vol. 131(C).
    180. Dang, Tung Lam & Luong, Hoang & Nguyen, Lily & Nguyen, My, 2024. "Political uncertainty and commonality in liquidity," Pacific-Basin Finance Journal, Elsevier, vol. 83(C).
    181. Shabir Mohsin Hashmi & Muhammad Akram Gilal & Wing-Keung Wong, 2021. "Sustainability of Global Economic Policy and Stock Market Returns in Indonesia," Sustainability, MDPI, vol. 13(10), pages 1-18, May.
    182. Rehman, Mobeen Ur & Sensoy, Ahmet & Eraslan, Veysel & Shahzad, Syed Jawad Hussain & Vo, Xuan Vinh, 2021. "Sensitivity of US equity returns to economic policy uncertainty and investor sentiments," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    183. Christou, Christina & Cunado, Juncal & Gupta, Rangan & Hassapis, Christis, 2017. "Economic policy uncertainty and stock market returns in PacificRim countries: Evidence based on a Bayesian panel VAR model," Journal of Multinational Financial Management, Elsevier, vol. 40(C), pages 92-102.
    184. Killins, Robert N. & Ngo, Thanh & Wang, Hongxia, 2022. "Financial institution IPOs and regulatory environments," Finance Research Letters, Elsevier, vol. 46(PB).
    185. de Mendonça, Helder Ferreira & Díaz, Raime Rolando Rodríguez, 2023. "Can ignorance about the interest rate and macroeconomic surprises affect the stock market return? Evidence from a large emerging economy," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    186. Lee, Kiryoung & Joen, Yoontae & Kim, Minki, 2022. "Which uncertainty measures matter for the cross-section of stock returns?#," Finance Research Letters, Elsevier, vol. 46(PB).
    187. Nazif Durmaz, 2023. "Closed-End Fund Discounts and Economic Policy Uncertainty," JRFM, MDPI, vol. 16(3), pages 1-29, March.
    188. Augusto Carvalho & Bernardo Guimaraes, 2016. "State-controlled companies and political risk: Evidence from the 2014 Brazilian election," Discussion Papers 1702, Centre for Macroeconomics (CFM).
    189. Mohammed Benlemlih & Çiğdem Vural Yavaş, 2024. "Economic Policy Uncertainty and Climate Change: Evidence from CO2 Emission," Journal of Business Ethics, Springer, vol. 191(3), pages 415-441, May.
    190. Li, Zhenjun & Cheng, Maoyong, 2024. "The impacts of anti-organized crime on asset prices: Evidence from China," Economic Systems, Elsevier, vol. 48(3).
    191. Liu, Laura Xiaolei & Shu, Haibing & Wei, K.C. John, 2017. "The impacts of political uncertainty on asset prices: Evidence from the Bo scandal in China," Journal of Financial Economics, Elsevier, vol. 125(2), pages 286-310.
    192. Helseth, Marius Aleksander Emblem & Krakstad, Svein Olav & Molnár, Peter & Norlin, Karl-Martin, 2020. "Can policy and financial risk predict stock markets?," Journal of Economic Behavior & Organization, Elsevier, vol. 176(C), pages 701-719.
    193. Emmanuel Joel Aikins Abakah & Guglielmo Maria Caporale & Luis A. Gil-Alana, 2020. "Economic Policy Uncertainty: Persistence and Cross-Country Linkages," CESifo Working Paper Series 8289, CESifo.
    194. Liang, Chin Chia & Troy, Carol & Rouyer, Ellen, 2020. "U.S. uncertainty and Asian stock prices: Evidence from the asymmetric NARDL model," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    195. Mario Daniele Amore, 2020. "Innovation disclosure in times of uncertainty," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 29(4), pages 792-815, October.
    196. Helena Chuliá & Rangan Gupta & Jorge M. Uribe & Mark E. Wohar, 2016. "Impact of US Uncertainties on Emerging and Mature Markets: Evidence from a Quantile-Vector Autoregressive Approach," Working Papers 201656, University of Pretoria, Department of Economics.
    197. Bo Liu & Kemin Wang, 2019. "Uncertainty of political subsidy, heterogeneous beliefs, and IPO anomalies," Review of Quantitative Finance and Accounting, Springer, vol. 52(4), pages 923-951, May.
    198. Andrea Bucci & Giulio Palomba & Eduardo Rossi, 2019. "Does macroeconomics help in predicting stock markets volatility comovements? A nonlinear approach," Working Papers 440, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    199. Cheng, Hang & Shi, Yongdong, 2020. "Forecasting China's stock market variance," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
    200. Bartsch, Zachary, 2019. "Economic policy uncertainty and dollar-pound exchange rate return volatility," Journal of International Money and Finance, Elsevier, vol. 98(C), pages 1-1.
    201. P. Manasse & G. Moramarco & G. Trigilia, 2020. "Exchange Rates and Political Uncertainty: The Brexit Case," Working Papers wp1141, Dipartimento Scienze Economiche, Universita' di Bologna.
    202. Kannadhasan, M. & Das, Debojyoti, 2020. "Do Asian emerging stock markets react to international economic policy uncertainty and geopolitical risk alike? A quantile regression approach," Finance Research Letters, Elsevier, vol. 34(C).
    203. Le, Cao Hoang Anh & Shan, Yaowen & Taylor, Stephen, 2024. "International economic policy uncertainty and analysts' earnings forecasts," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    204. Sangyup Choi & Junhyeok Shin, 2020. "Brave New World? Bitcoin is not the New Gold: Understanding Cryptocurrency Price Dynamics," Working papers 2020rwp-167, Yonsei University, Yonsei Economics Research Institute.
    205. Murad, S.M. Woahid & Pathan, Shams & Durand, Robert B. & Zheng, Chen, 2025. "Understanding Bank-Level Uncertainty: New insights into banking activity and its macroeconomic impacts," International Review of Economics & Finance, Elsevier, vol. 102(C).
    206. Walid Bahloul & Mehmet Balcilar & Juncal Cunado & Rangan Gupta, 2017. "The Role of Economic and Financial Uncertainties in Predicting Commodity Futures Returns and Volatility: Evidence from a Nonparametric Causality-in-Quantiles Test," Working Papers 201725, University of Pretoria, Department of Economics.
    207. Wang, Yudong & Pan, Zhiyuan & Wu, Chongfeng & Wu, Wenfeng, 2020. "Industry equi-correlation: A powerful predictor of stock returns," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 1-24.
    208. Man, Yuanyuan & Zhang, Sunpei & He, Yongda, 2024. "Dynamic risk spillover and hedging efficacy of China’s carbon-energy-finance markets: Economic policy uncertainty and investor sentiment non-linear causal effects," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1397-1416.
    209. Asgharian, Hossein & Christiansen, Charlotte & Hou, Ai Jun, 2023. "The effect of uncertainty on stock market volatility and correlation," Journal of Banking & Finance, Elsevier, vol. 154(C).
    210. Mohammad R. Jahan-Parvar & Yuriy Kitsul & Jamil Rahman & Beth Anne Wilson, 2024. "Foreign economic policy uncertainty and U.S. equity returns," International Finance Discussion Papers 1401, Board of Governors of the Federal Reserve System (U.S.).
    211. Atri, Hanen & Kouki, Saoussen & Gallali, Mohamed imen, 2021. "The impact of COVID-19 news, panic and media coverage on the oil and gold prices: An ARDL approach," Resources Policy, Elsevier, vol. 72(C).
    212. Keddad, Benjamin, 2024. "Asian stock market volatility and economic policy uncertainty: The role of world and regional leaders," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    213. Liu, Yunjing & Wu, Yongliang & Wang, Mengkai & Zhang, Min, 2026. "The effect of operational activity volatility on earnings quality: A textual analysis," International Review of Economics & Finance, Elsevier, vol. 106(C).
    214. Nartea, Gilbert V. & Bai, Hengyu & Wu, Ji, 2020. "Investor sentiment and the economic policy uncertainty premium," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
    215. Gregoriou, Andros & Nguyen, Binh Duy & Nguyen, Tung Duy & Le, Huong & Hudson, Robert, 2021. "Economic policy uncertainty and cross-border mergers and acquisitions," International Review of Financial Analysis, Elsevier, vol. 78(C).
    216. Dai, Zhifeng & Peng, Yongxin, 2022. "Economic policy uncertainty and stock market sector time-varying spillover effect: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    217. Urom, C. & Mzoughi, Hela & Ndubuisi, Gideon & Guesmi, K., 2022. "Dynamic dependence between clean investments and economic policy uncertainty," MERIT Working Papers 2022-027, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    218. Simran, & Sharma, Anil Kumar, 2024. "Asymmetric nexus between economic policy uncertainty and the Indian stock market: Evidence using NARDL approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 93(C), pages 91-101.
    219. Sheung-Chi Chow & Juncal Cunado & Rangan Gupta & Wing-Keung Wong, 2016. "Causal Relationships between Economic Policy Uncertainty and Housing Market Returns in China and India: Evidence from Linear and Nonlinear Panel and Time Series Models," Working Papers 201674, University of Pretoria, Department of Economics.
    220. Drobetz, Wolfgang & El Ghoul, Sadok & Guedhami, Omrane & Janzen, Malte, 2018. "Policy uncertainty, investment, and the cost of capital," Journal of Financial Stability, Elsevier, vol. 39(C), pages 28-45.
    221. Hossein Asgharian & Charlotte Christiansen & Ai Jun Hou, 2017. "Economic Policy Uncertainty and Long-Run Stock Market Volatility and Correlation," CREATES Research Papers 2018-12, Department of Economics and Business Economics, Aarhus University.
    222. Li, Conggang & Liu, Yijun & Xu, Rong & Xu, Xingmei, 2025. "Insuring legitimacy: The role of uncertainty perceptions in shaping corporate insurance demand," Economic Modelling, Elsevier, vol. 151(C).
    223. Peng, Ya & Zhang, Xueyong, 2024. "Economic policy uncertainty in OFDI host countries and the cross-section of stock returns," Journal of International Money and Finance, Elsevier, vol. 149(C).
    224. Wadhwa, Kavita & Syamala, Sudhakara Reddy, 2023. "Are business groups different from other family firms? Evidence from corporate investments during political uncertainty," Emerging Markets Review, Elsevier, vol. 54(C).
    225. Gupta, Rangan & Ma, Jun & Risse, Marian & Wohar, Mark E., 2018. "Common business cycles and volatilities in US states and MSAs: The role of economic uncertainty," Journal of Macroeconomics, Elsevier, vol. 57(C), pages 317-337.
    226. Golab, Anna & Bannigidadmath, Deepa & Pham, Thach Ngoc & Thuraisamy, Kannan, 2022. "Economic policy uncertainty and industry return predictability – Evidence from the UK," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 433-447.
    227. Sonenshine, Ralph & Aboulhosn, Aya, 2025. "Impact of political risk on emerging market risk premiums and risk adjusted returns," Research in International Business and Finance, Elsevier, vol. 73(PA).
    228. Shi, Xing & Zhang, Ya & Wu, Yanrui & Wu, Huaqing, 2023. "Political turnover and firm innovation in China: The moderating role of innovation and entrepreneurship environment," Journal of Asian Economics, Elsevier, vol. 88(C).
    229. Xiong, Xiong & Bian, Yuxiang & Shen, Dehua, 2018. "The time-varying correlation between policy uncertainty and stock returns: Evidence from China," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 499(C), pages 413-419.
    230. Colak, Gonul & Gounopoulos, Dimitrios & Loukopoulos, Panagiotis & Loukopoulos, Georgios, 2021. "Political power, local policy uncertainty and IPO pricing," Journal of Corporate Finance, Elsevier, vol. 67(C).
    231. Schütz, Claudio & Pape, Ulrich, 2024. "Are investors afraid of populism?," Finance Research Letters, Elsevier, vol. 61(C).
    232. Li, Shi & Li, Meng & Fu, Rongsha, 2024. "A sustainable pandemic response: The impact of COVID-19 vaccination coverage on economic policy uncertainty," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 316-332.
    233. Davide Pettenuzzo & Zhiyuan Pan & Yudong Wang, 2017. "Forecasting Stock Returns: A Predictor-Constrained Approach," Working Papers 116, Brandeis University, Department of Economics and International Business School.
    234. Cheng, Xu & Kong, Dongmin & Wang, Junbo, 2021. "Political uncertainty and A-H share premium," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
    235. Dragomirescu-Gaina, Catalin & Philippas, Dionisis & Tsionas, Mike G., 2021. "Trading off accuracy for speed: Hedge funds' decision-making under uncertainty," International Review of Financial Analysis, Elsevier, vol. 75(C).
    236. Abedalqader, Haneen & Chang, Shao-Chi, 2026. "Trade policy uncertainty and stock price crash risk: The role of geographic segment disclosure," Global Finance Journal, Elsevier, vol. 69(C).
    237. Tihana Škrinjarić & Zrinka Orlović, 2020. "Economic Policy Uncertainty and Stock Market Spillovers: Case of Selected CEE Markets," Mathematics, MDPI, vol. 8(7), pages 1-33, July.
    238. Nguyen, Giang & Vo, Vinh, 2024. "Economic policy uncertainty around the world: Implications for Vietnam," International Review of Economics & Finance, Elsevier, vol. 94(C).
    239. Birru, Justin & Young, Trevor, 2022. "Sentiment and uncertainty," Journal of Financial Economics, Elsevier, vol. 146(3), pages 1148-1169.
    240. Black, Jeffrey R. & Das, Nirmol & Leal, Diego, 2025. "Economic policy uncertainty and corporate bond liquidity," Journal of Banking & Finance, Elsevier, vol. 170(C).
    241. Mikhail Stolbov & Alexander Karminsky & Maria Shchepeleva, 2018. "Does Economic Policy Uncertainty Lead Systemic Risk? A Comparative Analysis of Selected European Countries," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(3), pages 332-360, September.
    242. Lee, Chi-Chuan & Lee, Chien-Chiang & Xiao, Shunyi, 2021. "Policy-related risk and corporate financing behavior: Evidence from China’s listed companies," Economic Modelling, Elsevier, vol. 94(C), pages 539-547.
    243. Si, Deng-Kui & Zhuang, Jiali & Ge, Xinyu & Yu, Yong, 2024. "The nexus between trade policy uncertainty and corporate financialization: Evidence from China," China Economic Review, Elsevier, vol. 84(C).
    244. Feng Ma & Xinjie Lu & Bo Zhu, 2025. "Uncertainty and fluctuation in crude oil price: evidence from machine learning models," Annals of Operations Research, Springer, vol. 345(2), pages 725-755, February.
    245. Kiryoung Lee & Yoontae Jeon & Insik Kim, 2021. "Which economic uncertainty measure matters for households' portfolio decision?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(2), pages 343-369, June.
    246. Aslanidis, Nektarios & Christiansen, Charlotte & Kouretas, George, 2020. "Uncertainty and Downside Risk in International Stock Returns," Working Papers 2072/376032, Universitat Rovira i Virgili, Department of Economics.
    247. Luu Duc Huynh, Toan, 2020. "The effect of uncertainty on the precious metals market: New insights from Transfer Entropy and Neural Network VAR," Resources Policy, Elsevier, vol. 66(C).
    248. Jiang, Fuwei & Liu, Hongkui & Yu, Jiasheng & Zhang, Huajing, 2023. "International stock return predictability: The role of U.S. uncertainty spillover," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    249. Banna, Hasanul & Alam, Ashraful & Chen, Xihui Haviour & Alam, Ahmed W., 2023. "Energy security and economic stability: The role of inflation and war," Energy Economics, Elsevier, vol. 126(C).
    250. Mohsen Bahmani‐Oskooee & Mehrnoosh Hasanzade, 2022. "Policy uncertainty and income distribution: Asymmetric evidence from state‐level data in the United States," Bulletin of Economic Research, Wiley Blackwell, vol. 74(1), pages 179-220, January.
    251. Conlon, Thomas & Cotter, John & Ropotos, Ioannis, 2025. "Trends and key determinants of firm-level integration," Journal of International Money and Finance, Elsevier, vol. 157(C).
    252. Li, Xun & Cui, Yingjie & Zhang, Lu & Chen, Yuan & Yu, Qikexin, 2024. "Signature size and individual preferences," Economic Modelling, Elsevier, vol. 137(C).
    253. Li, Xiao-Xin & Xie, Chi & Wang, Gang-Jin & Zhu, You & Li, Zhao-Chen & Zhang, Zhi-Yu, 2025. "Enhancing stock market return predictability by using a novel autoencoder-based aggregate EPU index," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    254. Basha, Shabeen Afsar & Benkraiem, Ramzi & Ben-Nasr, Hamdi & Masum, Abdullah-Al, 2025. "Does political risk exacerbate climate risk? Firm-level evidence," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    255. Liu, Peipei & Huang, Wei-Qiang, 2024. "Spatial analysis of sovereign risk from the perspective of EPU spillovers," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 427-443.
    256. Aye, Goodness C. & Kotur, Lydia N., . "Effect of economic policy uncertainty on agricultural growth in Nigeria," African Journal of Agricultural and Resource Economics, African Association of Agricultural Economists, vol. 17(02).
    257. Athari, Seyed Alireza & Isayev, Mugabil & Irani, Farid, 2024. "Does country risk rating explain shadow banking development? Insights from advanced and emerging market economies," Economic Systems, Elsevier, vol. 48(2).
    258. Aswini Kumar Mishra & Anand Theertha Nakhate & Yash Bagra & Abinash Singh & Bibhu Prasad Kar, 2024. "The Impact of Directional Global Economic Policy Uncertainty on Indian Stock Market Volatility: New Evidence," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(3), pages 423-452, September.
    259. Hakan Yildirim & Meltem Ince-Yenilmez, 2025. "The relationship of economic policy uncertainty with the stock market index and the exchange rate: The case of Russia," Journal of New Economy, Ural State University of Economics, vol. 26(1), pages 69-86, April.
    260. Peng-Fei Dai & Xiong Xiong & Zhifeng Liu & Toan Luu Duc Huynh & Jianjun Sun, 2021. "Preventing crash in stock market: The role of economic policy uncertainty during COVID-19," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-15, December.
    261. Theodora Bermpei & Antonios Nikolaos Kalyvas & Lorenzo Neri & Antonella Russo, 2022. "Does economic policy uncertainty matter for financial reporting quality? Evidence from the United States," Review of Quantitative Finance and Accounting, Springer, vol. 58(2), pages 795-845, February.
    262. Goh, Jihoon & Byun, Suk-Joon & Kim, Donghoon, 2026. "Salience theory and stock returns: The role of reference-dependent preferences," Research in International Business and Finance, Elsevier, vol. 81(C).
    263. Wang, Yuchen & Wang, Xiaoming, 2023. "Economic policy uncertainty and information intermediary: The case of short seller," Economic Modelling, Elsevier, vol. 120(C).
    264. Mawuli Segnon & Rangan Gupta & Stelios Bekiros & Mark E. Wohar, 2016. "Forecasting US GNP Growth: The Role of Uncertainty," Working Papers 201667, University of Pretoria, Department of Economics.
    265. Agarwal, Vikas & Aslan, Hadiye & Huang, Lixin & Ren, Honglin, 2021. "Political uncertainty and household stock market participation," CFR Working Papers 21-06, University of Cologne, Centre for Financial Research (CFR).
    266. Abir Abid & Christophe Rault, 2020. "On the Exchange Rate and Economic Policy Uncertainty Nexus: A Panel VAR Approach for Emerging Markets," CESifo Working Paper Series 8189, CESifo.
    267. Huang, Wei-Ling & Lin, Wen-Yuan & Ning, Shao-Lin, 2020. "The effect of economic policy uncertainty on China’s housing market," The North American Journal of Economics and Finance, Elsevier, vol. 54(C).
    268. Abir ABID & Christophe RAULT, 2020. "On the Exchange Rates Volatility and Economic Policy Uncertainty Nexus: A Panel VAR Approach for Emerging Markets," LEO Working Papers / DR LEO 2816, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    269. José Valentim Machado Vicente & Jaqueline Terra Moura Marins, 2019. "A Volatility Smile-Based Uncertainty Index," Working Papers Series 502, Central Bank of Brazil, Research Department.
    270. Tanveer Bagh & Abdul Waheed & Muhammad Asif Khan & Mirza Muhammad Naseer, 2023. "Effect of Economic Policy Uncertainty on China’s Stock Price Index: A Comprehensive Analysis Using Wavelet Coherence Approach," SAGE Open, , vol. 13(4), pages 21582440231, December.
    271. Anolick, Nina & Batten, Jonathan A. & Kinateder, Harald & Wagner, Niklas, 2021. "Time for gift giving: Abnormal share repurchase returns and uncertainty," Journal of Corporate Finance, Elsevier, vol. 66(C).
    272. Tong, Chen & Huang, Zhuo & Wang, Tianyi & Zhang, Cong, 2023. "The effects of economic uncertainty on financial volatility: A comprehensive investigation," Journal of Empirical Finance, Elsevier, vol. 73(C), pages 369-389.
    273. Dai, Peng-Fei & Xiong, Xiong & Duc Huynh, Toan Luu & Wang, Jiqiang, 2022. "The impact of economic policy uncertainties on the volatility of European carbon market," Journal of Commodity Markets, Elsevier, vol. 26(C).
    274. Batabyal, Sourav & Killins, Robert, 2021. "Economic policy uncertainty and stock market returns: Evidence from Canada," The Journal of Economic Asymmetries, Elsevier, vol. 24(C).
    275. Frijns, Bart & Indriawan, Ivan & Tourani-Rad, Alireza & Zhang, Hengbin, 2023. "The effect of equity market uncertainty on informational efficiency: Cross-sectional evidence," Global Finance Journal, Elsevier, vol. 57(C).
    276. Dung Viet Tran, 2020. "Policy uncertainty and bank lending," Economics Bulletin, AccessEcon, vol. 40(2), pages 952-977.
    277. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian T. & Siegel, Stephan, 2016. "Political risk and international valuation," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 1-23.
    278. Yacine Aït-Sahalia & Felix Matthys & Emilio Osambela & Ronnie Sircar, 2021. "When Uncertainty and Volatility Are Disconnected: Implications for Asset Pricing and Portfolio Performance," Finance and Economics Discussion Series 2021-063, Board of Governors of the Federal Reserve System (U.S.).
    279. Li Guo & Wolfgang Karl Hardle & Yubo Tao, 2018. "A Time-Varying Network for Cryptocurrencies," Papers 1802.03708, arXiv.org, revised Nov 2022.
    280. Carlos Viana de Carvalho & Eduardo Zilberman & Ruy Ribeiro, "undated". "Sentiment, Electoral Uncertainty and Stock Returns," Textos para discussão 655, Department of Economics PUC-Rio (Brazil).
    281. Shao-Chi Chang & Tien-Ho Cheng, 2026. "Political Risk, Bargaining Power, and the Target Selection of Cross-Border Acquisitions," Management International Review, Springer, vol. 66(1), pages 83-128, February.
    282. Lee, Kiryoung & Jeon, Yoontae & Nam, Eun-Young, 2021. "Chinese Economic Policy Uncertainty and the Cross-Section of U.S. Asset Returns," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 1063-1077.
    283. Nonejad, Nima, 2022. "Predicting equity premium out-of-sample by conditioning on newspaper-based uncertainty measures: A comparative study," International Review of Financial Analysis, Elsevier, vol. 83(C).
    284. Vo, Hong & Phan, Anh & Trinh, Quoc-Dat & Vu, Linh Nhat, 2022. "Does economic policy uncertainty affect trade credit and firm value in Korea? A comparison of chaebol vs. non-chaebol firms," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 474-491.
    285. Azimli, Asil, 2022. "The impact of policy, political and economic uncertainty on corporate capital investment in the emerging markets of Eastern Europe and Turkey," Economic Systems, Elsevier, vol. 46(2).
    286. Li, bing & Lu, pu & Wang, yong, 2024. "Decomposing uncertainty: How foreign policy risks shape Chinese stock market dynamics," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    287. Wang, Jiqian & Lu, Xinjie & He, Feng & Ma, Feng, 2020. "Which popular predictor is more useful to forecast international stock markets during the coronavirus pandemic: VIX vs EPU?," International Review of Financial Analysis, Elsevier, vol. 72(C).
    288. Chan, Kam Fong & Smales, Lee A., 2025. "U.S. Presidential news coverage: Risk, uncertainty and stocks," International Review of Economics & Finance, Elsevier, vol. 98(C).
    289. Kyoto Yono & Hiroki Sakaji & Hiroyasu Matsushima & Takashi Shimada & Kiyoshi Izumi, 2020. "Construction of Macroeconomic Uncertainty Indices for Financial Market Analysis Using a Supervised Topic Model," JRFM, MDPI, vol. 13(4), pages 1-18, April.
    290. Kwabi, Frank Obenpong & Boateng, Agyenim & Wonu, Chizindu & Kariuki, Charles & Du, Anna, 2023. "Political uncertainty and cross-border equity portfolio allocation decisions: International evidence," International Review of Financial Analysis, Elsevier, vol. 87(C).
    291. Alessio Anzuini & Luca Rossi, 2021. "Fiscal policy in the US: a new measure of uncertainty and its effects on the American economy," Empirical Economics, Springer, vol. 61(5), pages 2613-2634, November.
    292. Nam, Eun-Young & Lee, Kiryoung & Jeon, Yoontae, 2021. "Macroeconomic uncertainty shocks and households’ consumption choice," Journal of Macroeconomics, Elsevier, vol. 68(C).
    293. Hsieh, Hui-Ching & Nguyen, Van Quoc Thinh, 2021. "Economic policy uncertainty and illiquidity return premium," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    294. Hartwell, Christopher A., 2018. "The impact of institutional volatility on financial volatility in transition economies," Journal of Comparative Economics, Elsevier, vol. 46(2), pages 598-615.
    295. Simran, & Sharma, Anil Kumar, 2023. "Asymmetric impact of economic policy uncertainty on cryptocurrency market: Evidence from NARDL approach," The Journal of Economic Asymmetries, Elsevier, vol. 27(C).
    296. Zhang, Hongwei & Demirer, Riza & Huang, Jianbai & Huang, Wanjun & Tahir Suleman, Muhammad, 2021. "Economic policy uncertainty and gold return dynamics: Evidence from high-frequency data," Resources Policy, Elsevier, vol. 72(C).
    297. Killins, Robert N. & Ngo, Thanh & Wang, Hongxia, 2022. "Politics and equity markets: Evidence from Canada," Journal of Multinational Financial Management, Elsevier, vol. 63(C).
    298. Fengxiu Zhou & Chien-Chiang Lee, 2023. "Political uncertainty and innovation of export enterprises: international evidence for developing countries," Economic Change and Restructuring, Springer, vol. 56(6), pages 4371-4400, December.
    299. Chen, Juan & Ma, Feng & Qiu, Xuemei & Li, Tao, 2023. "The role of categorical EPU indices in predicting stock-market returns," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 365-378.
    300. Jiang, Fuwei & Kang, Jie & Meng, Lingchao, 2024. "Certainty of uncertainty for asset pricing," Journal of Empirical Finance, Elsevier, vol. 78(C).
    301. Das, Debojyoti & Kannadhasan, M., 2020. "The asymmetric oil price and policy uncertainty shock exposure of emerging market sectoral equity returns: A quantile regression approach," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 563-581.
    302. Tran, Dung Viet & Hassan, M. Kabir & AlTalafha, Sarah H. & Turunen-Red, Arja, 2021. "Policy uncertainty, the use of derivatives: Evidence from U.S. bank holdingcompanies (BHCs)," Research in International Business and Finance, Elsevier, vol. 58(C).
    303. Yuan, Di & Li, Sufang & Li, Rong & Zhang, Feipeng, 2022. "Economic policy uncertainty, oil and stock markets in BRIC: Evidence from quantiles analysis," Energy Economics, Elsevier, vol. 110(C).
    304. Zumara Muzaffar & Imran Riaz Malik, 2024. "Market liquidity and volatility: Does economic policy uncertainty matter? Evidence from Asian emerging economies," PLOS ONE, Public Library of Science, vol. 19(6), pages 1-13, June.
    305. El Ghoul, Sadok & Guedhami, Omrane & Mansi, Sattar & Wang, He (Helen), 2023. "Economic policy uncertainty, institutional environments, and corporate cash holdings," Research in International Business and Finance, Elsevier, vol. 65(C).
    306. Chen, Yanyan & Cheng, Liubing, 2025. "Does executive gender matter for corporate financial policies under uncertainty?," Global Finance Journal, Elsevier, vol. 65(C).
    307. Lee, Chien-Chiang & Wang, Chih-Wei & Wu, Yu-Ching, 2023. "CEO inside debt and downside risk: Evidence from internal and external environments," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    308. Cristiane Gea & Marcelo Cabus Klotzle & Luciano Vereda & Antonio Carlos Figueiredo Pinto, 2023. "Pricing uncertainty in the Brazilian stock market: do size and sustainability matter?," SN Business & Economics, Springer, vol. 3(1), pages 1-37, January.
    309. Pan, Wei-Fong & Wang, Xinjie & Xiao, Yaqing & Xu, Weike & Zhang, Jinfan, 2024. "The effect of economic and political uncertainty on sovereign CDS spreads," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 143-155.
    310. Lee, Kiryoung & Kim, Minki & Lam, Sing-Sen, 2024. "Chinese consumption shocks and U.S. equity returns," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    311. Dev R. Mishra, 2023. "Firm‐level political risk and implied cost of equity capital," International Review of Finance, International Review of Finance Ltd., vol. 23(3), pages 615-644, September.
    312. Bisharat Hussain Chang & Omer Faruk Derindag & Nuri Hacievliyagil & Mehmet Canakci, 2022. "Exchange rate response to economic policy uncertainty: evidence beyond asymmetry," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 9(1), pages 1-14, December.
    313. Chan, Kam Fong & Marsh, Terry, 2021. "Asset prices, midterm elections, and political uncertainty," Journal of Financial Economics, Elsevier, vol. 141(1), pages 276-296.
    314. Christensen, Dane M. & Jin, Hengda & Lee, Joshua A. & Sridharan, Suhas A. & Wellman, Laura A., 2023. "Corporate political activism and information transfers," Working Papers 334, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    315. Al Mamun, Md & Uddin, Gazi Salah & Suleman, Muhammad Tahir & Kang, Sang Hoon, 2020. "Geopolitical risk, uncertainty and Bitcoin investment," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 540(C).
    316. Cheng, Maoyong & Duan, Huiqin & Li, Liuchuang, 2026. "Political leaders’ absences and equity market returns: Evidence from a novel uncertainty in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 106(C).
    317. Cui, Xin & Wen, Lulu & Wang, Chunfeng & Fang, Zhenming & Yao, Shouyu, 2025. "Innovating under pressure: How geopolitical risk exposure drives energy innovation in firms," Energy Economics, Elsevier, vol. 148(C).
    318. Goodness C. Aye & Christina Christou & Luis A. Gil-Alana & Rangan Gupta, 2016. "Forecasting the Probability of Recessions in South Africa: The Role of Decomposed Term-Spread and Economic Policy Uncertainty," Working Papers 201680, University of Pretoria, Department of Economics.
    319. Azqueta-Gavaldón, Andrés, 2017. "Developing news-based Economic Policy Uncertainty index with unsupervised machine learning," Economics Letters, Elsevier, vol. 158(C), pages 47-50.
    320. Tiniç, Murat & Savaser, Tanseli, 2020. "Political turmoil and the impact of foreign orders on equity prices," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 65(C).
    321. Balcilar, Mehmet & Gupta, Rangan & Kim, Won Joong & Kyei, Clement, 2019. "The role of economic policy uncertainties in predicting stock returns and their volatility for Hong Kong, Malaysia and South Korea," International Review of Economics & Finance, Elsevier, vol. 59(C), pages 150-163.
    322. Montone, Maurizio, 2022. "Does the U.S. president affect the stock market?," Journal of Financial Markets, Elsevier, vol. 61(C).
    323. Faiza Siddiqui & Yusheng Kong & Hyder Ali & Salma Naz, 2024. "Energy-Related Uncertainty and Idiosyncratic Return Volatility: Implications for Sustainable Investment Strategies in Chinese Firms," Sustainability, MDPI, vol. 16(17), pages 1-39, August.
    324. Peng-Fei Dai & Xiong Xiong & Wei-Xing Zhou, 2019. "A global economic policy uncertainty index from principal component analysis," Papers 1907.05049, arXiv.org, revised Aug 2019.
    325. Whelsy Boungou & Alhonita Yatié, 2024. "Uncertainty, stock and commodity prices during the Ukraine-Russia war ," Post-Print hal-04746052, HAL.
    326. Mohapatra, Sanket & Purohit, Siddharth M., 2020. "The Implications of Economic Uncertainty for Bank Loan Portfolios," IIMA Working Papers WP 2020-10-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
    327. Ming Gu & Minxing Sun & Yangru Wu & Weike Xu, 2021. "Economic policy uncertainty and momentum," Financial Management, Financial Management Association International, vol. 50(1), pages 237-259, March.
    328. Min Chen & Zhaobo Zhu & Peiwen Han & Bo Chen & Jia Liu, 2022. "Economic policy uncertainty and analyst behaviours: Evidence from the United Kingdom," Post-Print hal-03628930, HAL.
    329. Erasmo Giambona & John R Graham & Campbell R Harvey, 2017. "The management of political risk," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(4), pages 523-533, May.
    330. Rangan Gupta & Chi Keung Marco Lau & Mark E. Wohar, 2016. "The Impact of US Uncertainty on the Euro Area in Good and Bad Times: Evidence from a Quantile Structural Vector Autoregressive Model," Working Papers 201681, University of Pretoria, Department of Economics.
    331. Rehman, Mobeen Ur, 2018. "Do oil shocks predict economic policy uncertainty?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 498(C), pages 123-136.
    332. Tang, Liang & Wan, Xiangyu, 2022. "Economic policy uncertainty and stock price informativeness," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
    333. Haoyu Gao & Fukang Chen & Yiling Ouyang, 2024. "The impacts of political uncertainty on public financing costs: evidence from anti-corruption investigations in China," Public Choice, Springer, vol. 198(1), pages 69-91, January.
    334. Lu, Fei & Ma, Feng & Bouri, Elie & Liao, Yin, 2024. "Do commodity futures have a steering effect on the spot stock market in China? New evidence from volatility forecasting," International Review of Financial Analysis, Elsevier, vol. 94(C).
    335. Tran Phuoc & Huy Tam Phan & Hong Tuyet Pham, 2024. "Causality between Economic Policy Uncertainty, Economic Growth and Stock Liquidity: Evidence from ASEAN markets," WSB Journal of Business and Finance, Paradigm, vol. 58(1), pages 133-150.
    336. You, Wanhai & Guo, Yawei & Zhu, Huiming & Tang, Yong, 2017. "Oil price shocks, economic policy uncertainty and industry stock returns in China: Asymmetric effects with quantile regression," Energy Economics, Elsevier, vol. 68(C), pages 1-18.
    337. Paul Handro & Bogdan Dima, 2024. "Analyzing Financial Markets Efficiency: Insights from a Bibliometric and Content Review," Journal of Financial Studies, Institute of Financial Studies, vol. 16(9), pages 119-175, May.
    338. Kamal, Javed Bin & Wohar, Mark, 2023. "Heterogenous responses of stock markets to covid related news and sentiments: Evidence from the 1st year of pandemic," International Economics, Elsevier, vol. 173(C), pages 68-85.
    339. Aariya Sen & Swarn Rajan, 2024. "You are uncertain and we are at stress! How does monetary policy uncertainty affect financial stress? The case of the US and G7," International Economics and Economic Policy, Springer, vol. 21(4), pages 749-769, October.
    340. Tareq Saeed & Elie Bouri & Dang Khoa Tran, 2020. "Hedging Strategies of Green Assets against Dirty Energy Assets," Energies, MDPI, vol. 13(12), pages 1-17, June.
    341. Sercan Demiralay & Erhan Kilincarslan, 2024. "Uncertainty Measures and Sector-Specific REITs in a Regime-Switching Environment," The Journal of Real Estate Finance and Economics, Springer, vol. 69(3), pages 545-584, October.
    342. Noailly, Joëlle & Nowzohour, Laura & van den Heuvel, Matthias & Pla, Ireneu, 2024. "Heard the news? Environmental policy and clean investments," Journal of Public Economics, Elsevier, vol. 238(C).
    343. Liu, Weihua & Wang, Siyu & Lin, Yong & Xie, Dong & Zhang, Jiahui, 2020. "Effect of intelligent logistics policy on shareholder value: Evidence from Chinese logistics companies," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 137(C).
    344. Wang, Huaxing & Li, Tianzi & Zhu, Junfan & Jian, Youting & Wang, Zeyu & Wang, Zengwen, 2023. "China's new environmental protection law: Implications for mineral resource policy, environmental precaution and green finance," Resources Policy, Elsevier, vol. 85(PB).
    345. Cagli, Efe Caglar & Mandaci, Pinar Evrim, 2023. "Time and frequency connectedness of uncertainties in cryptocurrency, stock, currency, energy, and precious metals markets," Emerging Markets Review, Elsevier, vol. 55(C).
    346. Gala, Vito D. & Pagliardi, Giovanni & Zenios, Stavros A., 2023. "Global political risk and international stock returns," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 78-102.
    347. Hanming Fang & Zhe Li & Nianhang Xu & Hongjun Yan, 2023. "Firms and Local Governments: Relationship Building during Political Turnovers," Review of Finance, European Finance Association, vol. 27(2), pages 739-762.
    348. Tran, Quoc Trung, 2019. "Economic policy uncertainty and corporate risk-taking: International evidence," Journal of Multinational Financial Management, Elsevier, vol. 52.
    349. Mei, Dexiang & Zeng, Qing & Cao, Xiang & Diao, Xiaohua, 2019. "Uncertainty and oil volatility: New evidence," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 525(C), pages 155-163.
    350. Zhang, Dongyang, 2020. "Innovation dynamics -what are the housing market uncertainty’s impacts," International Review of Economics & Finance, Elsevier, vol. 70(C), pages 413-422.
    351. Li, Lei & Yin, Libo & Zhou, Yimin, 2016. "Exogenous shocks and the spillover effects between uncertainty and oil price," Energy Economics, Elsevier, vol. 54(C), pages 224-234.
    352. Azevedo, Alcino & Colak, Gonul & El Kalak, Izidin & Tunaru, Radu, 2024. "The timing of voluntary delisting," Journal of Financial Economics, Elsevier, vol. 155(C).
    353. Gopalakrishnan, Balagopal & Mohapatra, Sanket, 2020. "Insolvency regimes and firms' default risk under economic uncertainty and shocks," Economic Modelling, Elsevier, vol. 91(C), pages 180-197.
    354. Al-Thaqeb, Saud Asaad & Algharabali, Barrak Ghanim, 2019. "Economic policy uncertainty: A literature review," The Journal of Economic Asymmetries, Elsevier, vol. 20(C).
    355. José Valentim Machado Vicente & Jaqueline Terra Moura Marins, 2021. "A volatility smile-based uncertainty index," Annals of Finance, Springer, vol. 17(2), pages 231-246, June.
    356. Anzuini, Alessio & Rossi, Luca & Tommasino, Pietro, 2020. "Fiscal policy uncertainty and the business cycle: Time series evidence from Italy," Journal of Macroeconomics, Elsevier, vol. 65(C).
    357. Aladesanmi, Olalekan & Casalin, Fabrizio & Metcalf, Hugh, 2019. "Stock market integration between the UK and the US: Evidence over eight decades," Global Finance Journal, Elsevier, vol. 41(C), pages 32-43.
    358. Lorenzo Bretscher & Alex Hsu & Andrea Tamoni, 2023. "The Real Response to Uncertainty Shocks: The Risk Premium Channel," Management Science, INFORMS, vol. 69(1), pages 119-140, January.
    359. Yu, Deshui & Huang, Difang, 2023. "Cross-sectional uncertainty and expected stock returns," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 321-340.
    360. Xiaoqiong Wang & Siqi Wei & Xiaoyang Zhu, 2024. "Economic policy uncertainty and heterogeneous institutional investor horizons," Review of Quantitative Finance and Accounting, Springer, vol. 62(1), pages 39-67, January.
    361. Hoang, Dung Phuong & Chu, Lan Khanh & To, Trung Thanh, 2023. "How do economic policy uncertainty, geopolitical risk, and natural resources rents affect economic complexity? Evidence from advanced and emerging market economies," Resources Policy, Elsevier, vol. 85(PA).
    362. Zhang, Bobo & Zhang, Zhou, 2022. "Shining light on corporate political spending: Evidence from shareholder engagements," International Review of Law and Economics, Elsevier, vol. 70(C).
    363. Sun, Zhongyu & Li, Jun, 2025. "The impact of economic policy uncertainty on household portfolios effectiveness: Evidence from China," Finance Research Letters, Elsevier, vol. 78(C).
    364. Liu, Xia (Summer) & Megginson, William L. & Xia, Junjie, 2022. "Industrial policy and asset prices: Evidence from the Made in China 2025 policy," Journal of Banking & Finance, Elsevier, vol. 142(C).
    365. Attig, Najah & El Ghoul, Sadok & Guedhami, Omrane & Zheng, Xiaolan, 2021. "Dividends and economic policy uncertainty: International evidence," Journal of Corporate Finance, Elsevier, vol. 66(C).
    366. Jory, Surendranath R. & Khieu, Hinh D. & Ngo, Thanh N. & Phan, Hieu V., 2020. "The influence of economic policy uncertainty on corporate trade credit and firm value," Journal of Corporate Finance, Elsevier, vol. 64(C).
    367. Wang, Jie & Hu, Jiukai & Yu, Bo, 2025. "Risk spillover effects among Chinese policy, economy and financial markets: Evidence from mixed-frequency data," Economic Analysis and Policy, Elsevier, vol. 86(C), pages 2263-2277.
    368. Cui, Xin & Wang, Chunfeng & Liao, Jing & Fang, Zhenming & Cheng, Feiyang, 2021. "Economic policy uncertainty exposure and corporate innovation investment: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    369. Dutordoir, Marie & Li, Shuyu & Neto, João Quariguasi Frota, 2025. "When green is no longer a win - new evidence on the shareholder value effects of green bond offerings11The authors would like to thank Konstantinos Bozos, Samit Gupta, Antony Potter, Hai-Anh Tran, and participants at the 2023 British Academy of Manag," International Review of Financial Analysis, Elsevier, vol. 107(C).
    370. Díaz, Juan D. & Hansen, Erwin & Cabrera, Gabriel, 2021. "Economic drivers of commodity volatility: The case of copper," Resources Policy, Elsevier, vol. 73(C).
    371. Khoo, Joye & Cheung, Adrian (Wai Kong), 2021. "Does geopolitical uncertainty affect corporate financing? Evidence from MIDAS regression," Global Finance Journal, Elsevier, vol. 47(C).
    372. Assad Ullah & Xinshun Zhao & Chenghui Ye & Muhammad Abdul Kamal, 2024. "Impact of Economic Policy Uncertainty Shocks on China’s Stock Market Development: Evidence from Nonlinear Autoregressive Distributed Lag and Spectral Causality Approaches," SAGE Open, , vol. 14(3), pages 21582440241, September.
    373. Jia, Jing & Li, Zhongtian, 2020. "Does external uncertainty matter in corporate sustainability performance?," Journal of Corporate Finance, Elsevier, vol. 65(C).
    374. Shafiullah, Muhammad & Senthilkumar, Arunachalam & Lucey, Brian M. & Naeem, Muhammad Abubakr, 2024. "Deciphering asymmetric spillovers in US industries: Insights from higher-order moments," Research in International Business and Finance, Elsevier, vol. 70(PA).
    375. Hu, Yi & Yin, Chao, 2025. "Reprint of: Political uncertainty, corporate social responsibility, and firm performance," The British Accounting Review, Elsevier, vol. 57(1).
    376. Phan, Hieu V. & Nguyen, Nam H. & Nguyen, Hien T. & Hegde, Shantaram, 2019. "Policy uncertainty and firm cash holdings," Journal of Business Research, Elsevier, vol. 95(C), pages 71-82.
    377. Honghai Yu & Libing Fang & Boyang Sun, 2018. "The role of global economic policy uncertainty in long-run volatilities and correlations of U.S. industry-level stock returns and crude oil," PLOS ONE, Public Library of Science, vol. 13(2), pages 1-17, February.
    378. Lean, Hooi Hooi & Alkhazali, Osamah M. & Gleason, Kimberley & Yeap, Xiu Wei, 2024. "Connectedness and economic policy uncertainty spillovers to the ASEAN stock markets," International Review of Economics & Finance, Elsevier, vol. 90(C), pages 167-186.
    379. Chen, Yong & Fang, Jing & Liu, Dingming, 2023. "The effects of Trump’s trade war on U.S. financial markets," Journal of International Money and Finance, Elsevier, vol. 134(C).
    380. Gong, Di & Jiang, Tao & Li, Zhao & Wu, Weixing, 2022. "Optimal loan contracting under policy uncertainty: Theory and international evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
    381. Jayakody, Shashitha & Morelli, David & Oberoi, Jaideep, 2023. "Political uncertainty, corruption, and corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 82(C).
    382. Peizhi Zhao & Yuyan Wang, 2022. "How Does Economic Policy Uncertainty Affect Momentum Returns? Evidence from China," IJFS, MDPI, vol. 10(3), pages 1-18, July.
    383. Chen, Ran & Yang, Lu & Zhang, Xueyong, 2026. "Geopolitical risk and the cross-section of stock returns: International evidence," Journal of International Money and Finance, Elsevier, vol. 162(C).
    384. Zhang, Teng & Xu, Zhiwei & Li, Jiaqi, 2023. "The asset pricing implications of global oil price uncertainty: Evidence from the cross-section of Chinese stock returns," Energy, Elsevier, vol. 285(C).
    385. Onal, Bunyamin, 2023. "Do politically connected directors play an information role under policy uncertainty?," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
    386. Liu, Jinjing & Wang, Hong, 2022. "Economic policy uncertainty and the cost of capital," International Review of Financial Analysis, Elsevier, vol. 81(C).
    387. Yunting Feng & Yusi Jiang, 2023. "State ownership, sustainable supply chain management, and firm performance: A natural experiment of the US–China trade conflict," Australian Journal of Management, Australian School of Business, vol. 48(2), pages 388-407, May.
    388. Deng, Hongbin & Ni, Xiaoran, 2025. "Low-carbon transformation and risk Transferring: Evidence from subsidiaries of listed firms in China," International Review of Economics & Finance, Elsevier, vol. 101(C).
    389. Ongsakul, Viput & Chatjuthamard, Pattanaporn & Chintrakarn, Pandej & Jiraporn, Pornsit, 2025. "Climate change exposure in uncertain times: A text-based approach," International Review of Economics & Finance, Elsevier, vol. 100(C).
    390. Xing Shi & Ya Zhang & Yanrui Wu & Huaqing Wu, 2023. "Political Turnover and Firm Innovation in China: The Moderating Role of Innovation and Entrepreneurship Environment," Economics Discussion / Working Papers 23-08, The University of Western Australia, Department of Economics.
    391. Michele Costola & Michael Donadelli & Luca Gerotto & Ivan Gufler, 2022. "Global risks, the macroeconomy, and asset prices," Empirical Economics, Springer, vol. 63(5), pages 2357-2388, November.
    392. Jamal Bouoiyour & Refk Selmi, 2017. "Political elections and uncertainty -Are BRICS markets equally exposed to Trump's agenda?," Working Papers hal-01429537, HAL.
    393. Saurabh Mishra & Sachin B. Modi & Michael A. Wiles, 2022. "Economic policy uncertainty and shareholder wealth: the role of marketing, operations, and R&D capabilities," Journal of the Academy of Marketing Science, Springer, vol. 50(5), pages 1011-1031, September.
    394. Shabir, Mohsin & Jiang, Ping & Bakhsh, Satar & Zhao, Zhongxiu, 2021. "Economic policy uncertainty and bank stability: Threshold effect of institutional quality and competition," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
    395. Chan, Kam Fong & Gray, Philip & Gray, Stephen & Zhong, Angel, 2020. "Political uncertainty, market anomalies and Presidential honeymoons," Journal of Banking & Finance, Elsevier, vol. 113(C).
    396. Nasraoui, Mahbouba & Ajina, Aymen & Herve, Fabrice, 2026. "Economic policy uncertainty, ESG practices, and investment inefficiency in U.S. firms," Economic Modelling, Elsevier, vol. 155(C).
    397. Frank Obenpong Kwabi & Samuel Owusu-Manu & Agyenim Boateng & Ernest-Bruno Ezeani & Min Du, 2022. "Economic policy uncertainty and cost of capital: the mediating effects of foreign equity portfolio flow," Review of Quantitative Finance and Accounting, Springer, vol. 59(2), pages 457-481, August.
    398. Jessica L. Darby & David J. Ketchen & Brent D. Williams & Travis Tokar, 2020. "The Implications of Firm‐Specific Policy Risk, Policy Uncertainty, and Industry Factors for Inventory: A Resource Dependence Perspective," Journal of Supply Chain Management, Institute for Supply Management, vol. 56(4), pages 3-24, October.
    399. Gong, Yuting & He, Zhongzhi & Xue, Wenjun, 2022. "EPU spillovers and stock return predictability: A cross-country study," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).
    400. Nima Nonejad, 2021. "Bayesian model averaging and the conditional volatility process: an application to predicting aggregate equity returns by conditioning on economic variables," Quantitative Finance, Taylor & Francis Journals, vol. 21(8), pages 1387-1411, August.
    401. Grossmann, Axel & Ngo, Thanh, 2020. "Economic policy uncertainty and ADR mispricing," Journal of Multinational Financial Management, Elsevier, vol. 55(C).
    402. Dai, Zhifeng & Jiang, Fuwei & Kang, Jie & Xue, Bowen, 2025. "Stock return predictability in the frequency domain," International Journal of Forecasting, Elsevier, vol. 41(3), pages 1126-1147.
    403. Yue, Zihuan & Fu, Xiaoqing (Maggie), 2026. "Green actions in policy fog: Climate policy uncertainty and corporate carbon emission," International Review of Economics & Finance, Elsevier, vol. 105(C).
    404. Li, Xiao-Ming & Qiu, Mei, 2021. "The joint effects of economic policy uncertainty and firm characteristics on capital structure: Evidence from US firms," Journal of International Money and Finance, Elsevier, vol. 110(C).
    405. Chen, Yuxuan & Chiu, Junmao & Chung, Huimin & Lien, Donald, 2024. "Bitcoin market connectedness across political uncertainty," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    406. Tobias Burggraf, 2020. "Bitcoin and Global Political Uncertainty – Evidence from the U.S. Election Cycle," Economics Bulletin, AccessEcon, vol. 40(1), pages 727-742.
    407. Smita Roy Trivedi, 2024. "Into the Unknown: Uncertainty, Foreboding and Financial Markets," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(1), pages 1-23, March.
    408. Hassan F Gholipour & Robin Nunkoo & Behzad Foroughi & Hassan Kalantari Daronkola, 2022. "Economic policy uncertainty, consumer confidence in major economies and outbound tourism to African countries," Tourism Economics, , vol. 28(4), pages 979-994, June.
    409. Dragouni, Mina & Filis, George & Gavriilidis, Konstantinos & Santamaria, Daniel, 2016. "Sentiment, mood and outbound tourism demand," Annals of Tourism Research, Elsevier, vol. 60(C), pages 80-96.
    410. Bahram Adrangi & Saman Hatamerad & Ales Kresta & Tomas Tichy, 2025. "Uncertainty and Volatility: Sectoral Equity Responses to Economic and Policy Shocks in the U.S," Bulletin of Applied Economics, Risk Market Journals, vol. 12(2), pages 77-110.
    411. Tran, Dung Viet & Hassan, M. Kabir & Alam, Ahmed W. & Pezzo, Luca & Abdul-Majid, Mariani, 2021. "Economic policy uncertainty, agency problem, and funding structure: Evidence from U.S. banking industry," Research in International Business and Finance, Elsevier, vol. 58(C).
    412. Paudyal, Krishna & Thapa, Chandra & Koirala, Santosh & Aldhawyan, Sulaiman, 2021. "Economic policy uncertainty and cross-border mergers and acquisitions," Journal of Financial Stability, Elsevier, vol. 56(C).
    413. Bernal, Oscar & Gnabo, Jean-Yves & Guilmin, Grégory, 2016. "Economic policy uncertainty and risk spillovers in the Eurozone," Journal of International Money and Finance, Elsevier, vol. 65(C), pages 24-45.
    414. Seyed Alireza Athari & Chafic Saliba & Elsa Abboud & Nourhan El-Bayaa, 2024. "Examining the Quadratic Impact of Sovereign Environmental, Social, and Governance Practices on Firms’ Profitability: New Insights from the Financial Industry in Gulf Cooperation Council Countries," Sustainability, MDPI, vol. 16(7), pages 1-26, March.
    415. Ngo Thai Hung, 2021. "Directional Spillover Effects Between BRICS Stock Markets and Economic Policy Uncertainty," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 28(3), pages 429-448, September.
    416. Wei, Xin & Liu, Xi & Zhang, Xueyong, 2022. "Shadow banking and the cross-section of stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    417. François, Abel & Panel, Sophie & Weill, Laurent, 2019. "Are some dictators more attractive to foreign investors?," BOFIT Discussion Papers 12/2019, Bank of Finland Institute for Emerging Economies (BOFIT).
    418. Zonaira Akbar & Malik Fahim Bashir & Yasir Bin Tariq, 2021. "An analysis of political uncertainty and corporate investment cycles in Pakistan," Quality & Quantity: International Journal of Methodology, Springer, vol. 55(6), pages 2271-2293, December.
    419. Kang, Youngho & Kim, Ryoonhee, 2024. "Home country uncertainty and cash holdings: Evidence from multinational subsidiaries in South Korea," Journal of International Money and Finance, Elsevier, vol. 141(C).
    420. Chen, Ni-Yun & Liu, Chi-Chun, 2023. "The impact of share repurchases on equity finance and performance," The Quarterly Review of Economics and Finance, Elsevier, vol. 91(C), pages 198-212.
    421. Emmanuel Joel Aikins Abakah & Aviral Kumar Tiwari & Emmanuel Kwesi Arthur & Luis Alberiko Gil-Alana, 2023. "The influence of economic policy uncertainty shocks on art market," Applied Economics, Taylor & Francis Journals, vol. 55(29), pages 3404-3421, June.
    422. Müller, Henrik & Blagov, Boris & Schmidt, Torsten & Rieger, Jonas & Jentsch, Carsten, 2025. "The macroeconomic impact of asymmetric uncertainty shocks," The Journal of Economic Asymmetries, Elsevier, vol. 31(C).
    423. Christina Christou & Rangan Gupta & Christis Hassapis & Tahir Suleman, 2017. "The Role of Economic Uncertainty in Forecasting Exchange Rate Returns and Realized Volatility: Evidence from Quantile Predictive Regressions," Working Papers 201774, University of Pretoria, Department of Economics.
    424. Krause, Timothy A., 2019. "Hedge fund returns and uncertainty," The North American Journal of Economics and Finance, Elsevier, vol. 47(C), pages 597-601.
    425. Sudeshna Ghosh & Tomiwa Sunday Adebayo, 2024. "The effect of world policy uncertainty and geopolitical risk factors on export-led growth for Japan: novel insights by wavelet local multiple correlation methods," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(4), pages 3605-3633, August.
    426. Wang, Chih-Wei & Lee, Chien-Chiang & Wu, Lin-Tan, 2023. "The relationship between cash flow uncertainty and extreme risk: International evidence," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    427. Zeng, Qing & Ma, Feng & Lu, Xinjie & Xu, Weiju, 2022. "Policy uncertainty and carbon neutrality: Evidence from China," Finance Research Letters, Elsevier, vol. 47(PB).
    428. Quader, Syed Manzur, 2023. "The interplay between uncertainty, managerial decision making, and firm value: Evidence from Bangladesh," Journal of Economics and Business, Elsevier, vol. 123(C).
    429. Gao, Jieying & Qin, Qi & Zhou, Shengjie, 2025. "Spillover effects of US economic policy uncertainty on emerging markets: Evidence from transnational supply chains," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 100(C).
    430. Lee A. Smales, 2021. "Policy uncertainty in Australian financial markets," Australian Journal of Management, Australian School of Business, vol. 46(3), pages 523-547, August.
    431. Kang, Yong Joo & Park, Dojoon & Eom, Young Ho, 2024. "Global contagion of US COVID-19 panic news," Emerging Markets Review, Elsevier, vol. 59(C).
    432. Lucía Morales & Bernadette Andreosso-O’Callaghan, 2019. "Challenges and Opportunities Brought to the Chinese Economy by Brexit and the New US Administration," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 18(2), pages 145-171, August.
    433. Hailiang Zou & Ruijing Wang & Guoyou Qi, 2023. "The Response of CSR to Economic Policy Uncertainty: Evidence from China," Sustainability, MDPI, vol. 15(17), pages 1-19, August.
    434. Ferguson, Andrew & Lam, Peter, 2016. "Government policy uncertainty and stock prices: The case of Australia's uranium industry," Energy Economics, Elsevier, vol. 60(C), pages 97-111.
    435. Das, Debojyoti & Kumar, Surya Bhushan, 2018. "International economic policy uncertainty and stock prices revisited: Multiple and Partial wavelet approach," Economics Letters, Elsevier, vol. 164(C), pages 100-108.
    436. Choi, Sun-Yong, 2020. "Industry volatility and economic uncertainty due to the COVID-19 pandemic: Evidence from wavelet coherence analysis," Finance Research Letters, Elsevier, vol. 37(C).
    437. Sharad Asthana & Rachana Kalelkar, 2020. "Impact of economic policy uncertainty on disclosure and pricing of earnings news," Review of Quantitative Finance and Accounting, Springer, vol. 55(4), pages 1481-1512, November.
    438. Szczygielski, Jan Jakub & Charteris, Ailie & Bwanya, Princess Rutendo & Brzeszczyński, Janusz, 2024. "Google search trends and stock markets: Sentiment, attention or uncertainty?," International Review of Financial Analysis, Elsevier, vol. 91(C).
    439. Luo, Yan & Zhang, Chenyang, 2020. "Economic policy uncertainty and stock price crash risk," Research in International Business and Finance, Elsevier, vol. 51(C).
    440. Zhang, Qin & Wong, Jin Boon, 2022. "ESG reputational risks and board monitoring committees," Finance Research Letters, Elsevier, vol. 50(C).
    441. Jia, Shaoqing & Yang, Liuyong & Zhou, Fangzhao, 2022. "Geopolitical risk and corporate innovation: Evidence from China," Journal of Multinational Financial Management, Elsevier, vol. 66(C).
    442. Hachenberg, Britta & Kiesel, Florian & Kolaric, Sascha & Schiereck, Dirk, 2017. "The impact of expected regulatory changes: The case of banks following the 2016U.S. election," Finance Research Letters, Elsevier, vol. 22(C), pages 268-273.
    443. Shen, Haotian & Peng, Lijuan, 2025. "Does the uncertainty of U.S. economic policy change Chinese communications landscape under the 5G wave?," International Review of Economics & Finance, Elsevier, vol. 102(C).
    444. Gavriilidis, Konstantinos & Kallinterakis, Vasileios & Montone, Maurizio, 2024. "Political uncertainty and institutional herding," Journal of Corporate Finance, Elsevier, vol. 88(C).
    445. Lin, Lei & Tan, Jing, 2025. "Monetary policy uncertainty and ambiguity premium from news," Research in International Business and Finance, Elsevier, vol. 80(C).
    446. Li, Fengchun & Liang, Ting & Zhang, Hailian, 2021. "Does economic policy uncertainty affect cross-border M&As? —— A data analysis based on Chinese multinational enterprises," International Review of Financial Analysis, Elsevier, vol. 73(C).
    447. Afees A. Salisu & Riza Demirer & Rangan Gupta, 2022. "Policy Uncertainty and Stock Market Volatility Revisited: The Predictive Role of Signal Quality," Working Papers 202232, University of Pretoria, Department of Economics.
    448. Chada, Swechha, 2023. "Economic policy uncertainties and institutional ownership in India," The Journal of Economic Asymmetries, Elsevier, vol. 27(C).
    449. Huang, Yisu & Xu, Weiju & Huang, Dengshi & Zhao, Chenchen, 2023. "Chinese crude oil futures volatility and sustainability: An uncertainty indices perspective," Resources Policy, Elsevier, vol. 80(C).
    450. Lin, Jianhao & Fan, Jiacheng & Zhang, Yifan, 2025. "Information Dissemination and the Monetary Policy Uncertainty Premium: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 171(C).
    451. Schwarz, Lucas Allan Diniz & Dalmácio, Flávia Zóboli, 2021. "The relationship between economic policy uncertainty and corporate leverage: Evidence from Brazil," Finance Research Letters, Elsevier, vol. 40(C).
    452. Han, Liyan & Liu, Yang & Yin, Libo, 2019. "Uncertainty and currency performance: A quantile-on-quantile approach," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 702-729.
    453. Ozili, Peterson Kitakogelu, 2021. "Economic policy uncertainty in banking: a literature review," MPRA Paper 108017, University Library of Munich, Germany.
    454. Hammoudeh, Shawkat & Uddin, Gazi Salah & Sousa, Ricardo M. & Wadström, Christoffer & Sharmi, Rubaiya Zaman, 2022. "Do pandemic, trade policy and world uncertainties affect oil price returns?," Resources Policy, Elsevier, vol. 77(C).
    455. Karadas, Serkan & Schlosky, Minh Tam Tammy, 2024. "What explains trading behaviors of members of congress? Evidence from over 100,000 congressional stock trades," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    456. Yumiao Wang & Dongmin Kong, 2022. "Economic Policy Uncertainty and the Energy Stock Market - Evidence From China," Energy RESEARCH LETTERS, Asia-Pacific Applied Economics Association, vol. 3(1), pages 1-4.
    457. Christopher Thiem, 2020. "Cross-Category, Trans-Pacific Spillovers of Policy Uncertainty and Financial Market Volatility," Open Economies Review, Springer, vol. 31(2), pages 317-342, April.
    458. Tiwari, Aviral Kumar & Jana, R.K. & Roubaud, David, 2019. "The policy uncertainty and market volatility puzzle: Evidence from wavelet analysis," Finance Research Letters, Elsevier, vol. 31(C).
    459. Wael Bousselmi & Patrick Sentis & Marc Willinger, 2018. "Impact of the Brexit vote announcement on long-run market performance," Working Papers hal-01954920, HAL.
    460. Lee, Seohyun, 2017. "Three essays on uncertainty: real and financial effects of uncertainty shocks," MPRA Paper 83617, University Library of Munich, Germany.
    461. Wang, Pengfei & Li, Xiao & Shen, Dehua & Zhang, Wei, 2020. "How does economic policy uncertainty affect the bitcoin market?," Research in International Business and Finance, Elsevier, vol. 53(C).
    462. Ranajit Kumar Bairagi, 2022. "Dynamic Impacts of Economic Policy Uncertainty on Australian Stock Market: An Intercontinental Evidence," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 21(1), pages 64-91, March.
    463. Belcaid, Karim & El Ghini, Ahmed, 2019. "U.S., European, Chinese economic policy uncertainty and Moroccan stock market volatility," The Journal of Economic Asymmetries, Elsevier, vol. 20(C).
    464. Miao Li & Gaoqiang Wu, 2020. "The Impact of Economic Policy Uncertainty on Real Estate Development in China," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(4), pages 1-2.
    465. Lee, Kiryoung & Cho, Juik, 2023. "Measuring Chinese climate uncertainty," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 891-901.
    466. Chen, Chuanglian & Ye, Cheng & Wang, Haonan & Yao, Shujie, 2025. "Policy intervention and stock market stability risks: Evidence from carbon emission trading policy on energy firms in China," Journal of Asian Economics, Elsevier, vol. 98(C).
    467. Kim, Wongi, 2019. "Government spending policy uncertainty and economic activity: US time series evidence," Journal of Macroeconomics, Elsevier, vol. 61(C), pages 1-1.
    468. Zhao, Tianjiao & Chan, Kam C., 2023. "Corporate social network and corporate social responsibility: A perspective of interlocking directorates," International Review of Financial Analysis, Elsevier, vol. 88(C).
    469. Shang, Longfei & Lin, Ji-Chai & Saffar, Walid, 2021. "Does economic policy uncertainty drive the initiation of corporate lobbying?," Journal of Corporate Finance, Elsevier, vol. 70(C).
    470. Huizheng Liu & Jingyi Zhang & Qi Han & Wenshen Pan & Muhammad Afaq Haider Jafri, 2022. "Impact of Economic Policy Uncertainty on the Stability of Enterprises Embedded in a Global Value Chain," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 12(2), pages 1-3.
    471. Tarkom, Augustine & Ujah, Nacasius U., 2023. "Global policy uncertainty and working capital management: Does national culture matter?," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    472. Julia Darby & Jun Gao & Siobhan Lucey & Sheng Zhu, 2019. "Is heightened political uncertainty priced in stock returns? Evidence from the 2014 Scottish independence referendum," Working Papers 1913, University of Strathclyde Business School, Department of Economics.
    473. Beatrice D. Simo-Kengne & Kofi Agyarko Ababio & Jules Mba & Ur Koumba & Makgale Molepo, 2018. "Risk, Uncertainty and Exchange Rate Behavior in South Africa," Journal of African Business, Taylor & Francis Journals, vol. 19(2), pages 262-278, April.
    474. Yin DAI & Jing-wen ZHANG & Xiu-zhen YU & Xin LI, 2017. "Causality between economic policy uncertainty and exchange rate in China with considering quantile differences," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(612), A), pages 29-38, Autumn.
    475. Ozili, Peterson K, 2021. "Financial reporting under economic policy uncertainty," MPRA Paper 105089, University Library of Munich, Germany.
    476. Fernandes, Marcelo & Pereira, Murilo A.P., 2025. "Forecasting realized volatility using news flow," The Quarterly Review of Economics and Finance, Elsevier, vol. 104(C).
    477. Mario Daniele Amore & Margherita Corina, 2021. "Political elections and corporate investment: International evidence," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(9), pages 1775-1796, December.
    478. Weiguo Zhong & Ya Lin & Danxue Gao & Haibin Yang, 2019. "Does politician turnover affect foreign subsidiary performance? Evidence in China," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(7), pages 1184-1212, September.
    479. Junxiao Gui & Nathee Naktnasukanjn & Xi Yu & Siva Shankar Ramasamy, 2024. "Research on the Impact of Economic Policy Uncertainty and Investor Sentiment on the Growth Enterprise Market Return in China—An Empirical Study Based on TVP-SV-VAR Model," IJFS, MDPI, vol. 12(4), pages 1-20, October.
    480. Lien, Donald & Zhang, Jiewen & Yu, Xiaojian, 2022. "Effects of economic policy uncertainty: A regime switching connectedness approach," Economic Modelling, Elsevier, vol. 113(C).
    481. Jun Wen & Samia Khalid & Hamid Mahmood & Xiuyun Yang, 2022. "Economic policy uncertainty and growth nexus in Pakistan: a new evidence using NARDL model," Economic Change and Restructuring, Springer, vol. 55(3), pages 1701-1715, August.
    482. Nakhli, Mohamed Sahbi & Shahbaz, Muhammad & Ben Jebli, Mehdi & Wang, Shizhen, 2022. "Nexus between economic policy uncertainty, renewable & non-renewable energy and carbon emissions: Contextual evidence in carbon neutrality dream of USA," Renewable Energy, Elsevier, vol. 185(C), pages 75-85.
    483. Budras, Oliver & Dierkes, Maik & Schroen, Sebastian, 2026. "Text-implied uncertainty in 10-K filings: Do investors get the message?," The Quarterly Review of Economics and Finance, Elsevier, vol. 106(C).
    484. Li, Lu & Liu, Chunbo & Xu, Yongxin & Zhang, Xiaoyan & Zheng, Gaoping, 2024. "Crisis rescue via direct purchase: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 165(C).
    485. Cheng, Chak Hung Jack & Hankins, William B. & Chiu, Ching-Wai (Jeremy), 2016. "Does US partisan conflict matter for the Euro area?," Economics Letters, Elsevier, vol. 138(C), pages 64-67.
    486. Paule-Vianez, Jessica & Alcázar-Blanco, Antonio & Coca-Pérez, José Luis, 2022. "Effect of Economic Policy Uncertainty on the investment in numismatic assets: Evidence for the Walking Liberty Half Dollar," Finance Research Letters, Elsevier, vol. 46(PB).
    487. Amélie Charles & Olivier Darné & Fabien Tripier, 2017. "Uncertainty and the Macroeconomy: Evidence from an Uncertainty Composite Indicator," Working Papers 2017-25, CEPII research center.
    488. Zhaobo Zhu & Licheng Sun, 2024. "Economic policy uncertainty and short-term reversals," Post-Print hal-04691597, HAL.
    489. Chahine, Salim & Daher, Mai & Saade, Samer, 2021. "Doing good in periods of high uncertainty: Economic policy uncertainty, corporate social responsibility, and analyst forecast error," Journal of Financial Stability, Elsevier, vol. 56(C).
    490. M'bakob, Gilles Brice, 2026. "Are contemporary policies uncertainties driving public attention to blockchain-fintech and price movements of related derivative products? Evidence from the United States," Research in International Business and Finance, Elsevier, vol. 81(C).
    491. Tong, Hui & Wei, Shang-Jin, 2021. "Endogenous corporate leverage response to a safer macro environment: The case of foreign exchange reserve accumulation," Journal of International Economics, Elsevier, vol. 132(C).
    492. Pan, Wei-Fong & Wang, Xinjie & Yang, Shanxiang, 2019. "Debt maturity, leverage, and political uncertainty," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    493. Shi, Yujie & Wang, Liming, 2023. "Comparing the impact of Chinese and U.S. economic policy uncertainty on the volatility of major global stock markets," Global Finance Journal, Elsevier, vol. 57(C).
    494. Hassan Zada & Abdul Mansoor & Naveed Khan & Wing-Keung Wong & Adamu Jibir, 2026. "Monetary Policy Uncertainty and Stock Market Returns in Developed and Emerging Countries: Evidence from a Quantile-on-Quantile Approach," Advances in Decision Sciences, Asia University, Taiwan, vol. 30(3), pages 89-113, September.
    495. Deschamps, Bruno & Fei, Tianlun & Jiang, Ying & Liu, Xiaoquan, 2025. "Uncertainty and cross-sectional stock returns: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 171(C).
    496. Liang, Chao & Luo, Qin & Li, Yan & Huynh, Luu Duc Toan, 2023. "Global financial stress index and long-term volatility forecast for international stock markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    497. Garima Goel & Saumya Ranjan Dash & Mário Nuno Mata & António Bento Caleiro & João Xavier Rita & José António Filipe, 2021. "Economic Policy Uncertainty and Stock Return Momentum," JRFM, MDPI, vol. 14(4), pages 1-17, March.
    498. Su, Zhi & Liu, Peng & Fang, Tong, 2022. "Uncertainty matters in US financial information spillovers: Evidence from a directed acyclic graph approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 229-242.
    499. Mei-Chih Wang & Pao-Lan Kuo & Chan-Sheng Chen & Chien-Liang Chiu & Tsangyao Chang, 2020. "Yield Spread and Economic Policy Uncertainty: Evidence from Japan," Sustainability, MDPI, vol. 12(10), pages 1-14, May.
    500. Peng-Fei Dai & Xiong Xiong & Wei-Xing Zhou, 2020. "Visibility graph analysis of economy policy uncertainty indices," Papers 2007.12880, arXiv.org.
    501. Lyu, Yongjian & Tuo, Siwei & Wei, Yu & Yang, Mo, 2021. "Time-varying effects of global economic policy uncertainty shocks on crude oil price volatility：New evidence," Resources Policy, Elsevier, vol. 70(C).
    502. Mei, Dexiang & Zhao, Chenchen & Luo, Qin & Li, Yan, 2022. "Forecasting the Chinese low-carbon index volatility," Resources Policy, Elsevier, vol. 77(C).
    503. Seong-Min Yoon & Oguzhan Ozcelebi & Sang Hoon Kang, 2026. "Extreme dependence and frequency connectedness across international stock markets and global uncertainties," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 16(1), pages 115-164, March.
    504. Magerakis, Efstathios & Pantzalis, Christos & Park, Jung Chul, 2023. "The effect of proximity to political power on corporate cash policy," Journal of Corporate Finance, Elsevier, vol. 82(C).
    505. Douglas Cumming & Fanyu Lu & Limin Xu & Chia-Feng (Jeffrey) Yu, 2024. "Are Companies Offloading Risk onto Employees in Times of Uncertainty? Insights from Corporate Pension Plans," Journal of Business Ethics, Springer, vol. 195(3), pages 579-598, December.
    506. Christian Pierdzioch & Rangan Gupta, 2017. "Uncertainty and Forecasts of U.S. Recessions," Working Papers 201732, University of Pretoria, Department of Economics.
    507. Nong, Huifu, 2021. "Have cross-category spillovers of economic policy uncertainty changed during the US–China trade war?," Journal of Asian Economics, Elsevier, vol. 74(C).
    508. Kong, Dongmin & Zhao, Zhao, 2024. "Political investing of mutual funds," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    509. Eduardo de Sá Fortes Leitão Rodrigues, 2020. "Uncertainty And The Effectiveness Of Fiscal Policy In The United States And Brazil: Svar Approach," Working Papers REM 2020/0150, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    510. Kishwar Ali & Hu Hongbing & Chee Yoong Liew & Du Jianguo, 2023. "Governance perspective and the effect of economic policy uncertainty on financial stability: evidence from developed and developing economies," Economic Change and Restructuring, Springer, vol. 56(3), pages 1971-2002, June.
    511. Min Chen & Jiaxin Chang & Zhaobo Zhu & Yuanhong Zhang, 2026. "Economic Policy Uncertainty and Analyst Behaviors: Evidence from China," Annals of Economics and Finance, Society for AEF, vol. 27(1), pages 113-143, May.
    512. Inoue, Hitoshi & Kani, Masayo & Nakashima, Kiyotaka, 2019. "The Dynamic Effect of Uncertainty on Corporate Investment through Internal and External Financing," MPRA Paper 98533, University Library of Munich, Germany.
    513. Lee, Kiryoung, 2022. "Which uncertainty measures matter for the cross-section of corporate bond returns? Evidence from the U.S. during 1973–2020," Finance Research Letters, Elsevier, vol. 48(C).
    514. Lee, Kiryoung & Choi, Eunseon & Kim, Minki, 2023. "Twitter-based Chinese economic policy uncertainty," Finance Research Letters, Elsevier, vol. 53(C).
    515. Wei Yang & Yifu Zhang & Yuan Hu, 2022. "Heterogeneous Impact of Economic Policy Uncertainty on Provincial Environmental Pollution Emissions in China," Sustainability, MDPI, vol. 14(9), pages 1-13, April.
    516. Mohsen Bahmani-Oskooee & Jia Xu, 2022. "Whose policy uncertainty matters in the trade between China and the U.S.?," Economic Change and Restructuring, Springer, vol. 55(3), pages 1497-1542, August.
    517. Babita Panda & Ajaya Kumar Panda & Pradiptarathi Panda, 2023. "Macroeconomic Response to BRICS Countries Stock Markets Using Panel VAR," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 30(1), pages 259-272, March.
    518. Chen, Jinyu & Huang, Yuxin & Ren, Xiaohang & Qu, Jingxiao, 2022. "Time-varying spillovers between trade policy uncertainty and precious metal markets: Evidence from China-US trade conflict," Resources Policy, Elsevier, vol. 76(C).
    519. Guglielmo Maria Caporale & Luis Alberiko Gil-Alana & Jesus Pantoja Cárdenas, 2026. "Long Memory and Asymmetric Uncertainty Effects on Stock Returns and Volatility: A Fractional Integration Approach," CESifo Working Paper Series 12806, CESifo.
    520. Wang, Jie & Xue, Weina & Song, Jiashan, 2022. "Economic policy uncertainty and industry risk on China’s stock market," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    521. Liu, Xiaojun & Ma, Yong & Xu, Zhongyue, 2024. "Economic policy uncertainty, risk perception and stock price crash risk: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 865-876.
    522. David Su & Xin Li & Oana-Ramona Lobonþ & Yanping Zhao, 2016. "Economic policy uncertainty and housing returns in Germany: Evidence from a bootstrap rolling window," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 34(1), pages 43-61.
    523. Xu, Zhiwei & Gou, Xinyi & Zhang, Teng, 2025. "Have the Chinese crude oil futures prices made a progress towards becoming the regional oil pricing benchmark? Empirical analysis from the asset pricing perspective," Energy Economics, Elsevier, vol. 145(C).
    524. Kim, Jeong-Bon & Tseng, Kevin & Wang, Jundong (Jeff) & Xi, Yaoyi, 2024. "Policy uncertainty, bad news disclosure, and stock price crash risk," Journal of Empirical Finance, Elsevier, vol. 78(C).
    525. Park, Heungju & Sohn, Sungbin, 2021. "Flight to quality and implicit guarantee: Evidence from Chinese trust products," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 399-419.
    526. He, Feng & Lucey, Brian & Wang, Ziwei, 2021. "Trade policy uncertainty and its impact on the stock market -evidence from China-US trade conflict," Finance Research Letters, Elsevier, vol. 40(C).
    527. Boulton, Thomas J., 2022. "Economic policy uncertainty and international IPO underpricing," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    528. Massaporn Cheuathonghua & Chaiyuth Padungsaksawasdi & Pattana Boonchoo & Jittima Tongurai, 2019. "Extreme spillovers of VIX fear index to international equity markets," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 33(1), pages 1-38, March.
    529. Dang, Man & Nguyen, Ngoc Vu & Mazur, Mieszko & Puwanenthiren, Premkanth & Nguyen, Ngoc Thang, 2021. "Global policy uncertainty and cross-border acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 224-235.
    530. Badshah, Ihsan & Demirer, Riza & Suleman, Muhammad Tahir, 2019. "The effect of economic policy uncertainty on stock-commodity correlations and its implications on optimal hedging," Energy Economics, Elsevier, vol. 84(C).
    531. Verhoeks, Ralph C. & Verschoor, Willem F.C. & Zwinkels, Remco C.J., 2024. "Wall street watches Washington: Asset pricing implications of policy uncertainty," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    532. Nguyen, Thanh Cong, 2023. "Wholesale funding and bank stability: The impact of economic policy uncertainty," Research in International Business and Finance, Elsevier, vol. 65(C).
    533. Yuan, Tiezhen & Wu, Ji (George) & Qin, Ni & Xu, Jian, 2022. "Being nice to stakeholders: The effect of economic policy uncertainty on corporate social responsibility," Economic Modelling, Elsevier, vol. 108(C).
    534. Huynh, Nhan & Le, Quynh Nga & Tran, Quang Thien, 2024. "Firm-level political risk and intellectual capital investment: Does managerial ability matter?," International Review of Financial Analysis, Elsevier, vol. 91(C).
    535. Cheng, Mengyao, 2022. "Legislative gridlock and stock return dispersion around roll-call votes," Journal of Banking & Finance, Elsevier, vol. 138(C).
    536. Lee, Jungho & Xu, Jianhuan, 2019. "Tax uncertainty and business activity," Journal of Economic Dynamics and Control, Elsevier, vol. 103(C), pages 158-184.
    537. Dash, Saumya Ranjan & Maitra, Debasish, 2021. "Do oil and gas prices influence economic policy uncertainty differently: Multi-country evidence using time-frequency approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 397-420.
    538. Sun, Yunpeng & Bao, Qun & Lu, Zhou, 2021. "Coronavirus (Covid-19) outbreak, investor sentiment, and medical portfolio: Evidence from China, Hong Kong, Korea, Japan, and U.S," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
    539. Phan, Dinh Hoang Bach & Sharma, Susan Sunila & Tran, Vuong Thao, 2018. "Can economic policy uncertainty predict stock returns? Global evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 55(C), pages 134-150.
    540. Yang, Jianlei & Yang, Chunpeng & Hu, Xiaoyi, 2021. "Economic policy uncertainty dispersion and excess returns: Evidence from China," Finance Research Letters, Elsevier, vol. 40(C).
    541. Ida Q. Nesset & Ingrid Bøgeberg & Frode Kjærland & Lars H. Molden, 2019. "How Underlying Dimensions of Political Risk Affect Excess Return in Emerging and Developed Markets," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 18(1), pages 80-105, April.
    542. Zhang, Guangli & Han, Jianlei & Pan, Zheyao & Huang, Haozhi, 2015. "Economic policy uncertainty and capital structure choice: Evidence from China," Economic Systems, Elsevier, vol. 39(3), pages 439-457.
    543. Malik, Ali K. & Colak, Gonul & Löflund, Anders, 2024. "Gold, platinum, and mutual fund flows," Journal of Empirical Finance, Elsevier, vol. 79(C).
    544. Kido, Yosuke, 2016. "On the link between the US economic policy uncertainty and exchange rates," Economics Letters, Elsevier, vol. 144(C), pages 49-52.
    545. Lukas Timbate & Dongil Kim & Dereje Asrat & Hwang Sungjun, 2024. "Firm-level political uncertainty, corporate lobbying and risk-taking," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
    546. Andrew Detzel & Hong Liu & Jack Strauss & Guofu Zhou & Yingzi Zhu, 2021. "Learning and predictability via technical analysis: Evidence from bitcoin and stocks with hard‐to‐value fundamentals," Financial Management, Financial Management Association International, vol. 50(1), pages 107-137, March.
    547. Donadelli, Michael & Gufler, Ivan & Pellizzari, Paolo, 2020. "The macro and asset pricing implications of rising Italian uncertainty: Evidence from a novel news-based macroeconomic policy uncertainty index," Economics Letters, Elsevier, vol. 197(C).
    548. Jingya Hou & Daoguo Wang, 2022. "International Fund Allocation under Economic Policy Uncertainty Shock," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 12(5), pages 1-5.
    549. Geoffrey M. Ngene & Rangan Gupta, 2021. "Impact of Housing Policy Uncertainty on Herding Behavior: Evidence from UK's Regional Housing Markets," Working Papers 202115, University of Pretoria, Department of Economics.
    550. Zhenhua Liu & Tingting Zhu & Zhaoping Duan & Shanqi Xuan & Zhihua Ding & Shan Wu, 2023. "Time-varying impacts of oil price shocks on China’s stock market under economic policy uncertainty," Applied Economics, Taylor & Francis Journals, vol. 55(9), pages 963-989, February.
    551. Yin, Libo & Feng, Jiabao & Liu, Li & Wang, Yudong, 2019. "It's not that important: The negligible effect of oil market uncertainty," International Review of Economics & Finance, Elsevier, vol. 60(C), pages 62-84.
    552. Tran, Quoc Trung, 2021. "Economic policy uncertainty and cost of debt financing: International evidence," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    553. Rubaiyat Ahsan Bhuiyan & Tze Chi Chin & Tanusree Chakravarty Mukherjee, 2026. "The Influence of Macro Policy Uncertainty on Blockchain Adoption, Crypto Economy, and Digital Asset Infrastructure," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 17(1), pages 1653-1693, February.
    554. Ranjan DasGupta & Arup Roy, 2025. "Performance shortfall condition and environmental, social, governance performance: Does economic policy uncertainty and national culture matter?," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 36(1), pages 81-132, March.
    555. Chen, Yajie & Zhang, Dayong & Guo, Kun & Ji, Qiang, 2024. "Emission trading schemes and cross-border mergers and acquisitions," Journal of Environmental Economics and Management, Elsevier, vol. 124(C).
    556. Bernardina Algieri, 2021. "Fast & furious: Do psychological and legal factors affect commodity price volatility?," The World Economy, Wiley Blackwell, vol. 44(4), pages 980-1017, April.
    557. Gong, Ning & Tao, Qizhi & Zhang, Wan, 2024. "Economic policy uncertainty, political connections, and M&As: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    558. Haoke Ding & Yinghua Ren & Wanhai You, 2022. "Does uncertainty granger-causes visitor arrivals? evidence from the MF-VAR model," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(6), pages 4193-4215, December.
    559. Ying Chen & Xiaoqian Shen & Li Wang, 2021. "The Heterogeneity Research of the Impact of EPU on Environmental Pollution: Empirical Evidence Based on 15 Countries," Sustainability, MDPI, vol. 13(8), pages 1-13, April.
    560. Raphael Semet & Thierry Roncalli & Lauren Stagnol, 2021. "ESG and Sovereign Risk: What is Priced in by the Bond Market and Credit Rating Agencies?," Papers 2110.06617, arXiv.org.
    561. Xi Zhong & Ge Ren & XiaoJie Wu, 2024. "Corporate philanthropy and bribery as distinctive responses to economic policy uncertainty: Do state-owned and private firms differ?," Asia Pacific Journal of Management, Springer, vol. 41(2), pages 641-677, June.
    562. Lu, Yunzhi & Li, Jie & Yang, Haisheng, 2023. "Time-varying impacts of monetary policy uncertainty on China's housing market," Economic Modelling, Elsevier, vol. 118(C).
    563. Huang, Yisu & Ma, Feng & Bouri, Elie & Huang, Dengshi, 2023. "A comprehensive investigation on the predictive power of economic policy uncertainty from non-U.S. countries for U.S. stock market returns," International Review of Financial Analysis, Elsevier, vol. 87(C).
    564. Imran Yousaf & Elie Bouri & Shoaib Ali & Nehme Azoury, 2021. "Gold against Asian Stock Markets during the COVID-19 Outbreak," JRFM, MDPI, vol. 14(4), pages 1-23, April.
    565. Wen, Fenghua & Shui, Aojie & Cheng, Yuxiang & Gong, Xu, 2022. "Monetary policy uncertainty and stock returns in G7 and BRICS countries: A quantile-on-quantile approach," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 457-482.
    566. Bucci, Andrea & Palomba, Giulio & Rossi, Eduardo, 2023. "The role of uncertainty in forecasting volatility comovements across stock markets," Economic Modelling, Elsevier, vol. 125(C).
    567. Shehub Bin Hasan & Md Samsul Alam & Sudharshan Reddy Paramati & Md Shahidul Islam, 2022. "Does firm-level political risk affect cash holdings?," Review of Quantitative Finance and Accounting, Springer, vol. 59(1), pages 311-337, July.
    568. Le, Thai-Ha & Le, Anh Tu & Le, Ha-Chi, 2021. "The historic oil price fluctuation during the Covid-19 pandemic: What are the causes?," Research in International Business and Finance, Elsevier, vol. 58(C).
    569. Xiao, Jihong & Jiang, Jiajie & Zhang, Yaojie, 2024. "Policy uncertainty, investor sentiment, and good and bad volatilities in the stock market: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 84(C).
    570. Hong, Yun & Zhang, Rushan & Zhang, Feipeng, 2024. "Time-varying causality impact of economic policy uncertainty on stock market returns: Global evidence from developed and emerging countries," International Review of Financial Analysis, Elsevier, vol. 91(C).
    571. Xia, Tongshui & Yao, Chen-Xi & Geng, Jiang-Bo, 2020. "Dynamic and frequency-domain spillover among economic policy uncertainty, stock and housing markets in China," International Review of Financial Analysis, Elsevier, vol. 67(C).
    572. Hachmi Ben Ameur & Eric Le Fur & Julien Pillot, 2023. "The Influence of Economic Policy Uncertainty and Business Cycles on Fine Wine Prices," Computational Economics, Springer;Society for Computational Economics, vol. 62(2), pages 589-608, August.
    573. Serdar Ongan & Ismet Gocer, 2017. "Testing The Causalities Between Economic Policy Uncertainty And The Us Stock Indices: Applications Of Linear And Nonlinear Approaches," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 12(04), pages 1-20, December.
    574. Chen, Liming & Du, Ziqing & Hu, Zhihao, 2020. "Impact of economic policy uncertainty on exchange rate volatility of China," Finance Research Letters, Elsevier, vol. 32(C).
    575. Zhang, Weike & Zhang, Xueyuan & Tian, Xiaoli & Sun, Fengwei, 2021. "Economic policy uncertainty nexus with corporate risk-taking: The role of state ownership and corruption expenditure," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
    576. Kisswani, Khalid M. & Elian, Mohammad I., 2021. "Analyzing the (a)symmetric impacts of oil price, economic policy uncertainty, and global geopolitical risk on exchange rate," The Journal of Economic Asymmetries, Elsevier, vol. 24(C).
    577. Xinjie Wang & Weike Xu & Zhaodong (Ken) Zhong, 2019. "Economic policy uncertainty, CDS spreads, and CDS liquidity provision," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 39(4), pages 461-480, April.
    578. Ifwarsson, Emil Johan Verlo & Kleiven, Lars Erik & Sendstad, Lars H. & Hagspiel, Verena, 2021. "Policy uncertainty in Scandinavian countries," Economics Letters, Elsevier, vol. 209(C).
    579. Nguyen, Quang & Kim, Huong Trang, 2023. "An exploration on policy uncertainty as a driver of R&D activity," Research in International Business and Finance, Elsevier, vol. 64(C).
    580. Peng Liu & Daxin Dong, 2020. "Impact of Economic Policy Uncertainty on Trade Credit Provision: The Role of Social Trust," Sustainability, MDPI, vol. 12(4), pages 1-24, February.
    581. Gong, Xu & Fu, Chengbo & Huang, Qiping & Lin, Meimei, 2022. "International political uncertainty and climate risk in the stock market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    582. Su, Zhi & Fang, Tong & Yin, Libo, 2017. "The role of news-based implied volatility among US financial markets," Economics Letters, Elsevier, vol. 157(C), pages 24-27.
    583. Park, Dojoon & Kang, Yong Joo & Eom, Young Ho, 2024. "Asset pricing tests for pandemic risk," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1314-1334.
    584. Guglielmo Maria Caporale & Menelaos Karanasos & Stavroula Yfanti, 2019. "Macro-Financial Linkages in the High-Frequency Domain: The Effects of Uncertainty on Realized Volatility," CESifo Working Paper Series 8000, CESifo.
    585. Sabani, Nazmie & Bales, Stephan & Burghof, Hans-Peter, 2024. "On the different impact of local and national sources of policy uncertainty on sectoral stock volatility," Research in International Business and Finance, Elsevier, vol. 72(PB).
    586. Tang, Kai & Cheng, Yuxiang, 2025. "CFO overseas experience and stock price crash risk," Global Finance Journal, Elsevier, vol. 66(C).
    587. Demetrio Lacava & Edoardo Otranto, 2026. "Trade uncertainty impact on stock-bond correlations: Insights from conditional correlation models," Papers 2601.21447, arXiv.org.
    588. Liyan Han & Mengchao Qi & Libo Yin, 2016. "Macroeconomic policy uncertainty shocks on the Chinese economy: a GVAR analysis," Applied Economics, Taylor & Francis Journals, vol. 48(51), pages 4907-4921, November.
    589. Cakici, Nusret & Zaremba, Adam, 2023. "Misery on Main Street, victory on Wall Street: Economic discomfort and the cross-section of global stock returns," Journal of Banking & Finance, Elsevier, vol. 149(C).
    590. Ayadi, Imen & Abderrahman, Jahmane, 2025. "The impact of economic policy uncertainty and digital integration on ESG practices in European companies," Research in International Business and Finance, Elsevier, vol. 76(C).
    591. Choi, Wonseok & Chung, Chune Young & Wang, Kainan, 2022. "Firm-level political risk and corporate investment," Finance Research Letters, Elsevier, vol. 46(PA).
    592. Shams, Syed & Gunaskerage, Abeyratna & Velayutham, Eswaran, 2022. "Economic policy uncertainty and acquisition performance: Australian evidence," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 286-308.
    593. Xuan Yang & Geng Chen & Chunzi Qu & Zhixuan Chen & Yang Wen & Lei Shi & Feng Long, 2024. "Economic Policy Uncertainty and Co-Control of Air Pollutants and CO 2 : Evidence from 282 Cities in China," Energies, MDPI, vol. 17(11), pages 1-23, May.
    594. Balcilar, Mehmet & Gupta, Rangan & Lee, Chien-Chiang & Olasehinde-Williams, Godwin, 2020. "Insurance and economic policy uncertainty," Research in International Business and Finance, Elsevier, vol. 54(C).
    595. Hitz, Lukas & Mustafi, Ismail H. & Zimmermann, Heinz, 2022. "The pricing of volatility risk in the US equity market," International Review of Financial Analysis, Elsevier, vol. 79(C).
    596. Quaye, Enoch & Acquaye, Adolf & Yamoah, Fred & Ndiaye, Malick, 2023. "FDI interconnectedness and sustainable economic development: A linear and non-linear Granger causality assessment," Journal of Business Research, Elsevier, vol. 164(C).
    597. Liu, Xue-Ying & He, Wei & Duan, Hai-Peng & Fan, Rui, 2024. "The impact of financial sanctions on economic policy uncertainty: Global evidence," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
    598. Das, Debojyoti & Kannadhasan, M. & Bhattacharyya, Malay, 2019. "Do the emerging stock markets react to international economic policy uncertainty, geopolitical risk and financial stress alike?," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 1-19.
    599. López Noria Gabriela & Bush Georgia, 2019. "Uncertainty and Exchange Rate Volatility: the Case of Mexico," Working Papers 2019-12, Banco de México.
    600. Hailemariam, Abebe & Ivanovski, Kris, 2025. "The dynamics of energy transition metals under climate policy uncertainty," Journal of Commodity Markets, Elsevier, vol. 40(C).
    601. Liu, Zhenhua & Zhang, Huiying & Ding, Zhihua & Lv, Tao & Wang, Xu & Wang, Deqing, 2022. "When are the effects of economic policy uncertainty on oil–stock correlations larger? Evidence from a regime-switching analysis," Economic Modelling, Elsevier, vol. 114(C).
    602. Wangfang Xu & Wenjia Rao & Longbao Wei & Qianqian Wang, 2023. "A Normalized Global Economic Policy Uncertainty Index from Unsupervised Machine Learning," Mathematics, MDPI, vol. 11(15), pages 1-10, July.
    603. James, Robert & Jarnecic, Elvis & Leung, Henry, 2022. "Who Values Economist Forecasts? Evidence From Trading in Treasury Markets," Journal of Financial Intermediation, Elsevier, vol. 49(C).
    604. Mohsen Bahmani-Oskooee & Hanafiah Harvey & Farhang Niroomand, 2018. "On the Impact of Policy Uncertainty on Oil Prices: An Asymmetry Analysis," IJFS, MDPI, vol. 6(1), pages 1-11, January.
    605. Kang, Hankil & Ryu, Doojin, 2026. "Sentiment, uncertainty, and bond return predictability," The Quarterly Review of Economics and Finance, Elsevier, vol. 105(C).
    606. Tengfei Zhang, 2020. "Manager Uncertainty and Cross-Sectional Stock Returns," 2020 Papers pzh934, Job Market Papers.
    607. Nonejad, Nima, 2021. "Predicting the return on the spot price of crude oil out-of-sample by conditioning on news-based uncertainty measures: Some new empirical results," Energy Economics, Elsevier, vol. 104(C).
    608. Alessio Anzuini & Luca Rossi, 2018. "Fiscal policy in the US: a new measure of uncertainty and its recent development," Temi di discussione (Economic working papers) 1197, Bank of Italy, Economic Research and International Relations Area.
    609. Chang, Chong-Chuo & Chen, Hsien-Yi & Mon, Khin Thiri, 2024. "Impact of economic policy uncertainty on the firm's working capital requirements," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    610. Chin Chia Liang & Carol Troy & Ellen Rouyer, 2020. "The Stock Price Impact of Domestic and Foreign Economic Policy Uncertainty: Evidence from China," Economics Bulletin, AccessEcon, vol. 40(2), pages 1747-1755.
    611. Mohsen Bahmani-Oskooee & Majid Maki-Nayeri, 2018. "Asymmetric Effects of Policy Uncertainty on the Demand for Money in the United States," JRFM, MDPI, vol. 12(1), pages 1-13, December.
    612. Van Son Lai & Duc Khuong Nguyen & William Sodjahin & Issouf Soumaré, 2018. "Discretionary Idiosyncratic Risk, Firm Cash Holdings and Investment," Working Papers 2018-008, Department of Research, Ipag Business School.
    613. Bahram Adrangi & Arjun Chatrath & Madhuparna Kolay & Kambiz Raffiee, 2025. "Enterprise value, economic and policy uncertainties: the case of US air carriers," Papers 2506.07766, arXiv.org.
    614. Assad Ullah & İbrahim Özmen & Azaz Ali Ather Bukhari & Amber Pervaiz & Waqar Ali Ather Bukhari & Hina Shahzadi, 2025. "The Impact of Economic Policy Uncertainty on China’s Business and Consumer Confidence: A Quantile-Based Analysis," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(6), pages 17912-17939, December.
    615. Yunpeng Su & Jia Li & Baochen Yang & Yunbi An, 2024. "The Impacts of Policy Uncertainty on Asset Prices: Evidence from China’s Market," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(4), pages 1087-1133, December.
    616. Tran, Dung Viet & Houston, Reza, 2021. "The effects of policy uncertainty on bank loan loss provisions," Economic Modelling, Elsevier, vol. 102(C).
    617. Chen, Zilin & Da, Zhi & Huang, Dashan & Wang, Liyao, 2023. "Presidential economic approval rating and the cross-section of stock returns," Journal of Financial Economics, Elsevier, vol. 147(1), pages 106-131.
    618. Guo, Jin & Wen, Xiaoqian, 2024. "Option listing and underlying commodity futures volatility in China," Economic Modelling, Elsevier, vol. 141(C).
    619. Mujeeb Saif Mohsen Al-Absy & Redhwan Al-Dhamari & Hamid Abdulkhaleq Hasan Al-Wesabi & Khaldoon Albitar, 2024. "Are country-level political uncertainty and power distance important to the CSR-audit report lag nexus? Evidence from the GCC region," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 14(3), pages 483-515, July.
    620. Ngozi E. Egbuna (PhD) & Maimuna John-Sowe & Dauda Mohammed (PhD) & Hissan Abubakari & Eric L. Sambolah & Kormay Adams, 2020. "Uncertainty And Economic Performance In The West African Monetary Zone (Wamz): A Fixed Effect Panel Threshold Approach," Working Papers 19, West African Monetary Institute.
    621. Yang, Zhenyi & Yu, Yiwei & Zhang, Yubing & Zhou, Sili, 2019. "Policy uncertainty exposure and market value: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    622. Yang, Tianle & Zhou, Fangxing & Du, Min & Du, Qunyang & Zhou, Shirong, 2023. "Fluctuation in the global oil market, stock market volatility, and economic policy uncertainty: A study of the US and China," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 377-387.
    623. Dang, Man & Puwanenthiren, Premkanth & Thai, Hong An & Mazur, Mieszko & Jones, Edward & Vo, Xuan Vinh, 2021. "Policy uncertainty and seasoned equity offerings methods," International Review of Financial Analysis, Elsevier, vol. 77(C).
    624. Hill, Paula & Korczak, Adriana & Korczak, Piotr, 2019. "Political uncertainty exposure of individual companies: The case of the Brexit referendum," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 58-76.
    625. Xu, Zhaoxia, 2020. "Economic policy uncertainty, cost of capital, and corporate innovation," Journal of Banking & Finance, Elsevier, vol. 111(C).

  18. Jonathan Brogaard & Björn Hagströmer & Lars Nordén & Ryan Riordan, 2015. "Trading Fast and Slow: Colocation and Liquidity," The Review of Financial Studies, Society for Financial Studies, vol. 28(12), pages 3407-3443.

    Cited by:

    1. Clapham, Benjamin & Gomber, Peter & Haferkorn, Martin & Panz, Sven, 2017. "Managing excess volatility: Design and effectiveness of circuit breakers," SAFE Working Paper Series 195, Leibniz Institute for Financial Research SAFE.
    2. Cartea, Álvaro & Payne, Richard & Penalva, José & Tapia, Mikel, 2019. "Ultra-fast activity and intraday market quality," Journal of Banking & Finance, Elsevier, vol. 99(C), pages 157-181.
    3. Alderighi, Stefano & Cleary, Siobhan & Varanasi, Padmasai, 2018. "The determinants of cross-border portfolio equity flows: new evidence from emerging markets," Economics Discussion Papers 23310, University of Essex, Department of Economics.
    4. Ladley, Daniel, 2020. "The high frequency trade off between speed and sophistication," Journal of Economic Dynamics and Control, Elsevier, vol. 116(C).
    5. Dodd, Olga & Frijns, Bart & Indriawan, Ivan & Pascual, Roberto, 2023. "US cross-listing and domestic high-frequency trading: Evidence from Canadian stocks," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 301-320.
    6. Mario Bellia & Loriana Pelizzon & Marti G. Subrahmanyam & Jun Uno & Darya Yuferova, 2020. "Low-Latency Trading and Price Discovery: Evidence from the Tokyo Stock Exchange in the Pre-Opening and Opening Periods," Working Papers 2020:09, Department of Economics, University of Venice "Ca' Foscari".
    7. Alex Frino & Ognjen Kovacevic & Vito Mollica & Robert I. Webb, 2022. "Connectivity costs and price efficiency: An event study," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(2), pages 296-309, February.
    8. Bongaerts, Dion & Achter, Mark Van, 2021. "Competition among liquidity providers with access to high-frequency trading technology," Journal of Financial Economics, Elsevier, vol. 140(1), pages 220-249.
    9. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: evidence from Frankfurt-London microwave," LSE Research Online Documents on Economics 119989, London School of Economics and Political Science, LSE Library.
    10. Roşu, Ioanid, 2019. "Fast and slow informed trading," Journal of Financial Markets, Elsevier, vol. 43(C), pages 1-30.
    11. Nihad Aliyev & Matteo Aquilina & Khaladdin Rzayev & Sonya Zhu, 2024. "Through stormy seas: how fragile is liquidity across asset classes and time?," BIS Working Papers 1229, Bank for International Settlements.
    12. Chung, Kiseo & Kim, Seoyoung, 2024. "Technological disparity and its impact on market quality," Journal of Empirical Finance, Elsevier, vol. 75(C).
    13. Kemme, David M. & McInish, Thomas H. & Zhang, Jiang, 2022. "Market fairness and efficiency: Evidence from the Tokyo Stock Exchange," Journal of Banking & Finance, Elsevier, vol. 134(C).
    14. Li, Sida & Wang, Xin & Ye, Mao, 2021. "Who provides liquidity, and when?," Journal of Financial Economics, Elsevier, vol. 141(3), pages 968-980.
    15. Foucault, Thierry & Moinas, Sophie, 2018. "Is Trading Fast Dangerous?," TSE Working Papers 18-881, Toulouse School of Economics (TSE).
    16. Jun Aoyagi, 2019. "Strategic Speed Choice by High-Frequency Traders under Speed Bumps," ISER Discussion Paper 1050, Institute of Social and Economic Research, The University of Osaka.
    17. Nimalendran, Mahendrarajah & Rzayev, Khaladdin & Sagade, Satchit, 2022. "High-frequency trading in the stock market and the costs of option market making," LSE Research Online Documents on Economics 118885, London School of Economics and Political Science, LSE Library.
    18. Sagade, Satchit & Scharnowski, Stefan & Theissen, Erik & Westheide, Christian, 2024. "A tale of two cities: Inter-market latency and fast-trader competition," SAFE Working Paper Series 430, Leibniz Institute for Financial Research SAFE.
    19. Michael Brolley & David A. Cimon, 2018. "Order Flow Segmentation, Liquidity and Price Discovery: The Role of Latency Delays," Staff Working Papers 18-16, Bank of Canada.
    20. Corsetti, G. & Lafarguette, R. & Mehl, A., 2019. "Fast Trading and the Virtue of Entropy: Evidence from the Foreign Exchange Market," Cambridge Working Papers in Economics 1970, Faculty of Economics, University of Cambridge.
    21. Lisa Anderson & Emad Andrews & Baiju Devani & Michael Mueller & Adrian Walton, 2018. "Speed Segmentation on Exchanges: Competition for Slow Flow," Staff Working Papers 18-3, Bank of Canada.
    22. Brogaard, Jonathan & Hendershott, Terrence & Riordan, Ryan, 2017. "High frequency trading and the 2008 short-sale ban," Journal of Financial Economics, Elsevier, vol. 124(1), pages 22-42.
    23. Tom Grimstvedt Meling, 2021. "Anonymous Trading in Equities," Journal of Finance, American Finance Association, vol. 76(2), pages 707-754, April.
    24. Matteo Aquilina & Sean Foley & Peter O'Neill & Matteo Thomas Ruf, 2023. "Sharks in the dark: quantifying HFT dark pool latency arbitrage," BIS Working Papers 1115, Bank for International Settlements.
    25. Mario Bellia & Loriana Pelizzon & Marti G. Subrahmanyam & Jun Uno & Darya Yuferova, 2020. "Coming early to the party," Working Papers 2020:11, Department of Economics, University of Venice "Ca' Foscari".
    26. Suchismita Mishra & Le Zhao, 2021. "Order Routing Decisions for a Fragmented Market: A Review," JRFM, MDPI, vol. 14(11), pages 1-32, November.
    27. O'Hara, Maureen & Alex Zhou, Xing, 2021. "The electronic evolution of corporate bond dealers," Journal of Financial Economics, Elsevier, vol. 140(2), pages 368-390.
    28. Gider, Jasmin & Schmickler, Simon & Westheide, Christian, 2019. "High-frequency trading and price informativeness," SAFE Working Paper Series 248, Leibniz Institute for Financial Research SAFE, revised 2019.
    29. Murray, Hamish & Pham, Thu Phuong & Singh, Harminder, 2016. "Latency reduction and market quality: The case of the Australian Stock Exchange," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 257-265.
    30. Banerjee, Anirban & Roy, Prince, 2023. "High-frequency traders’ evolving role as market makers," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    31. Markus Baldauf & Joshua Mollner, 2020. "High‐Frequency Trading and Market Performance," Journal of Finance, American Finance Association, vol. 75(3), pages 1495-1526, June.
    32. Hagströmer, Björn, 2021. "Bias in the effective bid-ask spread," Journal of Financial Economics, Elsevier, vol. 142(1), pages 314-337.
    33. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: Evidence from Frankfurt-London microwave," Journal of Financial Markets, Elsevier, vol. 66(C).
    34. Yang, Haijun & Ge, Hengshun & Luo, Ying, 2020. "The optimal bid-ask price strategies of high-frequency trading and the effect on market liquidity," Research in International Business and Finance, Elsevier, vol. 53(C).
    35. Jagannathan, Ravi & Pelizzon, Loriana & Schaumburg, Ernst & Getmansky Sherman, Mila & Yuferova, Darya, 2021. "Recovery from fast crashes: Role of mutual funds," SAFE Working Paper Series 227, Leibniz Institute for Financial Research SAFE, revised 2021.
    36. Ryan Garvey & Tao Huang & Fei Wu, 2021. "Is faster or slower trading better? An examination of order type execution speed and costs," European Financial Management, European Financial Management Association, vol. 27(2), pages 326-363, March.
    37. Corgnet, Brice & DeSantis, Mark & Siemroth, Christoph, 2024. "Algorithmic Trading, Price Efficiency and Welfare: An Experimental Approach," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302411, Verein für Socialpolitik / German Economic Association.
    38. Ben Ammar, Imen & Hellara, Slaheddine & Ghadhab, Imen, 2020. "High-frequency trading and stock liquidity: An intraday analysis," Research in International Business and Finance, Elsevier, vol. 53(C).
    39. Le Moign, Caroline, 2025. "Securing passive liquidity: The impact of Europe’s first asymmetric speed bump on market liquidity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 101(C).
    40. Jasmin Gider & Simon N. M. Schmickler & Christian Westheide, 2021. "High-Frequency Trading and Price Informativeness," CRC TR 224 Discussion Paper Series crctr224_2021_257, University of Bonn and University of Mannheim, Germany.
    41. G. Ibikunle & B. Moews & D. Muravyev & K. Rzayev, 2024. "Data-driven measures of high-frequency trading," Papers 2405.08101, arXiv.org, revised Mar 2025.
    42. Viktor Manahov, 2026. "Speed, order cancellation, and market quality in electronic financial markets," Journal of Asset Management, Palgrave Macmillan, vol. 27(3), pages 1-17, September.
    43. Sandra Ferreruela & Daniel Martín, 2022. "Market Quality and Short-Selling Ban during the COVID-19 Pandemic: A High-Frequency Data Approach," JRFM, MDPI, vol. 15(7), pages 1-29, July.
    44. Ya‐Kai Chang & Robin K. Chou, 2022. "Algorithmic trading and market quality: Evidence from the Taiwan index futures market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 42(10), pages 1837-1855, October.
    45. Jørgensen, Kjell & Skjeltorp, Johannes & Ødegaard, Bernt Arne, 2018. "Throttling hyperactive robots – Order-to-trade ratios at the Oslo Stock Exchange," Journal of Financial Markets, Elsevier, vol. 37(C), pages 1-16.
    46. Yi Li & Dehua Shen & Pengfei Wang & Wei Zhang, 2021. "Investor reactions to local and overseas news: Evidence from A‐ and H‐shares in China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4190-4225, July.
    47. Zura Kakushadze & Juan Andrés Serur, 2018. "151 Trading Strategies," Springer Books, Springer, number 978-3-030-02792-6.
    48. Andriy Shkilko & Konstantin Sokolov, 2020. "Every Cloud Has a Silver Lining: Fast Trading, Microwave Connectivity, and Trading Costs," Journal of Finance, American Finance Association, vol. 75(6), pages 2899-2927, December.
    49. Nimalendran, Mahendrarajah & Rzayev, Khaladdin & Sagade, Satchit, 2024. "High-frequency trading in the stock market and the costs of options market making," LSE Research Online Documents on Economics 124228, London School of Economics and Political Science, LSE Library.
    50. Alex Frino & Michael Garcia & Zeyang Zhou, 2020. "Impact of algorithmic trading on speed of adjustment to new information: Evidence from interest rate derivatives," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(5), pages 749-760, May.
    51. Breckenfelder, Johannes, 2024. "Competition among high-frequency traders and market quality," Journal of Economic Dynamics and Control, Elsevier, vol. 166(C).
    52. Markus Ulze & Johannes Stadler & Andreas W. Rathgeber, 2026. "The Case of Fleeting Orders and Flickering Quotes," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 46(4), pages 629-652, April.
    53. Viktor Manahov, 2021. "High‐frequency trading order cancellations and market quality: Is stricter regulation the answer?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5385-5407, October.
    54. Dees, S. & Gaiduchevici, G. & Grodzicki, M. & Gross, M. & Hilberg, B. & Maliszewski, K. & Rancoita, E. & Silva, R. & Testi, S. & Venditti, F. & Volk, M., 2016. "Macroprudential effects of systemic bank stress," Macroprudential Bulletin, European Central Bank, vol. 2.
    55. Clapham, Benjamin & Gomber, Peter & Panz, Sven, 2017. "Coordination of circuit breakers? Volume migration and volatility spillover in fagmented markets," SAFE Working Paper Series 196, Leibniz Institute for Financial Research SAFE.
    56. Daniel Ladley, 2019. "The Design and Regulation of High Frequency Traders," Discussion Papers in Economics 19/02, Division of Economics, School of Business, University of Leicester.
    57. Sánchez Serrano Antonio, 2020. "High-Frequency Trading and Systemic Risk: A Structured Review of Findings and Policies," Review of Economics, De Gruyter, vol. 71(3), pages 169-195, December.
    58. Frino, Alex & Prodromou, Tina & Wang, George H.K. & Westerholm, P. Joakim & Zheng, Hui, 2017. "An empirical analysis of algorithmic trading around earnings announcements," Pacific-Basin Finance Journal, Elsevier, vol. 45(C), pages 34-51.
    59. Stephen N. Jurich, 2020. "Size Precedence And Share Volume: The Case Of The Psx Exchange," Journal of Financial Management, Markets and Institutions (JFMMI), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-28, December.
    60. Eric M. Aldrich & Daniel Friedman, 2023. "Order Protection Through Delayed Messaging," Management Science, INFORMS, vol. 69(2), pages 774-790, February.
    61. Ana Fiorella Carvajal & Ricardo Bebczuk, 2024. "Liquidity In Corporate Markets," World Bank Publications - Reports 41408, The World Bank Group.
    62. Thorsten Hens & Terje Lensberg & Klaus Reiner Schenk‐Hoppé, 2018. "Front‐Running and Market Quality: An Evolutionary Perspective on High Frequency Trading," International Review of Finance, International Review of Finance Ltd., vol. 18(4), pages 727-741, December.
    63. Bidisha Chakrabarty & Pankaj K. Jain & Andriy Shkilko & Konstantin Sokolov, 2021. "Unfiltered Market Access and Liquidity: Evidence from the SEC Rule 15c3-5," Management Science, INFORMS, vol. 67(2), pages 1183-1198, February.
    64. Bartlett, Robert P. & McCrary, Justin, 2019. "How rigged are stock markets? Evidence from microsecond timestamps," Journal of Financial Markets, Elsevier, vol. 45(C), pages 37-60.
    65. Peter Cziraki & Jordi Mondria & Thomas Wu, 2021. "Asymmetric Attention and Stock Returns," Management Science, INFORMS, vol. 67(1), pages 48-71, January.
    66. Roberto Riccó & Barbara Rindi & Duane J. Seppi, 2021. "Optimal Market Asset Pricing," Working Papers 675, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    67. Sagade, Satchit & Scharnowski, Stefan & Westheide, Christian, 2022. "Broker colocation and the execution costs of customer and proprietary orders," SAFE Working Paper Series 366, Leibniz Institute for Financial Research SAFE.
    68. Ge, Hengshun & Yang, Haijun & Doukas, John A., 2024. "The optimal strategies of competitive high-frequency traders and effects on market liquidity," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 653-679.
    69. Aggarwal, Nidhi & Panchapagesan, Venkatesh & Thomas, Susan, 2023. "When is the order-to-trade ratio fee effective?," Journal of Financial Markets, Elsevier, vol. 62(C).
    70. Georges Dionne & Xiaozhou Zhou, 2016. "The Dynamics of Ex-ante Weighted Spread: An Empirical Analysis," Working Papers 16-4, HEC Montreal, Canada Research Chair in Risk Management.
    71. Frino, Alex & Mollica, Vito & Monaco, Eleonora & Palumbo, Riccardo, 2017. "The effect of algorithmic trading on market liquidity: Evidence around earnings announcements on Borsa Italiana," Pacific-Basin Finance Journal, Elsevier, vol. 45(C), pages 82-90.
    72. Nimalendran, Mahendrarajah & Rzayev, Khaladdin & Sagade, Satchit, 2024. "High-frequency trading in the stock market and the costs of options market making," Journal of Financial Economics, Elsevier, vol. 159(C).
    73. Anirban Banerjee & Ashok Banerjee, 2025. "Why Do HFTs Use the Futures Market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 45(9), pages 1134-1153, September.
    74. Sida Li & Xin Wang & Mao Ye, 2019. "Who Provides Liquidity, and When?," NBER Working Papers 25972, National Bureau of Economic Research, Inc.
    75. Nidhi Aggarwal & Venkatesh Panchapagesan & Susan Thomas, 2019. "When do regulatory interventions work?," Working Papers id:13040, eSocialSciences.
    76. Michael Goldstein & Amy Kwan & Richard Philip, 2023. "High-Frequency Trading Strategies," Management Science, INFORMS, vol. 69(8), pages 4413-4434, August.
    77. Aït-Sahalia, Yacine & Brunetti, Celso, 2020. "High frequency traders and the price process," Journal of Econometrics, Elsevier, vol. 217(1), pages 20-45.
    78. Alderighi, Stefano & Cleary, Siobhan & Varanasi, Padmasai, 2019. "Do institutional factors influence cross-border portfolio equity flows? New evidence from emerging markets," Journal of International Money and Finance, Elsevier, vol. 99(C).
    79. Petter Dahlström & Björn Hagströmer & Lars L. Nordén, 2024. "The determinants of limit order cancellations," The Financial Review, Eastern Finance Association, vol. 59(1), pages 181-201, February.
    80. Aquilina, Matteo & Budish, Eric B. & O'Neill, Peter, 2020. "Quantifying the High-Frequency Trading "Arms Race": A Simple New Methodology and Estimates," Working Papers 300, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    81. Sarah Draus, 2012. "Market Power on Exchanges: Linking Price Impact to Trading Fees," CSEF Working Papers 490, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    82. Caccavaio, M. & Rodriguez d´Acri, C., 2016. "Macroprudential policy analysis and tools - Monitoring euro area banks’ risk weight developments," Macroprudential Bulletin, European Central Bank, vol. 2.
    83. Gerig, Austin & Michayluk, David, 2017. "Automated liquidity provision," Pacific-Basin Finance Journal, Elsevier, vol. 45(C), pages 1-13.
    84. Meng, Qingbin & Huang, Haozheng & Li, Xinyu & Wang, Song, 2023. "Short-selling and corporate default risk: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 398-417.
    85. Irtisam, Rasheek & Sokolov, Konstantin, 2023. "Do stock exchanges specialize? Evidence from the New Jersey transaction tax proposal," Journal of Banking & Finance, Elsevier, vol. 154(C).
    86. Tomy Lee, 2019. "Latency in Fragmented Markets," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 128-153, July.
    87. Jang, Hyun Jin & Najmiddinov, Bekhzodbek, 2025. "Profitability of high-frequency market-making under market instability and manipulative behaviors," Finance Research Letters, Elsevier, vol. 86(PE).
    88. Anh Tu Le & Thai-Ha Le & Wai-Man Liu & Kingsley Y. Fong, 2023. "Dynamic limit order placement activities and their effects on stock market quality," Annals of Operations Research, Springer, vol. 330(1), pages 155-175, November.
    89. Chakrabarty, Bidisha & Moulton, Pamela C. & Pascual, Roberto, 2017. "Trading system upgrades and short-sale bans: Uncoupling the effects of technology and regulation," Journal of Empirical Finance, Elsevier, vol. 43(C), pages 74-90.
    90. Hengshun Ge & Haijun Yang, 2025. "Frequent batch auction versus continuous time auction under order cancellation and maker‐taker fee," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 570-589, January.
    91. Alex Frino & Dionigi Gerace & Masud Behnia, 2021. "The impact of algorithmic trading on liquidity in futures markets: New insights into the resiliency of spreads and depth," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(8), pages 1301-1314, August.
    92. Thierry Foucault & Roman Kozhan & Wing Wah Tham, 2017. "Toxic Arbitrage," The Review of Financial Studies, Society for Financial Studies, vol. 30(4), pages 1053-1094.
    93. Francis Breedon & Louisa Chen & Angelo Ranaldo & Nicholas Vause, 2018. "Judgement Day: Algorithmic Trading Around the Swiss Franc Cap Removal," Working Papers on Finance 1808, University of St. Gallen, School of Finance.
    94. Seddon, Jonathan J.J.M. & Currie, Wendy L., 2017. "A model for unpacking big data analytics in high-frequency trading," Journal of Business Research, Elsevier, vol. 70(C), pages 300-307.
    95. Khairul Zharif Zaharudin & Martin R. Young & Wei‐Huei Hsu, 2022. "High‐frequency trading: Definition, implications, and controversies," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 75-107, February.
    96. Zhang, Jiang, 2025. "International information flow and market quality," Journal of Banking & Finance, Elsevier, vol. 173(C).
    97. Aït-Sahalia, Yacine & Sağlam, Mehmet, 2024. "High frequency market making: The role of speed," Journal of Econometrics, Elsevier, vol. 239(2).
    98. Pham, Manh Cuong & Anderson, Heather Margot & Duong, Huu Nhan & Lajbcygier, Paul, 2020. "The effects of trade size and market depth on immediate price impact in a limit order book market," Journal of Economic Dynamics and Control, Elsevier, vol. 120(C).
    99. Xia, Tianjiao & Liu, Xiaohui, 2022. "The innovation paradox of TMT political capital in transition economy firms," Journal of Business Research, Elsevier, vol. 142(C), pages 775-790.
    100. Lo, Danny, 2017. "On the limit order behaviour of retail and non-retail investors," Pacific-Basin Finance Journal, Elsevier, vol. 44(C), pages 1-12.
    101. Lafarguette Romain, 2016. "High-frequency Trading, Market Volatility, and Regulation: The Role of High-frequency Quoting and Dark Pools," Macroprudential Bulletin, European Central Bank, vol. 2.

  19. Brogaard, Jonathan & Engelberg, Joseph & Parsons, Christopher A., 2014. "Networks and productivity: Causal evidence from editor rotations," Journal of Financial Economics, Elsevier, vol. 111(1), pages 251-270.

    Cited by:

    1. Joshua Aizenman & Kenneth Kletzer, 2020. "Networking, citations of academic research, and premature death," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 51-55, Centre for Economic Policy Research.
    2. Zhang, Tianjiao & Shi, Jin & Situ, Lingyun, 2021. "The correlation between author-editorial cooperation and the author’s publications in journals," Journal of Informetrics, Elsevier, vol. 15(1).
    3. Angus, Simon D. & Atalay, Kadir & Newton, Jonathan & Ubilava, David, 2021. "Geographic diversity in economic publishing," Journal of Economic Behavior & Organization, Elsevier, vol. 190(C), pages 255-262.
    4. Pataranutaporn, Pat & Powdthavee, Nattavudh & Maes, Pattie, 2025. "Can AI Solve the Peer Review Crisis? A Large-Scale Experiment on LLM's Performance and Biases in Evaluating Economics Papers," IZA Discussion Papers 17659, IZA Network @ LISER.
    5. Radek Zdeněk & Jana Lososová, 2018. "An analysis of editorial board members’ publication output in agricultural economics and policy journals," Scientometrics, Springer;Akadémiai Kiadó, vol. 117(1), pages 563-578, October.
    6. John O’Hagan & Lukas Kuld, 2020. "Multi-authored journal articles in economics - Why the spiralling upward trend?," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 93-98, Centre for Economic Policy Research.
    7. Karel Hrazdil & Jeong-Bon Kim & Frederick H. Willeboordse, 2024. "Systematic bias in citing practices: evidence from accounting journal additions to the FT list," Scientometrics, Springer;Akadémiai Kiadó, vol. 129(11), pages 6947-6973, November.
    8. Daniel Hamermesh, 2020. "Measuring success in economics," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 11-15, Centre for Economic Policy Research.
    9. Jonathan Brogaard & Joseph E. Engelberg & Sapnoti K. Eswar & Edward D. Van Wesep, 2024. "On the Causal Effect of Fame on Citations," Management Science, INFORMS, vol. 70(10), pages 7187-7214, October.
    10. Cloos, Janis & Greiff, Matthias & Rusch, Hannes, 2020. "Geographical Concentration and Editorial Favoritism within the Field of Laboratory Experimental Economics (RM/19/029-revised-)," Research Memorandum 014, Maastricht University, Graduate School of Business and Economics (GSBE).
    11. Ductor, Lorenzo & Visser, Bauke, 2022. "When a coauthor joins an editorial board," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 576-595.
    12. Sadowski, Ireneusz & Zamęcki, Łukasz, 2025. "Endogeny in measuring research excellence. In-house publishing and conflict of interests in Polish science evaluation," Research Policy, Elsevier, vol. 54(1).
    13. Jishnu Das & Quy-Toan Do, 2020. "US and them - The geography of academic research," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 111-114, Centre for Economic Policy Research.
    14. James J. Heckman & Sidharth Moktan, 2020. "Publishing and promotion in economics - The tyranny of the Top Five," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 23-32, Centre for Economic Policy Research.
    15. Shuo Xu & Mengjia An & Xin An, 2021. "Do scientific publications by editorial board members have shorter publication delays and then higher influence?," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(8), pages 6697-6713, August.
    16. Reinartz, Sebastian J. & Urban, Daniel, 2017. "Finance conference quality and publication success: A conference ranking," Journal of Empirical Finance, Elsevier, vol. 42(C), pages 155-174.
    17. Hui Dong & Dan Luo & Xudong Zeng & Zhentao Zou, 2023. "Cross‐affiliation collaboration and power laws for research output of institutions: Evidence and theory from top three finance journals," International Studies of Economics, John Wiley & Sons, vol. 18(4), pages 502-526, December.
    18. Rose, Michael E. & Opolot, Daniel C. & Georg, Co-Pierre, 2022. "Discussants," Research Policy, Elsevier, vol. 51(10).
    19. Zoë Cullen & Ricardo Perez-Truglia, 2023. "The Old Boys' Club: Schmoozing and the Gender Gap," American Economic Review, American Economic Association, vol. 113(7), pages 1703-1740, July.
    20. Raffaele Miniaci & Michele Pezzoni, 2020. "Social connections and editorship in economics," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 53(3), pages 1292-1317, August.
    21. Siganos, Antonios, 2021. "Guest editor networking in special issues," International Review of Financial Analysis, Elsevier, vol. 76(C).
    22. Rubin, Amir & Rubin, Eran & Segal, Dan, 2023. "Editor home bias?," Research Policy, Elsevier, vol. 52(6).
    23. María Victoria Anauati & Sebastian Galiani & Ramiro H. Gálvez, 2020. "Differences in citation ageing patterns across economics research articles are as sharp as those observed across fields of study," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 45-50, Centre for Economic Policy Research.
    24. Lorenzo Ductor & Bauke Visser, 2023. "Concentration of power at the editorial boards of economics journals," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 189-238, April.
    25. Zachary Ferrara, 2021. "Friends in Close Places: Social Ties in Economic Education Research," The American Economist, Sage Publications, vol. 66(1), pages 128-136, March.
    26. Cloos, Janis & Greiff, Matthias & Rusch, Hannes, 2023. "Editorial favoritism in the field of laboratory experimental economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 107(C).
    27. Püttmann, Vitus & Thomsen, Stephan L. & Trunzer, Johannes, 2020. "Zur Relevanz von Ausstattungsunterschieden für Forschungsleistungsvergleiche: Ein Diskussionsbeitrag für die Wirtschaftswissenschaften in Deutschland," Hannover Economic Papers (HEP) dp-679, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät, revised Mar 2021.
    28. Chan, Kam C. & Chang, Chih-Hsiang & Chang, Yuanchen, 2015. "The network effects of publishing in finance," The North American Journal of Economics and Finance, Elsevier, vol. 33(C), pages 305-316.
    29. Carmela Lutmar & Yaniv Reingewertz, 2021. "Academic in-group bias in the top five economics journals," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(12), pages 9543-9556, December.
    30. Lucas Ronconi & Ana Lúcia Kassouf, 2023. "Demand-Side Obstacles to Publishing Economics Research: A View from the South," Progress in Development Studies, , vol. 23(1), pages 99-105, January.
    31. Athanasia Lampraki & Christos Kolympiris & Thorsten Grohsjean & Linus Dahlander, 2024. "The new needs friends: Simmelian strangers and the selection of novelty," Strategic Management Journal, Wiley Blackwell, vol. 45(4), pages 716-744, April.
    32. David Card & Stefano DellaVigna, 2017. "What do Editors Maximize? Evidence from Four Leading Economics Journals," NBER Working Papers 23282, National Bureau of Economic Research, Inc.
    33. Onder, Ali Sina & Popov, Sergey V & Schweitzer, Sascha, 2018. "Leadership in Scholarship: Editors' Influence on the Profession's Narrative," Cardiff Economics Working Papers E2018/2, Cardiff University, Cardiff Business School, Economics Section.
    34. Sultan Orazbayev, 2017. "Diversity and collaboration in Economics," UCL SSEES Economics and Business working paper series 2017-4, UCL School of Slavonic and East European Studies (SSEES).
    35. Hamermesh, Daniel S. & Kosnik, Lea-Rachel, 2022. "Aging in Style: Does How We Write Matter?," IZA Discussion Papers 15739, IZA Network @ LISER.
    36. Charles Wyplosz, 2020. "Covid Economics - A new kind of publication," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 147-157, Centre for Economic Policy Research.
    37. Trevon Logan & Samuel L. Myers, Jr., 2020. "The failure of economics and the marginalisation of research on race," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 117-123, Centre for Economic Policy Research.
    38. David Card & Stefano DellaVigna, 2020. "What Do Editors Maximize? Evidence from Four Economics Journals," The Review of Economics and Statistics, MIT Press, vol. 102(1), pages 195-217, March.
    39. Jill Caviglia‐Harris, 2023. "Opening the gates: The increasing impact of papers beyond the top five and other changes in economic publishing," Southern Economic Journal, John Wiley & Sons, vol. 90(2), pages 474-496, October.
    40. Stan Liebowitz, 2020. "Our uneconomic methods of measuring economic research," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 99-104, Centre for Economic Policy Research.
    41. Sampagnaro, Gabriele, 2024. "The disciplinarity of finance journals," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 374-388.
    42. David Card & Stefano DellaVigna, 2014. "Page Limits on Economics Articles: Evidence from Two Journals," Journal of Economic Perspectives, American Economic Association, vol. 28(3), pages 149-168, Summer.
    43. Tian, Jinfang & Zhang, Mingxuan & Xue, Rui & Cao, Wei & Shan, Yuli, 2022. "The face of achievement: Editors' facial structure and journal performance," International Review of Financial Analysis, Elsevier, vol. 84(C).
    44. Yushan Hu & Ben Li, 2017. "The Production Economics of The Economics Production," Boston College Working Papers in Economics 924, Boston College Department of Economics.
    45. Erica Bosio & Filip Jolevski & Joseph Lemoine & Rita Ramalho, 2020. "Survival of firms in developing economies during economic crisis," CEPR Press Book Chapters, in: Simeon Djankov & Ugo Panizza (ed.), COVID-19 in Developing Economies, edition 1, volume 1, chapter 1, pages 157-174, Centre for Economic Policy Research.
    46. Christoph Endenich & Rouven Trapp, 2016. "Cooperation for Publication? An Analysis of Co-authorship Patterns in Leading Accounting Journals," European Accounting Review, Taylor & Francis Journals, vol. 25(3), pages 613-633, September.
    47. Mara Faccio & John J. McConnell, 2025. "Political connections cause resource misallocation: Evidence from the fall of fascism in Italy," Financial Management, Financial Management Association International, vol. 54(3), pages 549-583, September.
    48. Sumit Agarwal & Aditya Murlidharan & Naman Nishesh & Prasanna Tantri, 2026. "Familiarity Breeds Contagion∗," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 58(1), pages 5-38, February.
    49. Ning Li, 2026. "Merit or networks? What decides where research is published," Papers 2606.03763, arXiv.org.
    50. Tommaso Colussi, 2020. "The role of connections in the economics publishing process," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 105-110, Centre for Economic Policy Research.
    51. Christos Kolympiris & Sebastian Hoenen & Peter G. Klein, 2019. "Learning by Seconding: Evidence from National Science Foundation Rotators," Organization Science, INFORMS, vol. 30(3), pages 528-551, May.
    52. Rachida Aïssaoui & J. Michael Geringer & Grigorios Livanis, 2020. "International Collaboration and European Contributions to International Business Research," Management International Review, Springer, vol. 60(6), pages 827-868, December.
    53. Sebastian Hoenen & Christos Kolympiris, 2020. "The Value of Insiders as Mentors: Evidence from the Effects of NSF Rotators on Early-Career Scientists," The Review of Economics and Statistics, MIT Press, vol. 102(5), pages 852-866, December.
    54. Lokman Tutuncu, 2024. "Gatekeepers or gatecrashers? The inside connection in editorial board publications of Turkish national journals," Scientometrics, Springer;Akadémiai Kiadó, vol. 129(2), pages 957-984, February.
    55. Chongyu Dang & Zhichuan (Frank) Li, 2020. "Drivers of research impact: evidence from the top three finance journals," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(3), pages 2759-2809, September.
    56. Mingye Niu & Lingyun Situ & Jin Shi, 2026. "Collaborating with program committee members: effects on publications in leading security conferences," Scientometrics, Springer;Akadémiai Kiadó, vol. 131(3), pages 1827-1845, March.
    57. John P. Conley & Mario J. Crucini & Robert A. Driskill & Ali Sina Önder, 2020. "Publication lags and the research output of young economists," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 67-72, Centre for Economic Policy Research.
    58. Rui Dai & Lawrence Donohue & Qingyi (Freda) Drechsler & Wei Jiang, 2023. "Dissemination, Publication, and Impact of Finance Research: When Novelty Meets Conventionality," Review of Finance, European Finance Association, vol. 27(1), pages 79-141.
    59. Jin, Miao & Liu, Yu-Jane & Meng, Juanjuan & Zhang, Yu, 2025. "Peer effects in the hierarchy: Evidence from the workplace," Journal of Economic Behavior & Organization, Elsevier, vol. 231(C).
    60. Kyle Siler & Philippe Vincent-Lamarre & Cassidy R Sugimoto & Vincent Larivière, 2022. "Cumulative advantage and citation performance of repeat authors in scholarly journals," PLOS ONE, Public Library of Science, vol. 17(4), pages 1-17, April.
    61. Gregory N. Price & Rhonda Vonshay Sharpe, 2020. "The dearth of Black economics faculty - Is racial bias the culprit?," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 125-133, Centre for Economic Policy Research.
    62. Yann Bramoullé & Kenan Huremovic, 2017. "Promotion through Connections: Favors or Information?," Working Papers halshs-01577251, HAL.
    63. Rose, Michael E. & Georg, Co-Pierre, 2021. "What 5,000 acknowledgements tell us about informal collaboration in financial economics," Research Policy, Elsevier, vol. 50(6).
    64. Pat Pataranutaporn & Nattavudh Powdthavee & Chayapatr Achiwaranguprok & Pattie Maes, 2025. "Can AI Solve the Peer Review Crisis? A Large Scale Cross Model Experiment of LLMs' Performance and Biases in Evaluating over 1000 Economics Papers," Papers 2502.00070, arXiv.org, revised Apr 2025.
    65. Lea‐Rachel Kosnik & Daniel S. Hamermesh, 2024. "Aging in style: Seniority and sentiment in scholarly writing," Southern Economic Journal, John Wiley & Sons, vol. 90(4), pages 1136-1164, April.
    66. Daniel S. Hamermesh, 2018. "Citations in Economics: Measurement, Uses, and Impacts," Journal of Economic Literature, American Economic Association, vol. 56(1), pages 115-156, March.
    67. Sebastian Galiani & Ugo Panizza, 2020. "Introduction," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 1-7, Centre for Economic Policy Research.
    68. Popov, Sergey V, 2022. "Tactical Refereeing and Signaling by Publishing," Cardiff Economics Working Papers E2022/14, Cardiff University, Cardiff Business School, Economics Section.
    69. Agrawal, Ajay & McHale, John & Oettl, Alexander, 2017. "How stars matter: Recruiting and peer effects in evolutionary biology," Research Policy, Elsevier, vol. 46(4), pages 853-867.
    70. John Cochrane, 2020. "Covid and economics publishing," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 143-145, Centre for Economic Policy Research.
    71. Mengxin Yang, 2024. "Topic modeling of financial accounting research over 70 years," International Studies of Economics, John Wiley & Sons, vol. 19(4), pages 617-643, December.
    72. Amarante, Veronica & Zurbrigg, Julieta, 2022. "The marginalization of southern researchers in Development," World Development Perspectives, Elsevier, vol. 26(C).
    73. Federica Bologna & Angelo Iorio & Silvio Peroni & Francesco Poggi, 2023. "Do open citations give insights on the qualitative peer-review evaluation in research assessments? An analysis of the Italian National Scientific Qualification," Scientometrics, Springer;Akadémiai Kiadó, vol. 128(1), pages 19-53, January.
    74. Nattavudh Powdthavee & Yohanes E. Riyanto & Jack L. Knetsch, 2020. "Impact of lower-rated journals on economists’ judgements of publication lists," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 17-22, Centre for Economic Policy Research.
    75. Robert L. Whited, 2025. "Institutional Ties and Publications in Top Accounting Journals," Management Science, INFORMS, vol. 71(11), pages 9041-9070, November.
    76. Baccini, Federica & Barabesi, Lucio & Baccini, Alberto & Khelfaoui, Mahdi & Gingras, Yves, 2022. "Similarity network fusion for scholarly journals," Journal of Informetrics, Elsevier, vol. 16(1).
    77. Ugo Panizza, 2020. "Suggestions for further reading," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 159-165, Centre for Economic Policy Research.
    78. Raj Chetty & Emmanuel Saez & László Sándor, 2020. "Determinants of prosocial behaviour - Lessons from an experiment with referees at the Journal of Public Economics," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 83-90, Centre for Economic Policy Research.
    79. Orhan, Mehmet A. & van Rossenberg, Yvonne & Bal, P. Matthijs, 2024. "Authorship inequality and elite dominance in management and organizational research: A review of six decades," OSF Preprints tzx92, Center for Open Science.
    80. Ann Mari May & Mary G. McGarvey & Yana Rodgers & Mark Killingsworth, 2021. "Critiques, Ethics, Prestige and Status: A Survey of Editors in Economics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 47(2), pages 295-318, April.
    81. Baruffaldi, Stefano & Visentin, Fabiana & Conti, Annamaria, 2016. "The productivity of science & engineering PhD students hired from supervisors’ networks," Research Policy, Elsevier, vol. 45(4), pages 785-796.
    82. Ivan Cherkashin & Svetlana Demidova & Susumu Imai & Kala Krishna, 2020. "Evaluating journal performance using inside data," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 77-81, Centre for Economic Policy Research.
    83. El Tinay, Hassan & Schor, Juliet B., 2025. "Do economists think about climate change and inequality? Semantic analysis and topic modeling of top five economics journals," Ecological Economics, Elsevier, vol. 232(C).
    84. Po‐Yu Liu & Zigan Wang, 2024. "Finance research over 40 years: What can we learn from machine learning?," International Studies of Economics, John Wiley & Sons, vol. 19(4), pages 472-507, December.
    85. Si, Kao & Li, Yiwei & Ma, Chao & Guo, Feng, 2023. "Affiliation bias in peer review and the gender gap," Research Policy, Elsevier, vol. 52(7).
    86. Andrew Hussey & Sheena Murray & Wendy Stock, 2022. "Gender, coauthorship, and academic outcomes in economics," Economic Inquiry, Western Economic Association International, vol. 60(2), pages 465-484, April.
    87. Raphael Auer & Christian Zimmermann, 2020. "A journal ranking based on central bank citations," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 57-63, Centre for Economic Policy Research.
    88. Bransch, Felix & Kvasnicka, Michael, 2022. "Male Gatekeepers: Gender Bias in the Publishing Process?," Journal of Economic Behavior & Organization, Elsevier, vol. 202(C), pages 714-732.
    89. Constantinos Alexiou & George Saridakis, 2025. "A Review of the Performance Metrics and Entrepreneurial Practices of Economics and Business Departments in UK Universities: A ‘Gresham’s Law’ Threat?," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 11(2), pages 281-308, July.
    90. María Victoria Anauati & Sebastian Galiani & Ramiro H. Gálvez, 2020. "How different are citation patterns across journal tiers in economics?," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 35-43, Centre for Economic Policy Research.
    91. Mehmet A Orhan & Yvonne G T van Rossenberg & P. Matthijs Bal, 2023. "Authorship inequality and elite dominance in management and organizational research: A review of six decades," Post-Print hal-04966164, HAL.
    92. Bethmann, Dirk & Bransch, Felix & Kvasnicka, Michael & Sadrieh, Abdolkarim, 2023. "Home Bias in Top Economics Journals," IZA Discussion Papers 15965, IZA Network @ LISER.
    93. Noriko Amano-Patiño & Elisa Faraglia & Chryssi Giannitsarou & Zeina Hasna, 2020. "Who is doing new research in the time of COVID-19? Not the female economists," CEPR Press Book Chapters, in: Sebastian Galliani & Ugo Panizza (ed.), Publishing and Measuring Success in Economics, edition 1, volume 1, chapter 1, pages 137-142, Centre for Economic Policy Research.
    94. Karel Hrazdil & Pavel Král & Jiri Novak & Nattavut Suwanyangyuan, 2026. "On the determinants of journal rejection rates: evidence from the Journal of Financial Economics," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-24, December.
    95. Ali Sina Önder & Sergey V. Popov & Sascha Schweitzer, 2021. "Leadership in Scholarship: Editors’ Appointments and the Profession’s Narrative," Working Papers in Economics & Finance 2021-05, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    96. Cloos, Janis & Greiff, Matthias & Rusch, Hannes, 2020. "Geographical Concentration and Editorial Favoritism within the Field of Laboratory Experimental Economics," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224565, Verein für Socialpolitik / German Economic Association.
    97. Christoph Siemroth, 2024. "Economics Peer-Review: Problems, Recent Developments, and Reform Proposals," The American Economist, Sage Publications, vol. 69(2), pages 241-258, October.
    98. Cloos, Janis & Greiff, Matthias & Rusch, Hannes, 2021. "Editorial favoritism in the field of laboratory experimental economics (RM/20/014-revised-)," Research Memorandum 005, Maastricht University, Graduate School of Business and Economics (GSBE).
    99. Berninger, Marc & Kiesel, Florian & Schiereck, Dirk & Gaar, Eduard, 2021. "Citations and the readers’ information-extracting costs of finance articles," Journal of Banking & Finance, Elsevier, vol. 131(C).

  20. Jonathan Brogaard & Terrence Hendershott & Ryan Riordan, 2014. "High-Frequency Trading and Price Discovery," The Review of Financial Studies, Society for Financial Studies, vol. 27(8), pages 2267-2306.
    See citations under working paper version above.
  21. Michael Goldstein & Jonathan Brogaard & Terrence Hendershott & Stefan Hunt & Carla Ysusi, 2014. "High-Frequency Trading and the Execution Costs of Institutional Investors," The Financial Review, Eastern Finance Association, vol. 49(2), pages 345-369, May.

    Cited by:

    1. Frino, Alex & Mollica, Vito & Webb, Robert I. & Zhang, Shunquan, 2017. "The impact of latency sensitive trading on high frequency arbitrage opportunities," Pacific-Basin Finance Journal, Elsevier, vol. 45(C), pages 91-102.
    2. Mestel, Roland & Murg, Michael & Theissen, Erik, 2018. "Algorithmic trading and liquidity: Long term evidence from Austria," Finance Research Letters, Elsevier, vol. 26(C), pages 198-203.
    3. Upson, James & Van Ness, Robert A., 2017. "Multiple markets, algorithmic trading, and market liquidity," Journal of Financial Markets, Elsevier, vol. 32(C), pages 49-68.
    4. Efstathios Panayi & Gareth Peters, 2015. "Stochastic simulation framework for the Limit Order Book using liquidity motivated agents," Papers 1501.02447, arXiv.org, revised Jan 2015.
    5. Efstathios Panayi & Gareth W. Peters, 2015. "Stochastic simulation framework for the limit order book using liquidity-motivated agents," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 2(02), pages 1-52.
    6. Sifat, Imtiaz Mohammad & Mohamad, Azhar, 2015. "Order imbalance and selling aggression under a shorting ban: Evidence from the UK," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 368-379.
    7. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: evidence from Frankfurt-London microwave," LSE Research Online Documents on Economics 119989, London School of Economics and Political Science, LSE Library.
    8. Kemme, David M. & McInish, Thomas H. & Zhang, Jiang, 2022. "Market fairness and efficiency: Evidence from the Tokyo Stock Exchange," Journal of Banking & Finance, Elsevier, vol. 134(C).
    9. O'Hara, Maureen & Alex Zhou, Xing, 2021. "The electronic evolution of corporate bond dealers," Journal of Financial Economics, Elsevier, vol. 140(2), pages 368-390.
    10. Gider, Jasmin & Schmickler, Simon & Westheide, Christian, 2019. "High-frequency trading and price informativeness," SAFE Working Paper Series 248, Leibniz Institute for Financial Research SAFE, revised 2019.
    11. Aldrich, Eric M & Friedman, Daniel, 2019. "Order Protection through Delayed Messaging," Santa Cruz Department of Economics, Working Paper Series qt4938f518, Department of Economics, UC Santa Cruz.
    12. Rzayev, Khaladdin & Ibikunle, Gbenga & Steffen, Tom, 2023. "The market quality implications of speed in cross-platform trading: Evidence from Frankfurt-London microwave," Journal of Financial Markets, Elsevier, vol. 66(C).
    13. Hu, Gang & Jo, Koren M. & Wang, Yi Alex & Xie, Jing, 2018. "Institutional trading and Abel Noser data," Journal of Corporate Finance, Elsevier, vol. 52(C), pages 143-167.
    14. Zhou, Hao & Kalev, Petko S., 2019. "Algorithmic and high frequency trading in Asia-Pacific, now and the future," Pacific-Basin Finance Journal, Elsevier, vol. 53(C), pages 186-207.
    15. Benos, Evangelos & Sagade, Satchit, 2016. "Price discovery and the cross-section of high-frequency trading," Journal of Financial Markets, Elsevier, vol. 30(C), pages 54-77.
    16. Jasmin Gider & Simon N. M. Schmickler & Christian Westheide, 2021. "High-Frequency Trading and Price Informativeness," CRC TR 224 Discussion Paper Series crctr224_2021_257, University of Bonn and University of Mannheim, Germany.
    17. Manahov, Viktor, 2016. "A note on the relationship between high-frequency trading and latency arbitrage," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 281-296.
    18. Robert Battalio & Brian Hatch & Mehmet Sağlam, 2024. "The Cost of Exposing Large Institutional Orders to Electronic Liquidity Providers," Management Science, INFORMS, vol. 70(6), pages 3597-3618, June.
    19. Zheng, Jiayi & Zhu, Yushu, 2023. "Algorithmic trading and block ownership initiation: An information perspective," The British Accounting Review, Elsevier, vol. 55(4).
    20. John Cotter & Niall McGeever, 2018. "Are equity market anomalies disappearing? Evidence from the U.K," Working Papers 201804, Geary Institute, University College Dublin.
    21. Bank for International Settlements, 2016. "Electronic trading in fixed income markets," Markets Committee Papers 07, Bank for International Settlements.
    22. Fabio S. Dias & Gareth W. Peters, 2020. "A Non-parametric Test and Predictive Model for Signed Path Dependence," Computational Economics, Springer;Society for Computational Economics, vol. 56(2), pages 461-498, August.
    23. Ge, Hengshun & Yang, Haijun & Doukas, John A., 2024. "The optimal strategies of competitive high-frequency traders and effects on market liquidity," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 653-679.
    24. Aït-Sahalia, Yacine & Brunetti, Celso, 2020. "High frequency traders and the price process," Journal of Econometrics, Elsevier, vol. 217(1), pages 20-45.
    25. Ziyi Xu & Xue Cheng, 2022. "Are Large Traders Harmed by Front-running HFTs?," Papers 2211.06046, arXiv.org, revised Jul 2023.
    26. Carè, Rosella & Cumming, Douglas, 2024. "Technology and automation in financial trading: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 71(C).
    27. Sağlam, Mehmet & Moallemi, Ciamac C. & Sotiropoulos, Michael G., 2019. "Short-term trading skill: An analysis of investor heterogeneity and execution quality," Journal of Financial Markets, Elsevier, vol. 42(C), pages 1-28.
    28. Guanqing Liu, 2019. "Technical Trading Behaviour: Evidence from Chinese Rebar Futures Market," Computational Economics, Springer;Society for Computational Economics, vol. 54(2), pages 669-704, August.

IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.