We examine the impact of increasing competition among the fastest traders by analyzing a new low-latency microwave network connecting exchanges trading the same stocks. Using a difference-in-differences approach comparing German stocks with similar French stocks, we find improved market...

We examine the impact of increasing competition among the fastest traders by analyzing a new low-latency microwave network connecting exchanges trading the same stocks. Using a difference-in-differences approach comparing German stocks with similar French stocks, we find improved market...

We analyze whether the design of cryptocurrencies helps to explain the huge cross-sectional variation in the market values of cryptocurrencies. We propose a taxonomy of design features and hand-collect data on these features for a sample of 79 cryptocurrencies. Using a two-stage regression...

We analyze the impact on liquidity of a reduction of the minimum tick size to sub-cent levels at the Vienna Stock Exchange. We find no effect, even after controlling for the extent to which stocks were constrained by the pre-change tick size. Our results imply that regulator-imposed lower bounds...

We analyze whether the design of cryptocurrencies helps to explain the huge cross-sectional variation in the market values of cryptocurrencies. We propose a taxonomy of design features and hand-collect data on these features for a sample of 79 cryptocurrencies. Using a two-stage regression...

We analyze the impact on liquidity of a reduction of the minimum tick size to sub-cent levels at the Vienna Stock Exchange. We find no effect, even after controlling for the extent to which stocks were constrained by the pre-change tick size. Our results imply that regulator-imposed lower bounds...

We analyze whether design features of cryptocurrencies affect their return volatility. We compile a sample of 58 cryptocurrencies, adopt the taxonomy of design features proposed by Eska et al. (2023), and estimate LASSO regressions. We find that older cryptocurrencies tend to be less volatile...