information. These are used to give a formal de…finition of Ambiguity and, consequently, to distinguish between ambiguous and …The concept of Ambiguity designates those situations where the information available to the decision maker is …? The present paper fi…lls these gaps. Speci…fically, it identifi…es those information structures that are incompatible with …

Transactions, market orders and limit orders are three major factors which affect a specialist's information set and … market orders. Furthermore, we find that market orders convey more information than limit orders about the value of the …

particular, the paper investigates whether specialits manage quoted depth to reduce risks associated with information events. In …