Bessembinder, Hendrik; Panayides, Marios; Venkataraman, … - In: Journal of Financial Economics 94 (2009) 3, pp. 361-383
Many stock exchanges choose to reduce market transparency by allowing traders to hide some or all of their order size. We study the costs and benefits of order exposure and test hypotheses regarding hidden order usage using a sample of Euronext-Paris stocks, where hidden orders represent 44% of...