We first document that each trading day the U.S. Treasury notes have a large proportion of zero returns. This is because almost all trades are executed at the best ask or bid quote and quoted spreads are mostly set close to the minimum tick. The proportion of zero returns is negatively...

By constructing high-frequency measures of informed trading and news about technological competition, we provide evidence that the news about a firm's disadvantage in competition leads to informed selling. Such a pattern is weaker among firms in the industries with faster technology obsolescence...