On the NYSE and exchanges that feature open limit order books, larger orders receive worse prices. Accordingly, market microstructure theory has focused on developing consistent models. However, on exchanges such as the London Stock Exchange, NASDAQ and FX markets, larger orders receive better...

This paper investigates the consequences of noisy evaluation of worker skills for skill investment and hiring. Individuals skew investment toward skills that most managers can best evaluate. In turn, this reinforces a tendency for managers to hire job applicants whose attributes they can best...