-opening period contributes to market quality, defined by price discovery and liquidity provision, in the opening auction. We use a … unique dataset from the Tokyo Stock Exchange (TSE) based on server-IDs and find that HFTs dynamically alter their presence in … the pre-opening period, and contribute signifi- cantly to market quality in the pre-opening period, the opening auction …

design to evaluate how prices differ along regulation boundaries that constrain resource development. The auction format and …

profit of larger firms. We explain these findings by connecting to the theory of optimal auction design"--National Bureau of …