market. Such events occur very frequently, several hundred times a day for actively traded stocks. We find significant price … impact associated with these market makers initiated events, about five times higher than during non-burst periods. Bursts in … quotes are concurrent with short-lived structural breaks in the informational relationship between market makers and market …

Anleger betrachtet. Neben diesen Anlegern agieren auf dem Markt vollständig informierte, uninformierte Investoren und ein … kompetitiver Market Maker, welcher periodisch zwei Transaktionskurse (Ask/Bid) festlegt. Der Einfluss der unvollständig …