Cebiroglu, Gökhan; Horst, Ulrich - 2012
Transparency ; Iceberg Orders ; Informed Trading ; Market Impact ; Market Quality ; Liquidity Externalities ; Upstairs Markets … and posted liquidity. Our findings moreover suggest that large hidden orders are associated with larger transaction costs …, higher price impact and increased volatility. In particular, as large hidden orders fail to attract (latent) liquidity to the …