and on days with high volatility. In addition, we assess the effect of algorithmic trading on market quality around …

with naked short selling. However, naked shorting can also have beneficial effects for liquidity and pricing efficiency. We … reduction in positive pricing errors, the volatility of stock price returns, bid-ask spreads, and pricing error volatility. We … find that the ban did not slow the price decline of those securities and had a negative impact on liquidity and pricing …

stale quotes. This article investigates the effects of banning proprietary traders from liquidity taking on the banned and … arbitrageur was absent after the ban, adverse selection costs declined by more than 20\% at the banned exchange. Liquidity …

assess the impact of HF trading on market liquidity and price efficiency. We find that HF trading increases after news … announcements and improves price efficiency. However, it has a negative impact on liquidity, as it widens spreads before …