Limit order markets are a common method for trading stocks based on the use of a limit order book to represent buy and sell orders. The issue of market manipulation is a fundamental concern both in terms of market integrity and the ability to detect manipulation cases by market authorities. This...

Neither existing theory nor prior empirical work can tell us the impact of non-normality on required sample sizes for Student-t tests of the mean in U.S. stock returns. Prior empirical work and bounds from a modified Berry-Esseen theorem do suggest, however, that the answer should vary with...

Pricing bonds is generally one of the earliest applications of time value of money in a finance curriculum. A bond price incorporates the use of an annuity and an individual discounted cash flow while also being a “fundamental” financial security. This paper works through the pedagogy of...