The financial crisis that started in 2007 is a concern for the world. Some countries are in depression and governments are desperately trying to find solutions. In the absence of thorough debate on the emotions of money, bitter disputes, hatred and 'moralizing' can be misunderstood. New...

This thesis consists of three single-authored chapters on high-frequency market microstructure. All of them are self-contained, and can be read independently. Chapter 1 examines the extent of herd behavior in a financial market from 2005 to 2008; in particular, whether herd selling increased during...