This paper documents a stark periodicity in intraday volume and in the number of trades. We find activity in both variables spikes by about 20% at regular intervals of 5 or 10min throughout the trading day. We speculate this activity is either the result of algorithmic trading influenced by...

This paper seeks to draw attention to a flaw in the firm’s Free Cash Flow model and related statement widely accepted in Corporate Finance. We argue that the common offset of any Current Liabilities against Current Assets distorts the FCF size, composition, and volatility, thereby misstating...

A unique dataset from NASDAQ OMX Nordic facilitates an in-depth analysis of various trader categories, shedding light on their roles within the trading ecosystem. Our investigation specifically focuses on the effect of algorithmic traders on market quality, compared to the activities of other...