The trading of securities on multiple markets raises the question of each market's share in the discovery of the …

firms is based on adequate liquidity and trading interest across different strike prices in the options market, ensuring …

We investigate and test hypotheses on how informed trading varies with market-wide factors and the structural and … trading characteristics of a firm. We find strong evidence of commonality in informed trading, and a systematic dependence of … informed trading on firm characteristics that is largely consistent with intuition and earlier theory and empirical evidence …

traders to simultaneously hide a large portion of their order size and signal their interest in trading to the market. We show … impact consistent with liquidity rather than informed trading. The presence of iceberg orders is associated with increased … trading consistent with a positive liquidity externality, but the reduced order book transparency associated with iceberg …

Does Screen Trading Weather the Weather? A Note on Cloudy Skies, Liquidity and Computerized Stock Markets tests for the … consistent with findings for floor-based stock trading and with the hypothesis that market makers add less value in markets with … for the impact of Designated Sponsors on liquidity in the electronic trading system Xetra at the Frankfurt stock exchange …

, greater trading volume, and smaller price impact. Limit and market order submission behavior changes when hidden liquidity is … increased trading volume when hidden liquidity is present are both consistent with liquidity externalities. …

volatility and trading activity. Coherent with existing studies we find that the driving factor of the relation between … continuous variation and trading activity is the number of trades. New insights are obtained by considering the relation between … jump factor and trading activity. Our results indicate that the number of trades and absolute order imbalance, which can be …