We study differences in trading between US equity market participants with high and low cancellation activity. Traders with high (low) cancellation rates are significant net suppliers (takers) of liquidity and, overall, less (more) informed about future prices. The findings suggest that recent...

Purpose – The purpose of this paper is to examine US equity traders’ use of market orders versus price contingent orders with respect to information content. Design/methodology/approach – Price changes following market and price contingent order submissions are analysed. Findings – It is...