analyze a situation where the market maker has private information as well as being non-fiduciary. In our model this leads to …

potential order flow information leakage, insiders strategically disguise their order flows to escape trading competition. Our … model predicts that, when short sellers are sensitive to order flow information, insiders are more likely to adopt a … strategic interaction between insiders and short sellers on the diffusion of order flow information …

trading, volume, and volatility. This data-driven approach can shed light on the economics of informed trading, including …

University of Hong Kong Business School).Trading venues have adopted volatility interruption measures to protect investors from … extreme price gyrations and disorderly markets. Among such measures, Volatility Control Mechanisms (VCMs) are implemented …