Brokers who route both market and limit orders to wholesalers are generally paid less for their orders than brokers who bifurcate their order flow. Since nonmarketable limit orders have priority over wholesalers at a price, limit orders routed to wholesalers may experience enhanced execution...

The gambler’s fallacy is the incorrect notion that after observing a particular (random) event more frequently than normal, that event is less likely to occur in the future. The main objective of our analysis to provide tests of the gambler’s fallacy in financial markets by examining...

The gambler’s fallacy is the incorrect notion that after observing a particular (random) event more frequently than normal, that event is less likely to occur in the future. The main objective of our analysis is to provide tests of the gambler’s fallacy in financial markets by examining...