Technological investments made by speed-sensitive market participants are increasingly frequent and have thus been a focal point of recent research. We examine an important, but unexplored facet of this trend: the technological disparity between the fastest market participants and the exchange...

During the last decade, the U.S. mutual fund industry experienced an unprecedented movement toward passive investments. We tie this shift to underperformance in active funds stemming from a reduction in alpha opportunities. As alpha opportunities decrease, performance predictors like Active...