Our study investigates traders’ order submission strategies with varying market conditions under information asymmetry. It examines how a reduction in tick size affects informed traders’ order choices in response to changes in market conditions and subsequently influences the information...

This study investigates high-frequency herding behavior in TOPIX 100 index-listed stocks and its impact on stock prices over different time horizons around tick size reduction on the Tokyo Stock Exchange. Our results show that high-frequency herding exists, especially at very short time...