We evaluate the information structure of US markets after the implementation of the SEC tick pilot program. We find significant changes in the information structure of the market conditioned on the market fee structure. Maker-taker market volume flow increases in informational efficiency while...

We examine the information content of retail order flow relative to dark institutional and lit market order flow. After controlling for volume effects, we find that retail order flow is more informed than dark institutional order flow. The majority of price discovery on dark markets comes from...

This paper studies the impact that pre-IPO cash flow volatility has on the initial and long-term value of a publicly traded firm. From the perspective of corporate risk management theory, higher cash flow volatility should reduce value in the form of higher borrowing costs, reduced investment,...