This book will broaden the public and policy discourse on the importance of well-being by examining psychological, social, environmental, economic, organizational, institutional and political determinants of individual well-being.

Order flow is toxic when it adversely selects market makers, who may be unaware they are providing liquidity at a loss. We present a new procedure to estimate flow toxicity based on volume imbalance and trade intensity (the VPIN toxicity metric). VPIN is updated in volume time, making it...

type="main" <title type="main">ABSTRACT</title> <p>We investigate odd-lot trades in equity markets. Odd lots are increasingly used in algorithmic and high-frequency trading, but are not reported to the consolidated tape or in databases such as TAQ. In our sample, the median number of odd-lot trades is 24% but in some stocks...</p>