We study order aggressiveness of market-making high-frequency traders (HFTs), opportunistic HFTs, and non-HFTs. We find that market-making HFTs follow their own group's previous order submissions more than they follow other traders' orders. Opportunistic HFTs and non-HFTs tend to split market...

We consider the effects of quantitative easing on the liquidity of the Swedish government bonds. To capture multiple dimensions of liquidity we use several measures built on a unique and highly granular transaction-based dataset. We find that the Riksbank's purchases of government bonds improved...

We consider the effects of quantitative easing on the liquidity of the Swedish government bonds. To capture multiple dimensions of liquidity we use several measures built on a unique and highly granular transaction-based dataset. We find that the Riksbank's purchases of government bonds improved...

Purpose: The importance of online reviews on online hotel booking has been widely acknowledged. However, not all online reviews affect consumers equally. Compared with common online reviews, key online reviews (KORs) have a greater influence on consumers' decisions and online hotel booking....

How does an authoritarian donor's domestic political economy shape its aid practices? We probe into the case of China, the largest authoritarian donor in the world, and contend that the regime survival imperative drives China's aid policies to prioritize commercial interests and sustain the...

This paper examines the evolution of industrial structure change of China in a long run from 2008 to 2020 based on the analysis of stock and sector networks. First, by analyzing the stock network of China, we find that stocks with great impact on the market usually belong to industries that are...

What motivates front-line officials to curtail corruption? We contend that performance management can reinforce top-down accountability in authoritarian governments and help contain corruption at the local level. Drawing on a nationally representative panel data of approximately 120 villages in...