While shell companies are convenient vehicles for small private firms to go public via a reverse merger, they are also often mentioned in the popular press in conjunction with stock price manipulation. Recently the Securities and Exchange Commission (SEC) has imposed stricter rules on these...

This paper tests whether net order flow (or signed trading volume, the difference between public buy order volume and public sell order volume) helps predict short term future returns. It finds that net order flow does not explain daily and weekly return autocovariances. Thus, short term return...

We investigate how a market maker actively influences order flow and induces information from traders in a market that includes both traders with private information about the security and uninformed liquidity traders. Market maker?s learning from the trades, i.e., price experimentation, has...