We examine the performance of electronic stock traders who are dispersed geographically throughout the United States. When traders located in and outside of the New York City (financial center) area trade the same stock at the same time, financial center traders perform better. Overall, we find...

We examine how institutional risk control mechanisms influence proprietary stock trader behavior. When traders are forced to liquidate their inventory at a pre-designated time, they often hold onto their losing trades until the very last moment. We find that the difference between losing and...

Using proprietary order-level data from a U.S. broker-dealer, we examine price changes following market and price contingent order submissions. Controlling for market conditions, time of day, and various order, stock, and trader characteristics, we find that prices rise (decline) after the...