The Probability of Informed Based Trading (PIN), built on a structural sequential trade model introduced in 1987 by Easley and O'Hara, has been increasingly used in empirical research in finance. However, up to now, its behavior around corporate events has not been really investigated (at our...

This paper studies informed trading around business combinations on the French market to provide evidence of information leakage. We show that the cumulative abnormal returns and the relative spread exhibit variations thirty days before the announcement. Cumulative selling hidden volume...

This paper studies the consequences of a change in the tick size in the Paris Bourse. Some stocks experienced a decrease in the tick size. It induced a decrease in depth at the quotes. However, in contrast with results obtained for US markets, this neither generated a change in the bid-ask...