We model 73.62 million London Stock Exchange (LSE) trades and show that the LSE's high rate of failure to open at the opening auction only relates to low volume stocks. Low volume stock traders avoid trading until the open; this seems connected to their evading the informed trading-dominated...

The trading of carbon dioxide (CO2) emission allowances, or permits, has been established in recent years as one of the primary mechanisms for tackling global warming and climate change. The European Union (EU) has taken an important initiative in this direction by establishing in 2003 the first...

We present the first evidence of the impact of dark trading on adverse selection in an aggregate market. At moderate levels of dark trading, a positive liquidity effect dominates an information acquisition disincentive effect, such that dark trading induces reductions in both adverse selection...