We examine the effect of high frequency trading on market quality from theperspective of a limit order trader. By competing with slower limit order traders, highfrequency traders (HFT) impose a welfare externality by crowding out slower non-HFTlimit orders. The order book imbalance immediately...

Our study evaluates the return sensitivity of cryptocurrencies to various measures of uncertainty (uncertainty beta). We identify that crypto returns react primarily to financial uncertainty, which is the unforecastable component of multiple financial indicators. However, crypto returns are not...

We have reviewed Norges Bank's active management of the Government Pension Fund Global, referred to simply as the “Fund.”The absolute performance of the Fund is almost entirely determined by the benchmark choice set by the Ministry of Finance (the asset owner) and is dominated by equity...

Using holdings-based performance measures, we test whether Norway's doubling of its female director network (through board gender-balancing) has increased female insider trading performance. We find that the gender-based insider performance has remained statistically indistinguishable from zero....

We study the diversification properties of equity portfolios using data on all Norwegian households with equity investments. While households typically have undiversified equity portfolios, diversification is increasing in wealth