New York City has been rightly characterized as the epicenter of the coronavirus pandemic in the United States. Just one month after the first cases of coronavirus infection were reported in the city, the burden of infected individuals with serious complications of COVID-19 has already...

We identify and explain a structural change in the relation between crude oil futures prices across contract maturities. As recently as 2001, near- and long-dated futures were priced as though traded in segmented markets. In 2002, however, the prices of one-year futures started to move more in...

This paper examines the relationship between divergent opinions and post-earnings announcement drift. We provide an improved measure of opinion divergence constructed from the dispersion of order flow across Nasdaq market makers that captures the breadth of divergence that is lost by...

We apply network analysis to trace patterns of information transmission in an electronic limit order market. If market orders or large executable limit orders are submitted by informed traders, then resulting star-shaped or diamond-shaped patterns ndash; or trading networks ndash; should be...