We show that queueing rationing under price controls drives high-frequency trading. A one-cent uniform tick size (minimal price variation) creates rents and generates queues for liquidity provision, particularly for securities with lower prices (larger relative tick sizes). Speed rations the...

Do stock prices of publicly listed companies respond to changes in transaction costs? Using the SEC's pilot program that increased the tick size for approximately 1,200 randomly chosen stocks, we find a stock price decrease between 1.75% and 3.2% for small spread stocks affected by the larger...

Security trading now fragments into more than 10 almost identical stock exchanges in the United States. We show that discrete pricing is one economic force that prevents the consolidation of trading volume. The uniform one-cent tick size (minimum price variation), imposed by the SEC's Rule 612,...

Uncertainties are becoming more and more diverse around the world, and risks and impacts affecting the healthy development of cities are increasing. Fostering urban social resilience is not only a proactive countermeasure to growing external pressures and potential impacts, but also an important...

Chapter 1: Introduction -- Chapter 2: Measuring the Performance of Knowledge Value-Added in University-Industry Collaborative Innovation -- Chapter 3: Efficiency Evaluation of Knowledge Flow in University-Industry Collaborative Innovation in China -- Chapter 4: Big Five Personality Traits and...