The majority of electronic markets worldwide employ limit order books, and the recently emerging exchanges for cryptocurrencies pose no exception. With this work, we empirically analyze whether commonly observed empirical properties from established limit order exchanges transfer to the...

Using a novel dataset where all traders are identifiable, we examine trading in the shares of a major company on the London Stock Exchange before 1920. Our main finding is that bid-ask spreads increased in the presence of informed trades. However, we also find that spreads narrowed during...

We show that the excessive use of hidden orders causes artificial price pressures and abnormal asset returns. Using a simple game-theoretical setting, we demonstrate that this effect naturally arises from mis-coordination in trading schedules between traders, when suppliers of liquidity do not...

Earlier research has shown that euro-area primary public debt markets affect secondary markets. We find that more successful auctions of euro area public debt, as captured by higher bid-to-cover ratios, lead to lower secondary-market yields following the auctions. This effect is stronger when...

Bank insolvency and failure -- Basic concepts in finance -- Behavioral finance -- Business finance -- Capital markets -- Cash & marketable securities -- Cash flow -- Common stock -- Corporate finance -- Corporate financial management -- Corporate financial strategy -- Debt valuation --...

Introduction: the economics of trading -- Introduction to securities trading and markets -- Institutional trading -- Transaction costs -- Market fragmentation and regulation -- Adverse selection and market making -- Behavioral finance, the mind of the investor -- Random walks, risk and arbitrage...

Introduction -- First impressions -- Trading robots and social cues -- Animating the market -- Models and reflexivity -- Managers -- Performative spirals -- Norms -- Resonance -- The global financial crisis -- Scandal -- When all is said and done -- Conclusion.