This paper examines short‐sales transactions in the five days prior to earnings announcements
of 913 Nasdaq‐listed firms. The tests provide evidence of informed trading in pre‐…

Minimum price variation rules help explain why stock prices vary substantially across
countries, and other curiosities of share prices. Companies tend to split their stock so that the …

The US equity market has changed dramatically in recent years. Increasing automation and
the entry of new trading platforms have resulted in intense competition among trading …

This paper updates our previous study, "Equity Trading in the 21st Century", which presented
results about US equity market quality. Despite many complaints in the national media, …

Individuals and businesses make numerous payments every day. They sometimes have
choices about what forms of payment to make or accept, and at other times are effectively forced …

Recent concern over “high frequency trading” (HFT) has called into question the fairness of
the practice. What does it mean for a financial market to be “fair”? We first examine how high …

Recently there has been an outpouring of consumer frustration over rising food and energy
prices. Many politicians railed against “speculators” who allegedly drove up the prices of key …

We examine the frequency of short selling in stocks listed in the Nasdaq market. Using
previously unavailable transaction data, we can report several findings: (1) overall, 1 of every 42 …

Modern physics has demonstrated that matter behaves very differently as it approaches the
speed of light. This paper explores the implications of modern physics to the operation and …

The controversy over short selling has continued unabated from the introduction of modern
equity trading in Amsterdam in 1610 to the present day. Nevertheless, the business ethics …