This paper studies product ranking mechanisms of a monopolistic online platform in the presence of social learning. The products’ quality is initially unknown, but consumers can sequentially lear…
An analysis of intraday volumes for the S&P 500 constituent stocks illustrates that (i) volume surprises (i.e., deviations from forecasted trading volumes) are correlated across stocks and that (ii…
In modern equity markets, participants have a choice of many exchanges at which to trade. Exchanges typically operate as electronic limit order books under a price-time priority rule and, in turn, …