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Language: English
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credit supply  credit  effects  employment  financial  firms  frequency trading  heterogeneous  hft  high frequency  product  supply  trading 
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Preview: Review of Financial Studies - Advance Access

The Review of Financial Studies Advance Access





Published: Thu, 18 Jan 2018 00:00:00 GMT

Last Build Date: Thu, 18 Jan 2018 21:54:33 GMT

 



The Competitive Landscape of High-Frequency Trading Firms

Thu, 18 Jan 2018 00:00:00 GMT

Abstract
We examine product differentiation in the high-frequency trading (HFT) industry, where the “products” are secretive proprietary trading strategies. We demonstrate how principal component analysis can be used to detect underlying strategies common to multiple HFT firms and show that there are three product categories with distinct attributes. We study how HFT competition in each product category affects the market environment and present evidence that indicates how it influences the short-horizon volatility of stocks as well as the viability of trading venues.



Banks, Firms, and Jobs

Tue, 16 Jan 2018 00:00:00 GMT

Abstract
We analyze the heterogeneous employment effects of financial shocks using a rich data set of job contracts, matched with the universe of firms and their lending banks in one Italian region. To isolate the effect of the financial shock, we construct a firm-specific timevarying measure of credit supply. The preferred estimate indicates that the average elasticity of employment to a credit supply shock is 0.36. Adjustment affects both the extensive and the intensive margins and is concentrated among workers with temporary contracts. We also examine the heterogeneous effects of the credit crunch by education, age, gender and nationality.