Benjamin Clapham
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View article: A long-term analysis of research unbundling: implications for research provision and market quality
A long-term analysis of research unbundling: implications for research provision and market quality Open
This replication study assesses the long-term effects of MiFID II’s research unbundling rules on investment research provision and stock market quality. We extend existing studies by utilizing a post-event period exceeding five years, by r…
View article: Nonstandard Errors
Nonstandard Errors Open
In statistics, samples are drawn from a population in a data‐generating process (DGP). Standard errors measure the uncertainty in estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence‐gener…
View article: The Need to Address Fragmentation and Silos in Mortality Information Systems: The Case of Ghana and Peru
The Need to Address Fragmentation and Silos in Mortality Information Systems: The Case of Ghana and Peru Open
Objectives: We aimed to understand the information architecture and degree of integration of mortality surveillance systems in Ghana and Peru. Methods: We conducted a cross-sectional study using a combination of document review and unstruc…
View article: The Impact of High-Frequency Trading on Modern Securities Markets
The Impact of High-Frequency Trading on Modern Securities Markets Open
High-frequency traders account for a significant part of overall price formation and liquidity provision in modern securities markets. In order to react within microseconds, high-frequency traders depend on specialized low latency infrastr…
View article: DOES SPEED MATTER? THE ROLE OF HIGH‐FREQUENCY TRADING FOR ORDER BOOK RESILIENCY
DOES SPEED MATTER? THE ROLE OF HIGH‐FREQUENCY TRADING FOR ORDER BOOK RESILIENCY Open
We analyze limit order book resiliency following liquidity shocks initiated by large market orders. Based on a unique data set, we investigate whether high‐frequency traders are involved in replenishing the order book. Therefore, we relate…
View article: Price Discovery and Convergence in Fragmented Securities Markets
Price Discovery and Convergence in Fragmented Securities Markets Open
Purpose - This paper studies price discovery and price convergence in securities trading within a fragmented market environment where stocks are traded on multiple venues. The results provide novel empirical insights questioning the genera…