Automation, Speed, and Stock Market Quality: The NYSE’s Hybrid

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How researchers see this paper

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Need for Speed? Exchange Latency and Liquidity (2016, background): “Hendershott and Moulton (2011) document that adverseselection cost increased after the NYSE introduced its Hybrid Market in 2006, increasing automation and reducing execution times.”
News Trading and Speed (2012, unknown): “6In line with this prediction, Hendershott and Moulton (2011) find that a reduction in the speed of execution for market orders submitted to the NYSE in 2006 is associated with larger bid-ask spreads, due to an increase in adverse selection. between the transaction price and the informed investor’s…”
Liquidity Measurement Problems in Fast, Competitive Markets: Expensive and Cheap Solutions (2013, unknown): “TWENTY-FIRST CENTURY EQUITY markets have become much faster (Jain (2005), Hendershott and Moulton (2011), Angel, Harris, and Spatt (2011, AHS)) and more competitive (AHS).”
High‐Frequency Trading and Market Performance (2020, unknown): “The analysis relies heavily on Holmström and Milgrom (1987) and closely follows arguments made in Breuer (1995).”