While you’re here… help us stay here.

Are you enjoying open access to policy and research published by a broad range of organisations? Please donate today so that we can continue to provide this service.

Person

Talis J. Putnins

Working paper

Heterogeneity in the effects of algorithmic and high-frequency traders on institutional transaction costs

The net effects of algorithmic and high-frequency traders mask considerable heterogeneity in how they impact institutional transaction costs. Using regulatory data, we analyze the heterogeneity across individual trading accounts. We develop a method to identify subsets of traders causally related to higher institutional transaction costs...