The net effects of algorithmic and high-frequency traders mask considerable heterogeneity in how they impact institutional transaction costs. The paper finds that fast traders and those with high order-to-trade ratios are no more likely to increase costs than others. Traders that increase costs are more active in small stocks.

Using data from VCAT’s registry from July 2012 to June 2014, this paper examines the role of direct costs in influencing planning participation by both planning applicants and objectors across the Melbourne metropolitan area.