We use the term structure of futures prices to test whether investors anticipate mean reversion
in spot asset prices. The empirical results indicate mean reversion in each market we …

Each NYSE specialist firm provides liquidity for more than one common stock. As a result of
shared capital and information among specialists within a firm, we argue that stock liquidity …

While limited attention has been analyzed in a variety of economic and psychological settings,
its impact on financial markets is not well understood. In this paper, we examine individual …

The Samuelson hypothesis implies that the volatility of futures price changes increases as a
contract's delivery date nears. In markets where the Samuelson hypothesis holds, accurate …

We examine the influence of NYSE specialist firm organizational form on the nature of
liquidity provision. We compare closely held firms whose specialists provide liquidity with their …

NYSE specialist participation rates and profits are affected by the rules that govern their
trades. Lowering the minimum tick from $1/16 to $0.01 effectively relaxed the public order …

While kilohertz quasi-periodic oscillations (kHz QPOs) have been well studied for decades
since their initial discovery, the cause of these signals remains unknown, as no model has …

We consider whether costs associated with specialist firm organizational form are relevant
to the price formation process. Approximately 60% of the stocks traded on the NYSE are …

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The transient black hole X-ray binary MAXI J1803− 298 was discovered on 2021 May 1, as
it went into outburst from a quiescent state. As the source rose in flux it showed periodic …