Do equity prices efficiently reflect fundamental information, as the efficient market hypothesis
(EMH) suggests? The author challenges financial academicians' widely held acceptance of …

This article presents a brief historical perspective on the evolution of equity market structure
and considers implications microstructure analysis has had for improving market structure …

A call auction is an order-driven facility which, in contrast with continuous trading, batches
multiple orders together for simultaneous execution in a multilateral trade, at a single price …

Regulators promote market transparency as a way to lower transaction costs and boost
liquidity. However, in theory, it can hinder trading in certain circumstances as some investors …