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Bart Zhou Yueshen on Muck Rack

Bart Zhou Yueshen

As seen in: Journal of Financial Economics, Dialnet - Universidad de La Rioja, Business a.m.
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Articles

Siphoned Apart: A Portfolio Perspective on Order Flow Segmentation

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By Markus Baldauf, Joshua Mollner, Bart Zhou Yueshen
| northwestern.edu
Home | Faculty & Research Overview | Research We study liquidity supply in fragmented markets. Market makers intermediate heterogeneous order flows, trading off spread revenue against inventory costs. Applying our model to payment for order flow (PFOF), we demonstrate that portfolio-based considerations of inventory management incentivize market makers to segment retail orders by siphoning them off-exchange.
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Siphoned apart: A portfolio perspective on order flow segmentation

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By Markus Baldauf, Joshua Mollner, Bart Zhou Yueshen, Bart Zhou
| Dialnet - Universidad de La Rioja
IdiomacatalàDeutschEnglishespañoleuskarafrançaisgalegoitalianoportuguêsromână
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Payment for Order Flow Could Benefit No One

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By Bart Zhou Yueshen, Markus Baldauf, Joshua Mollner
| INSEAD Knowledge
Increased regulations could result in reduced market liquidity and a negative impact on retail traders. The intensity of retail trading hasdropped slightly since its pandemic peak – when individual investors, flush with stimulus cheques and looking for a way to spend their money amid global lockdowns, poured into the stock market. Yet, retail investors still make up a robust segment of the equity market, at times accounting for a third of all stock trading in the United States in 2021.
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