Andreas Park

University of Toronto - Finance Area

Associate Professor

Toronto, Ontario M5S 3E6

Canada

SCHOLARLY PAPERS

19

DOWNLOADS
Rank 5,080

SSRN RANKINGS

Top 5,080

in Total Papers Downloads

9,885

SSRN CITATIONS
Rank 5,384

SSRN RANKINGS

Top 5,384

in Total Papers Citations

108

CROSSREF CITATIONS

135

Scholarly Papers (19)

1.

Market Design with Blockchain Technology

Number of pages: 40 Posted: 30 May 2016 Last Revised: 27 Jul 2017
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 2,723 (5,513)
Citation 57

Abstract:

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market design, trading, blockhchain, distributed ledger, transparency

2.

Do Retail Investors Suffer from High Frequency Traders?

Number of pages: 52 Posted: 06 Dec 2012 Last Revised: 11 Jan 2018
Katya Malinova, Andreas Park and Ryan Riordan
McMaster University - Michael G. DeGroote School of Business, University of Toronto - Finance Area and Queen's University - Smith School of Business
Downloads 1,584 (13,270)
Citation 56

Abstract:

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high frequency trading, message tax, market quality, retail traders

3.

Herding and Contrarian Behavior in Financial Markets

Number of pages: 48 Posted: 13 Jul 2006 Last Revised: 02 Jun 2009
Andreas Park and H. Sabourian
University of Toronto - Finance Area and University of Cambridge - Faculty of Economics and Politics
Downloads 908 (30,578)
Citation 20

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Social learning, herding, contrarians, asset price volatility, market transparency

4.

Tokenomics: When Tokens Beat Equity

Number of pages: 37 Posted: 02 Dec 2018 Last Revised: 06 Dec 2018
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 762 (38,894)
Citation 30

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blockchain, cryptoeconomics, ICO, FinTech, coin offerings, capital structure, optimal contracts, moral hazard, cryptocurrency, tokens

Subsidizing Liquidity: The Impact of Make/Take Fees on Market Quality

Journal of Finance, Forthcoming
Number of pages: 44 Posted: 28 Apr 2011 Last Revised: 11 Jan 2018
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 316 (113,900)
Citation 7

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Liquidity credits, market quality, trading, make/take fees, maker-taker, rebates, bid-ask spread

Subsidizing Liquidity: The Impact of Make/Take Fees on Market Quality

Journal of Finance, Forthcoming, AFA 2012 Chicago Meetings Paper
Number of pages: 44 Posted: 21 Mar 2011 Last Revised: 10 Sep 2014
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 304 (118,794)
Citation 8

Abstract:

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Liquidity credits, market quality, trading, make/take fees, maker-taker, rebates, bid-ask spread

Subsidizing Liquidity: The Impact of Make/Take Fees on Market Quality

Journal of Finance, Forthcoming, Paris December 2011 Finance Meeting EUROFIDAI - AFFI
Number of pages: 44 Posted: 14 Oct 2011 Last Revised: 10 Sep 2014
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 94 (328,154)
Citation 24

Abstract:

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Liquidity credits, market quality, trading, make/take fees, maker-taker, rebates, bid-ask spread

6.

Dark Trading on Public Exchanges

Number of pages: 45 Posted: 03 Dec 2012 Last Revised: 23 Feb 2013
Sean Foley, Katya Malinova and Andreas Park
Macquarie University, McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 527 (62,963)
Citation 9

Abstract:

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dark trading, midpoint orders, limit order book trading

7.

Regulating Dark Trading: Order Flow Segmentation and Market Quality

FIRN Research Paper No. 2755392
Number of pages: 50 Posted: 31 Mar 2016 Last Revised: 10 Jun 2017
UNSW Business School, McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 480 (70,729)
Citation 14

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dark trading, high frequency trading, retail investors, trade-at rule, price improvement, segmentation, internalization

Liquidity, Volume and Price Efficiency: The impact of order vs. Quote Driven Trading

Journal of Financial Markets, Forthcoming
Number of pages: 39 Posted: 17 Mar 2010 Last Revised: 29 Jul 2012
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 231 (157,397)

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market microstructure, trading volume, liquidity, dealer market, limit order book

Liquidity, Volume and Price Efficiency: The Impact of Order vs. Quote Driven Trading

EFA 2009 Bergen Meetings Paper
Number of pages: 39 Posted: 19 Feb 2009 Last Revised: 30 Jul 2012
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 165 (214,241)
Citation 2

Abstract:

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order and quote driven trading, dealer market, execution costs

9.

Did Trading Bots Resurrect the CAPM?

Number of pages: 76 Posted: 30 Jan 2020 Last Revised: 17 Apr 2020
Andreas Park and Jinhua Wang
University of Toronto - Finance Area and University of Cambridge - Finance
Downloads 355 (101,113)

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automated quoting, high-frequency trading, machine learning, market microstructure, systematic risk, causal random forests

10.

How Syndicate Short Sales Affect the Informational Efficiency of IPO Prices and Underpricing

Journal of Financial and Quantitative Analysis, Vol. 45, No. 2, pp. 441-471, 2010
Number of pages: 50 Posted: 19 May 2005 Last Revised: 08 Nov 2010
Björn Bartling and Andreas Park
University of Zurich - Department of Economics and University of Toronto - Finance Area
Downloads 324 (111,548)
Citation 1

Abstract:

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Initial Public Offering, Aftermarket Trading, Informational Efficiency, Underpricing

11.

The Impact of Competition and Information on Intraday Trading

Number of pages: 39 Posted: 01 Feb 2008 Last Revised: 10 Jan 2014
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 304 (119,499)
Citation 2

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Trading, Market Participation, Intraday Patterns, Heterogeneous Information

12.

Experiential Learning of the Efficient Market Hypothesis: Two Trading Games

Number of pages: 19 Posted: 14 Sep 2007
Andreas Park
University of Toronto - Finance Area
Downloads 256 (142,843)

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13.

Central Bank Digital Loonie: Canadian Cash for a New Global Economy

Osgoode Legal Studies Research Paper
Number of pages: 76 Posted: 18 Feb 2021 Last Revised: 10 Mar 2021
Andreas Veneris, Andreas Park, Fan Long and Poonam Puri
University of Toronto - Department of Electrical and Computer Engineering, and Department of Computer Science, University of Toronto - Finance Area, University of Toronto - Department of Computer Science and York University - Osgoode Law School
Downloads 166 (214,046)

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CBDC, central-bank issued digital currency, blockchain, AML/CFT

14.

Greed, Fear, and Rushes

Number of pages: 43 Posted: 04 Jun 2013 Last Revised: 27 Feb 2015
Axel Anderson, Andreas Park and Lones Smith
Georgetown University - Department of Economics, University of Toronto - Finance Area and University of Wisconsin at Madison - Department of Economics
Downloads 163 (216,323)

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Timing Games, Unraveling, Runs, Games with Many Players, Pre-emption, War of Attrition

15.

'Sniping' in Fragmented Markets

Number of pages: 46 Posted: 20 May 2020
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 90 (337,014)

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Sniping, Microstructure, High-Frequency Trading, Market Making

16.

Caller Number Five: Timing Games that Morph from One Form to Another

Cowles Foundation Discussion Paper No. 1554
Number of pages: 25 Posted: 19 May 2005
Andreas Park and Lones Smith
University of Toronto - Finance Area and University of Wisconsin at Madison - Department of Economics
Downloads 77 (367,465)
Citation 2

Abstract:

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Games of timing, war of attrition, preemption game

17.

The Conceptual Flaws of Constant Product Automated Market Making

Number of pages: 33 Posted: 18 Mar 2021
Andreas Park
University of Toronto - Finance Area
Downloads 40 (498,265)

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decentralized trading, swap exchanges, uniswap, blockchain, crypto-economics, automated market making

18.

Snowbirds in Securities Trading: Canadian Brokers' U.S.-Bound Order Routing

Number of pages: 42 Posted: 04 Mar 2020
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area
Downloads 16 (637,941)

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cross-listed securities, cross-market trading, microstructure

19.

Trading Volume in Dealer Markets

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Posted: 06 May 2009
Katya Malinova and Andreas Park
McMaster University - Michael G. DeGroote School of Business and University of Toronto - Finance Area

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market microstructure, trading volume, liquidity