Journal Article Foundations for Financial Economics Get access Foundations for Financial Economics. Chi-fu Huang and Robert H. Litzenberger. New York: North Holland, 1988. 365 pp. ISBN 0-444-01310-5. Paul Pfleiderer Paul Pfleiderer Stanford University Search for other works by this author on: Oxford Academic Google Scholar The Review of Financial Studies, Volume 1, Issue 4, October 1988, Pages 447–449, https://doi.org/10.1093/rfs/1.4.447 Published: 14 March 2015

[This article develops a theory in which concentrated-trading patterns arise endogenously as a result of the strategic behavior of liquidity traders and informed traders. Our results provide a partial explanation for some of the recent empirical findings concerning the patterns of volume and price variability in intraday transaction data.]

This article develops a theory in which concentrated-trading patterns arise endogenously as a result of the strategic behavior of liquidity traders and informed traders. Our results provide a partial explanation for some of the recent empirical findings concerning the patterns of volume and price variability in intraday transaction data.