efl Paper "High-Frequency Trading and Price Discovery: The Role of Strategic Runs" receives Best Paper Award

Tino Cestonaro receives the Best PhD Paper Award at the 41st International Conference of the Association Française de Finance (AFFI) in Dijon, France for his paper “High-Frequency Trading and Price Discovery: The Role of Strategic Runs”. His findings indicate that these activities of high-frequency traders do not enhance price discovery but rather dilute it by triggering a substantial number of limit order book events that contain limited informational value. We are delighted to receive this award and congratulate him on his success.