A Specialist's Quoted Depth and the Limit Order Book
将报价深度分解为专家贡献和限价订单簿贡献，研究专家是否通过管理报价深度来降低逆向选择风险。结果显示，专家和限价订单交易者都在信息事件发生时减少深度，以降低逆向选择成本。
By partitioning quoted depth into the specialist's contribution and the limit order book's contribution, the paper investigates whether specialists manage quoted depth to reduce adverse selection risk. The results show that both specialists and limit order traders reduce depth around information events, thereby reducing their exposure to adverse selection costs. Moreover, specialists' quotes may reflect only the limit order book on the side (or sides) of the market where they believe there is a chance of informed trading. Changes in quoted depth are consistent with specialists managing their inventory as well as having knowledge of the stock's future value.