Quote Stuffing
研究了报价活动剧烈飙升（即报价填充）对市场条件的影响，发现2010年超过74%的美国上市证券至少经历一次报价填充，期间流动性下降、交易成本上升、短期波动加剧。
In this study we examine intense episodic spikes in quoting activity (frequently referred to as quote stuffing) on market conditions. We find that quote stuffing is pervasive and that over 74% of US exchange‐listed securities experienced at least one episode during 2010. We also find that stocks experience decreased liquidity, higher trading costs, and increased short‐term volatility during periods of intense quoting activity. We find that most quote‐stuffing events occur on the NYSE, ARCA, NASDAQ, and BATS and that during these quote‐stuffing events, the number of new orders and canceled orders increases substantially while the order size and order duration decrease .