Too fast or too slow? Determining the optimal speed of financial markets
研究发现，当市场既不过快也不过慢时，市场质量最优，具体表现为几秒间隔的批量拍卖能最大化市场质量，且清算价格接近均衡。
Market quality is maximized at intermediate batch auction intervals of a few seconds when markets are neither too fast nor too slow and clearing price is near equilibrium