Who can see the iceberg's peak? How icebergs are used by information and liquidity traders
研究了冰山订单（部分披露的限价订单）如何被信息交易者和流动性交易者使用，发现信息交易者以激进价格下单，流动性交易者以非激进价格下单，且市场通过重复补充发现冰山订单。
Abstract Iceberg orders are partially disclosed limit orders that only reveal a small portion of their hidden volume at any time. Once traded, the iceberg order automatically replenishes until all its hidden volume executes. Consistent with theory, icebergs appeal to both information and liquidity traders. Information traders place orders at aggressive prices in the limit order book, which transact immediately as marketable orders. Liquidity traders use non‐aggressive orders, which sit on the book as limit orders. Iceberg traders adjust the aggressiveness of their orders as market conditions change. We find the market discovers iceberg orders through repeated replenishments.