Trading and Market Microstructure Papers of the Week

Using a balanced panel of 124 non-financial firms listed on the Saudi Exchange over 2015–2025, the study introduces corporate financial resilience as a proposed channel linking trading frictions to corporate value and examines whether financial leverage moderates the trading-frictions–resilience association.

We introduce the AI Incident and Disruption Archive (AIDA), a multi-vendor registry of 5,868 deduplicated outage incidents across 30 providers from 2025 to 2026, with foundation-model incidents verified against primary status-page or postmortem URLs.

We reconstruct full-depth books from consensus-ordered messages and evaluate wallet identity as a feature for short-horizon return prediction.

Purpose This paper aims to propose a regulatory-aware conceptual and theoretical framework for a global decentralized stock exchange built on a permissioned blockchain infrastructure.

Agentic research loops that let a language model propose a change, run a fixed experiment and keep whatever improves the metric work well in machine learning.

We rebuild the public count of Brazil's 2026 presidential runoff minute by minute from the electoral court's section-level records and compare it with every trade on Kalshi and Polymarket.

Automated markets increasingly route order flow from learning trading agents through automated market makers (AMMs). We model trader archetypes as AI agents defined by their reward functions and analyze the feedback they create on a constant-product AMM.

We argue that the use of the empirical time series of values, volumes, and prices of consecutive trades made during the averaging interval to calculate the price-volume correlation in a way that follows the definition of correlation always gives zero correlation.