Tālis J. Putniņš

University of Technology Sydney (UTS)

PO Box 123

Broadway

Sydney

Australia

Stockholm School of Economics, Riga

Strelnieku iela 4a

Riga, LV 1010

Latvia

SCHOLARLY PAPERS

41

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35,004

SSRN CITATIONS
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175

CROSSREF CITATIONS

81

Scholarly Papers (41)

1.

Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed Through Cryptocurrencies?

Review of Financial Studies, Forthcoming
Number of pages: 63 Posted: 17 Jan 2018 Last Revised: 15 Dec 2018
Sean Foley, Jonathan R. Karlsen and Tālis J. Putniņš
Macquarie University, University of Technology Sydney (UTS), UTS Business School and University of Technology Sydney (UTS)
Downloads 12,631 (400)
Citation 110

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blockchain, bitcoin, detection controlled estimation, illegal trade, black market

2.

Dark Trading and Price Discovery

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 54 Posted: 02 Dec 2012 Last Revised: 26 Jun 2015
Carole Comerton-Forde and Tālis J. Putniņš
UNSW Business School and University of Technology Sydney (UTS)
Downloads 2,396 (7,308)
Citation 30

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dark pool, price discovery, information share, efficiency

3.

The Active World of Passive Investing

Review of Finance (forthcoming)
Number of pages: 57 Posted: 27 Jul 2018 Last Revised: 15 Jul 2021
David Easley, David Michayluk, Maureen O'Hara and Tālis J. Putniņš
Cornell University - Department of Economics, University of Technology Sydney (UTS) - School of Finance and Economics, Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Technology Sydney (UTS)
Downloads 1,811 (11,528)
Citation 5

Abstract:

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exchange-traded fund, ETF, Activeness Index, passive investing, index investing

4.

Price Discovery in Stock and Options Markets

Journal of Financial Markets, Forthcoming
Number of pages: 55 Posted: 15 Aug 2014 Last Revised: 07 Sep 2021
Vinay Patel, Tālis J. Putniņš, David Michayluk and Sean Foley
University of Technology Sydney (UTS), University of Technology Sydney (UTS), University of Technology Sydney (UTS) - School of Finance and Economics and Macquarie University
Downloads 1,193 (21,959)
Citation 7

Abstract:

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price discovery, stock, option, information share, insider trading

5.

Free Markets to Fed Markets: How Modern Monetary Policy Impacts Equity Markets

Number of pages: 56 Posted: 08 Jun 2020 Last Revised: 07 Sep 2021
Tālis J. Putniņš
University of Technology Sydney (UTS)
Downloads 1,061 (26,046)

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stock markets, monetary policy, quantitative easing, liquidity, COVID-19

6.

Measuring Closing Price Manipulation

Journal of Financial Intermediation, Forthcoming
Number of pages: 48 Posted: 23 Aug 2007 Last Revised: 28 Apr 2010
Carole Comerton-Forde and Tālis J. Putniņš
UNSW Business School and University of Technology Sydney (UTS)
Downloads 1,044 (26,663)
Citation 14

Abstract:

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manipulation, closing price, high-closing, index

7.

Should We Be Afraid of the Dark? Dark Trading and Market Quality

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 55 Posted: 16 Jun 2013 Last Revised: 08 Feb 2016
Sean Foley and Tālis J. Putniņš
Macquarie University and University of Technology Sydney (UTS)
Downloads 990 (28,755)
Citation 22

Abstract:

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dark pool, dark trading, regulation, liquidity, market efficiency, transparency

8.

What Moves Stock Prices? The Role of News, Noise, and Information

AFA Annual Meeting 2020, Forthcoming
Number of pages: 65 Posted: 29 Jan 2018 Last Revised: 06 Oct 2021
Jonathan Brogaard, Thanh Huong Nguyen, Tālis J. Putniņš and Eliza Wu
University of Utah - David Eccles School of Business, Faculty of Finance, University of Economics, The University of Danang, Vietnam, University of Technology Sydney (UTS) and The University of Sydney - Business School
Downloads 955 (30,282)
Citation 5

Abstract:

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variance decomposition, firm-specific information, market-wide information, stock return synchronicity

9.

Market Manipulation: A Survey

Journal of Economic Surveys, Forthcoming
Number of pages: 30 Posted: 12 Apr 2011
Tālis J. Putniņš
University of Technology Sydney (UTS)
Downloads 940 (30,960)
Citation 6

Abstract:

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market manipulation, regulation, survey

10.

How Much Insider Trading Happens in Stock Markets?

Number of pages: 45 Posted: 09 Feb 2021 Last Revised: 14 Feb 2021
Vinay Patel and Tālis J. Putniņš
University of Technology Sydney (UTS) and University of Technology Sydney (UTS)
Downloads 879 (33,985)

Abstract:

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insider trading, prosecution, detection controlled estimation, M&A, earnings

11.

A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets

Number of pages: 55 Posted: 24 Sep 2020 Last Revised: 17 Nov 2020
Anirudh Dhawan and Tālis J. Putniņš
University of Technology Sydney (UTS) and University of Technology Sydney (UTS)
Downloads 822 (37,287)

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market manipulation, pump-and-dump, cryptocurrencies, overconfidence, gambling

12.

Only Gamble in Town: Stock Market Gambling Around the World and Market Efficiency

Number of pages: 56 Posted: 10 Nov 2020 Last Revised: 23 Jan 2021
Alok Kumar, Thanh Huong Nguyen and Tālis J. Putniņš
University of Miami - Miami Herbert Business School, Faculty of Finance, University of Economics, The University of Danang, Vietnam and University of Technology Sydney (UTS)
Downloads 819 (37,473)

Abstract:

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stock market gambling, casino, state lottery, liquidity, informational efficiency

13.

The Good, the Bad, and the Ugly: How algorithmic traders impact institutional trading costs

NBER Big Data and Securities Markets Conference
Number of pages: 48 Posted: 26 Jul 2016 Last Revised: 15 Dec 2020
Tālis J. Putniņš and Joseph Barbara
University of Technology Sydney (UTS) and Australian Securities and Investments Commission (ASIC)
Downloads 770 (40,824)

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Algorithmic Trading, High-Frequency Trading, Liquidity, Transaction Costs, Implementation Shortfall, Predatory Trading

14.

Stock Price Manipulation: Prevalence and Determinants

Forthcoming, Review of Finance
Number of pages: 54 Posted: 21 Aug 2008 Last Revised: 11 Oct 2012
Carole Comerton-Forde and Tālis J. Putniņš
UNSW Business School and University of Technology Sydney (UTS)
Downloads 728 (44,039)
Citation 8

Abstract:

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manipulation, prosecution, closing price, high-closing, detection controlled estimation

15.

Naked Short Sales and Fails to Deliver: An Overview of Clearing and Settlement Procedures for Stock Trades in the US

Journal of Securities Operations and Custody, Forthcoming
Number of pages: 17 Posted: 07 Mar 2010
Tālis J. Putniņš
University of Technology Sydney (UTS)
Downloads 606 (56,069)
Citation 7

Abstract:

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Clearing, Settlement, Fail to Deliver, Naked Short Selling, National Securities Clearing Corporation (NSCC), Depository Trust Company (DTC)

16.

An Overview of Market Manipulation

Forthcoming in: Handbook of Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation
Number of pages: 46 Posted: 14 Jun 2019
Tālis J. Putniņš
University of Technology Sydney (UTS)
Downloads 580 (59,178)

Abstract:

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market manipulation, spoofing, layering, pump and dump, painting the tape, bear raid

17.

Asset Pricing with Downside Liquidity Risks

Management Science, Forthcoming
Number of pages: 46 Posted: 22 Dec 2012 Last Revised: 24 Dec 2015
Sean A. Anthonisz and Tālis J. Putniņš
The University of Sydney and University of Technology Sydney (UTS)
Downloads 559 (62,017)
Citation 1

Abstract:

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liquidity risk, liquidity spiral, conditional moment, pricing kernel, downside risk

18.

Shorting at Close Range: A Tale of Two Types

Journal of Financial Economics (JFE), Forthcoming, AFA 2012 Chicago Meetings Paper, Columbia Business School Research Paper No. 12/22
Number of pages: 50 Posted: 21 Mar 2011 Last Revised: 26 Jun 2015
Carole Comerton-Forde, Charles M. Jones and Tālis J. Putniņš
UNSW Business School, Columbia Business School and University of Technology Sydney (UTS)
Downloads 533 (65,801)
Citation 7

Abstract:

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short selling, information content, market quality, high-frequency trading

19.

What Do Price Discovery Metrics Really Measure?

Journal of Empirical Finance, Forthcoming
Number of pages: 39 Posted: 06 May 2013 Last Revised: 16 May 2013
Tālis J. Putniņš
University of Technology Sydney (UTS)
Downloads 471 (76,697)
Citation 3

Abstract:

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price discovery, information share, component share, information leadership share

20.

High Frequency Trading and Co-Movement in Financial Markets

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 50 Posted: 23 Aug 2016 Last Revised: 11 Feb 2019
Laura Malceniece, Kārlis Malcenieks and Tālis J. Putniņš
Stockholm School of Economics, Riga, Stockholm School of Economics, Riga and University of Technology Sydney (UTS)
Downloads 443 (82,464)
Citation 7

Abstract:

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high frequency trading, HFT, co-movement, commonality, synchronicity, liquidity

21.

Economics of State-Owned Enterprises

Forthcoming, International Journal of Public Administration
Number of pages: 40 Posted: 25 Oct 2014
Tālis J. Putniņš
University of Technology Sydney (UTS)
Downloads 431 (85,184)
Citation 3

Abstract:

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state-owned enterprise, government, market failure, efficiency, social welfare

22.

Market Efficiency in the Age of Machine Learning

NYU Stern School of Business Forthcoming
Number of pages: 61 Posted: 02 Mar 2021 Last Revised: 15 Sep 2021
University of Edinburgh, Wharton Research Data Services (WRDS), University of Technology Sydney (UTS) and New York University - Leonard N. Stern School of Business
Downloads 420 (87,808)

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Market efficiency; Information acquisition; Machine learning; Informed trading; Algorithmic trading

23.

The “Waterfall Illusion” in the Perception of Risk

UNSW Business School Research Paper No. 04, 2019
Number of pages: 47 Posted: 24 Jan 2015 Last Revised: 02 Apr 2021
Elise Payzan-LeNestour, Lionnel Pradier and Tālis J. Putniņš
University of New South Wales, UNSW Australia Business School and University of Technology Sydney (UTS)
Downloads 406 (91,332)
Citation 1

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behavioral economics, neuro-economics, risk perception, decision making under uncertainty, adaptive normalization

24.

Quasi-Dark Trading: The Effects of Banning Dark Pools in a World of Many Alternatives

SAFE Working Paper No. 253
Number of pages: 62 Posted: 28 May 2019 Last Revised: 25 Jun 2019
University of Mannheim - Finance Area, University of Technology Sydney (UTS), Goethe University Frankfurt - Department of Finance and University of Vienna - Department of Finance
Downloads 395 (94,204)
Citation 4

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Dark Pools, Dark Trading, Liquidity, Price Efficiency, MiFID II, Double Volume Caps

25.

Who Sets the Price of Gold? London or New York?

Journal of Futures Markets (Forthcoming)
Number of pages: 38 Posted: 16 May 2015 Last Revised: 03 Feb 2016
Martin Hauptfleisch, Tālis J. Putniņš and Brian M. Lucey
University of Technology Sydney (UTS), University of Technology Sydney (UTS) and Trinity Business School, Trinity College Dublin
Downloads 358 (105,414)
Citation 9

Abstract:

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Price Discovery, Gold, Gold Futures, Market Microstructure

26.

The Value of ETF Liquidity

European Finance Association 2020 Helsinki
Number of pages: 55 Posted: 06 Apr 2020 Last Revised: 18 Aug 2021
Marta Khomyn, Tālis J. Putniņš and Marius Zoican
University of Technology Sydney (UTS), University of Technology Sydney (UTS) and University of Toronto at Mississauga - Department of Management
Downloads 355 (106,422)
Citation 2

Abstract:

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ETFs, liquidity, competition, trading volume

27.

Why Do Traders Choose to Trade Anonymously?

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 45 Posted: 28 Feb 2011
Carole Comerton-Forde, Tālis J. Putniņš and Kar Mei Tang
UNSW Business School, University of Technology Sydney (UTS) and University of Sydney - Discipline of Finance
Downloads 315 (121,409)
Citation 4

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Anonymity, execution cost, broker identity, strategic trading

28.

Pricing Accuracy, Liquidity and Trader Behavior with Closing Price Manipulation

Experimental Economics, Forthcoming
Number of pages: 32 Posted: 10 Nov 2008 Last Revised: 12 Oct 2010
Carole Comerton-Forde and Tālis J. Putniņš
UNSW Business School and University of Technology Sydney (UTS)
Downloads 289 (133,022)
Citation 6

Abstract:

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manipulation, closing price, high-closing, experimental market

29.

2018 Oxford Business Law Blog Round-Up: Top 20 Most Read Posts

Oxford Legal Studies Research Paper Forthcoming
Number of pages: 56 Posted: 28 Aug 2019
Center for Contract and Economic Organization, White & Case LLP, Max Planck Institute for Innovation and Competition, Macquarie University, Technische Universität München (TUM) - TUM School of Management, Melbourne Law School, Duke UniversityUniversity of Virginia School of Law, Singapore Management University - Yong Pung How School of Law, European University Viadrina Frankfurt (Oder) - European New School of Digital Studies, City University of Hong Kong (CityU) – School of Law; Centre for Public Affairs and Law; Centre for Chinese and Comparative Law, National University of Singapore (NUS) - Faculty of Law, Hogan Lovells, Hogan Lovells, Tel Aviv University - Cegla Center for Interdisciplinary Research of the LawThe Hadar Jabotinsky Center for Interdisciplinary Research of Financial Markets, Crises and Technology (HJC), Cleary Gottlieb Steen & Hamilton LLP, Public Sector Credit Solutions, University of Technology Sydney (UTS), UTS Business School, BI Norwegian Business School, White & Case LLP, Latham & Watkins, White & Case LLP, TUM School of Management, Tilburg University - Tilburg Institute for Law, Technology, and Society, Latham & Watkins, London School of Economics - Law Department, Independent, University of California, Berkeley - School of Law, Cleary Gottlieb Steen & Hamilton LLP, Cleary Gottlieb Steen & Hamilton LLP, University of Technology Sydney (UTS), Melbourne Law School - University of Melbourne, Morrison & Foerster LLP, University of Vienna, Faculty of Law, City University of Hong Kong (CityU) - Centre for Chinese & Comparative Law, University of Melbourne - Law School, London School of Economics & Political Science (LSE), Students and White & Case LLP
Downloads 216 (177,357)

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Bitcoin, Blockchain, GDPR, ICOs, Cryptocurrencies, MiFID II, EU law, Limited partnership, Private equity, Side-pockets, Liquidity, Brexit, Credit rating, Corporate Governance Code, Parent company, Bankruptcy, Securities, Financial regulation, Corporate veil, Autonomation, Courts, Smart contract

30.

When do informed traders provide liquidity?

Number of pages: 41 Posted: 20 Aug 2013 Last Revised: 24 Jan 2019
Tālis J. Putniņš and David Michayluk
University of Technology Sydney (UTS) and University of Technology Sydney (UTS) - School of Finance and Economics
Downloads 215 (178,098)
Citation 1

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liquidity, price discovery, informed trading, limit order, market order

31.

Learning about Toxicity: Why Order Imbalance Can Destabilize Markets

Number of pages: 54 Posted: 13 Dec 2018
Nihad Aliyev, Xuezhong He and Tālis J. Putniņš
University of Technology Sydney (UTS) - School of Finance and Economics, University of Technology Sydney (UTS) - Finance Discipline Group, Business School and University of Technology Sydney (UTS)
Downloads 210 (183,647)
Citation 2

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Flow toxicity, market instability, order imbalance, multidimensional uncertainty

32.

Welfare Costs of Informed Trade

AFA 2016 San Francisco Meetings, Columbia Business School Research Paper No. 16-58
Number of pages: 46 Posted: 23 Aug 2016 Last Revised: 02 Jan 2020
Lawrence R. Glosten and Tālis J. Putniņš
Columbia Business School - Finance and Economics and University of Technology Sydney (UTS)
Downloads 208 (183,647)
Citation 4

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market microstructure, welfare, liquidity, informed trading, insider trading

33.

The Effects of Market Makers and Stock Analysts in Emerging Markets

International Review of Finance, Forthcoming
Number of pages: 29 Posted: 24 Aug 2011
Stockholm School of Economics, Riga, Stockholm School of Economics, Riga, Stockholm School of Economics, Riga and University of Technology Sydney (UTS)
Downloads 197 (193,080)

Abstract:

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liquidity, informational efficiency, market makers, stock analysts

34.

Information Flows and Systematic Risk

Society for Financial Studies Cavalcade
Number of pages: 39 Posted: 08 Jul 2021
Cornell University - Department of Economics, University of Technology Sydney (UTS) - School of Finance and Economics, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Technology Sydney (UTS) and University of Technology Sydney (UTS)
Downloads 174 (215,362)

Abstract:

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information flows, asset pricing, return premium, systematic risk

35.

Measuring the Shadow Economy Using Company Managers

Journal of Comparative Economics, Forthcoming
Number of pages: 41 Posted: 11 Apr 2014
Tālis J. Putniņš and Arnis Sauka
University of Technology Sydney (UTS) and Stockholm School of Economics, Riga
Downloads 138 (260,818)
Citation 1

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shadow economy; tax evasion; company managers; new EU members; GDP

36.

Shadow Economy Index for the Baltic Countries 2009-2016

Number of pages: 51 Posted: 15 May 2018
Tālis J. Putniņš and Arnis Sauka
University of Technology Sydney (UTS) and Stockholm School of Economics, Riga
Downloads 134 (266,901)
Citation 3

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Shadow Economy, Latvia, Lithuania, Estonia

37.

Why Does Entrepreneurial Orientation Affect Company Performance?

Strategic Entrepreneurship Journal, Forthcoming
Number of pages: 47 Posted: 12 Jun 2019
Tālis J. Putniņš and Arnis Sauka
University of Technology Sydney (UTS) and Stockholm School of Economics, Riga
Downloads 119 (291,495)

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entrepreneurial orientation, performance, conceptualization, risk taking, innovativeness, proactiveness

38.

Shadow Economy Index for Moldova and Romania 2015-2016

Number of pages: 54 Posted: 15 May 2018
Tālis J. Putniņš, Arnis Sauka and Adriana AnaMaria Davidescu
University of Technology Sydney (UTS), Stockholm School of Economics, Riga and Bucharest University of Economic Studies
Downloads 99 (330,550)
Citation 3

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Shadow Economy, Moldova, Romania, Poland, Baltic States

39.

Algos Gone Wild: What Drives the Extreme Order Cancellation Rates in Modern Markets?

Journal of Banking and Finance, Forthcoming
Number of pages: 49 Posted: 30 Dec 2020 Last Revised: 04 May 2021
Marta Khomyn and Tālis J. Putniņš
University of Technology Sydney (UTS) and University of Technology Sydney (UTS)
Downloads 91 (348,775)

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order-to-trade ratio, market fragmentation, regulation, liquidity, HFT

40.

The Effects of Market Makers and Stock Analysts in Emerging Markets

International Review of Finance, Vol. 12, Issue 3, pp. 305-327, 2012
Number of pages: 23 Posted: 04 Sep 2012
Stockholm School of Economics, Stockholm School of Economics, Riga, Stockholm School of Economics, Riga and University of Technology Sydney (UTS)
Downloads 2 (780,360)
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41.

Market Manipulation: A Survey

Journal of Economic Surveys, Vol. 26, Issue 5, pp. 952-967, 2012
Number of pages: 16 Posted: 04 Oct 2012
Tālis J. Putniņš
University of Technology Sydney (UTS)
Downloads 1 (791,766)
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Market manipulation, Regulation, Survey