“…Slow traders may trade less or stop trading if they feel they have a systematic disadvantage, thereby impairing price discovery. Fur-thermore, HFTs may play a disfunctional role when they collectively and aggressively trade on a common signal, thereby moving prices away from their fundamentals (Jarrow & Protter, 2012;Dugast, Foucault, et al, 2014). Additionally, the informativeness of prices may decrease in the medium-term because slower investors may stop conducting fundamental research as they cannot profit from it (Foucault, Hombert, & Roşu, 2016).…”