creator Li, Kun advisor Van Vliet, Benjamin E. The emergence of High-Frequency Trading (HFT) has met with mixed reactions in both investment and academic communities. However, there still exist gaps on distinguishing and interpreting the impact of HFT on the Low-Frequency Trading (LFT) side. In this thesis, I present three chapters that address the impact of HFT to LFT. I find evidence to distinguish trading generated by HFT in the limit order market, and consequently apply to explore how HFT affects LFT in terms of the liquidity and the order execution quality. In addition, I further explore the fleeting orders generated by HFT and their impact on the liquidity of LFT. Submitted by Erma Thomas (thomase@iit.edu) on 2016-02-11T23:01:29Z No. of bitstreams: 1 etdadmin_upload_371347.zip: 1143821 bytes, checksum: f76609ee469cf98b7a422c6b452f095c (MD5) Made available in DSpace on 2016-02-11T23:01:29Z (GMT). No. of bitstreams: 1 etdadmin_upload_371347.zip: 1143821 bytes, checksum: f76609ee469cf98b7a422c6b452f095c (MD5) Previous issue date: 2015-07 Ph.D. in Management Science, July 2015 2015 2015-07 http://hdl.handle.net/10560/3706 en Fleeting Order High-Frequency Trading Limit Order Low-Frequency Trading Market Liquidity Dissertation born digital application/pdf In Copyright http://rightsstatements.org/page/InC/1.0/ Restricted Access SSB / Stuart School of Business Illinois Institute of Technology Affiliated department