Anonymity, stealth trading, and the information content of broker identity

This research is funded by the Capital Markets Cooperative Research Centre. The authors would like to thank the Australian Stock Exchange for the provision of data and the Securities Industry Research Centre of Asia Pacific for technical assistance. Work on this paper commenced while Frino was a Fulbright Senior Scholar at the Commodity Futures Trading Commission. This paper has benefited from seminars held at the Australian National University, Cambridge University, Commodity Futures Trading Commission, Cornell University, Georgetown University, Hong Kong Baptist University, Melbourne University, The University of Memphis, The University of Sydney, Universita di Napoli Federico II, Universita di Salerno and Virginia University. Specifically, we gratefully acknowledge the comments of Tom McInish, Maureen O’Hara, Bob Wood, and an anonymous reviewer who helped improve the paper.