Last updated December 2015
Andrei A Kirilenko, Albert S. Kyle, Mehrdad Samadi, & Tugkan Tuzan, The Flash Crash: The Impact of High Frequency Trading on an Electronic Market (December 28, 2015) (asserting that, unlike traditional market makers, High Frequency Traders do not alter their intraday trading pattern during a period of significant and temporary trading pressure. The authors suggest that HFT behavior is "more consistant with theories of quote sniping or latency arbitrage than theories of traditional market making." The authors' study centers around trading behavior of High frequency Traders on May 6, 2010 - the date of the infamous Flash Crash)
John C. Coffee Jr. Assessment of HFT Reform, High Frequency Trading Reform: The Short Term and the Longer Term (July 21st, 2014) This article is also available on the CLS Blue Sky Blog.
Lawrence R. Glosten & Shmuel Baruch, Fleeting Orders (work-in-progress dated June 11, 2013) (asserting that a likely equilibrium in the high-frequency-trading game involves the use of mixed strategies so that any one high-frequency trader does not know what others are doing, naturally leading to "fleeting orders" -- orders that are place and then quickly cancelled)
Bruno Biais, Thierry Fourcault, & Sophie Moinas, Equilibrium High-Frequency Trading (Mar. 15, 2012) (asserting that high-frequency trading not only benefits the high-frequency traders, but it imposes adverse-selection costs on others, thus producing negative externalities)
Albert J. Menkveld, High-Frequency Trading and the New-Market Makers, (Feb. 6, 2012) (arguing that high-frequency traders are making markets in a form that is the electronic version of the classic market maker)
Frank Partnoy, Don't Blink: Snap Decisions and Securities Regulations (login required), 77 Brook. L. Rev. 151 (Fall 2011) (exploring the consequences of increased speed for securities markets and suggesting legal reforms)
Didier Sornette & Susanne Von der Becke, Crashes and High-Frequency Trading, Swiss Finance Institute Research Paper No. 11-63 (Aug. 2011) (examining possible associations between high-frequency trading, on the one hand, and bubbles and crashes, on the other)
Peter Gomber, Bjorn Arndt, Marco Lutat, & Tim Uhle, High-Frequency Trading (2011) (seeking to close the gap between academic research on high-frequency trading and the perceptions of the public, media, and regulatory discussions about its impact)
Robert A. Jarrow & Philip Protter, A Dysfunctional Role of High-Frequency Trading in Electronic Markets(June 29, 2011) (arguing that "high-frequency traders can create a mispricing that they unknowingly exploit to the disadvantage of ordinary investors" that "is generated by the collective and independent actions of high-frequency traders, coordinated via the observation of a common signal.")
Michael J. McGowan, The Rise of Computerized High-Frequency Trading: Use and Controversy (login required), 2010 Duke L. & Tech. Rev. 16 (November 2010) (student "ibrief" broadly exploring issues relating to high-frequency trading)