Competing on Speed
---- Acknowledgements -----
Both authors are at New York University, Stern School of Business. Philippon is also at NBER and CEPR. We are particularly grateful to Joel Hasbrouck for his insights. We thank Thierry Foucault, Yakov Amihud, Albert Menkveld, Pierre-Oliver Weill, Dimitri Vayanos, Ricardo Lagos, Lasse Pedersen and seminar participant at HEC Paris, NYU Stern, Rochester U., and the SED 2011 conference. We acknowledge the support of the Smith Richardson Foundation. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.