Price Destabilizing Speculation: The Role of Strategic Limit Orders

We are grateful for helpful comments from Sugata Bhattacharya, Sudipto Dasgupta, Benjamin Herbert, Anand Goel, Gustavo Grullon, David Hirshleifer, Bob Kimmel, Albert Kyle, Ron Masulis, Vikram Nanda, Tom Noe, Marco Pagano, David Reeb, Alexander Rodivilov, Ailsa R�oell, Duane Seppi, Vikrant Vig, Vish Viswanathan, Yajun Wang, Jingshu Wen, participants at the American Finance Association Virtual Meeting 2020, and seminar participants at Australian National

University, Florida International University, Indian Institutes of Management at Calcutta, Bangalore, & Udaipur, Indian Statistical Institute, Krea University, La Trobe University, Northwestern University, Stevens Institute of Technology, University of Adelaide, NBER Economics of Commodity Markets, University of Central Florida, University of New South Wales, University of Wyoming, and West Virginia University. The usual disclaimer applies. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.