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   "estimand": "Contribution of market vs. limit orders by HFTs and non-HFTs to efficient price variance (price discovery), and how this varies with volatility",
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   "convention_notes": "Table notes repeat sample (15 non-cross-listed TSX 60 stocks, Oct 2012–Jun 2013), report stock-day averages of VAR IRFs, variance decompositions and OLS coefficients, and define variables. Price impacts are given in basis points and market cap in billions of CAD.",
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    "claim": "HFT limit orders contribute over twice as much to price discovery as HFT market orders; for non-HFTs, market orders contribute more than limit orders",
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    "claim": "Limit order submissions and their price discovery share fall with volatility, driven by HFTs",
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    "claim": "HFTs dominate price discovery via limit orders on each exchange, even at one-second sampling",
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    "claim": "Positive limit order price impact is reconciled with prior negative impact of HFT liquidity-supplying trades through nonexecution",
    "evidence_type": "prior_literature",
    "evidence_ref": "Brogaard, Hendershott, and Riordan (2014)"
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