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Excerpt from Bloomberg -- "The second most-cited study, 'Low-Latency Trading' by New York University’s Joel Hasbrouck and Gideon Saar of Cornell University, provides evidence calling into question one of the most persistent criticisms of HFTs: they use superior technology to race ahead of investor orders and profit at their expense. The paper, which analyzed orders and executions on the Nasdaq, suggests HFTs improve market quality. They helped narrow bid-ask spreads, a measure of liquidity, and reduced short-term swings, according to the study, which has been cited 328 times."

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