{"id":"https://openalex.org/W3035909448","doi":"https://doi.org/10.1108/qrfm-07-2019-0080","title":"Limit order books: a systematic review of literature","display_name":"Limit order books: a systematic review of literature","publication_year":2020,"publication_date":"2020-06-16","ids":{"openalex":"https://openalex.org/W3035909448","doi":"https://doi.org/10.1108/qrfm-07-2019-0080","mag":"3035909448"},"language":"en","primary_location":{"id":"doi:10.1108/qrfm-07-2019-0080","doi":"https://doi.org/10.1108/qrfm-07-2019-0080","is_oa":false,"landing_page_url":"https://doi.org/10.1108/qrfm-07-2019-0080","pdf_url":null,"source":{"id":"https://openalex.org/S32948690","display_name":"Qualitative Research in Financial Markets","issn_l":"1755-4179","issn":["1755-4179","1755-4187"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Qualitative Research in Financial Markets","raw_type":"journal-article"},"volume":null,"type":"review","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5067523019","display_name":"Abhinava Tripathi","orcid":"https://orcid.org/0000-0002-6787-9780","observed_orcids":["https://orcid.org/0000-0002-6787-9780"]},"institutions":[{"id":"https://openalex.org/I91699865","display_name":"Indian Institute of Management Lucknow","ror":"https://ror.org/05gfjrx96","country_code":"IN","type":"education","lineage":["https://openalex.org/I91699865"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Abhinava Tripathi","raw_affiliation_strings":["Department of Finance and Accounting, Indian Institute of Management, Lucknow, India"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance and Accounting, Indian Institute of Management, Lucknow, India","institution_ids":["https://openalex.org/I91699865"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5048968178","display_name":"Vipul Vipul","orcid":"https://orcid.org/0000-0002-9844-0738","observed_orcids":["https://orcid.org/0000-0002-9844-0738"]},"institutions":[{"id":"https://openalex.org/I91699865","display_name":"Indian Institute of Management Lucknow","ror":"https://ror.org/05gfjrx96","country_code":"IN","type":"education","lineage":["https://openalex.org/I91699865"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Vipul Vipul","raw_affiliation_strings":["Department of Finance and Accounting, Indian Institute of Management, Lucknow, India"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance and Accounting, Indian Institute of Management, Lucknow, India","institution_ids":["https://openalex.org/I91699865"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5079433598","display_name":"Alok Dixit","orcid":"https://orcid.org/0000-0002-6781-1102","observed_orcids":["https://orcid.org/0000-0002-6781-1102"]},"institutions":[{"id":"https://openalex.org/I91699865","display_name":"Indian Institute of Management Lucknow","ror":"https://ror.org/05gfjrx96","country_code":"IN","type":"education","lineage":["https://openalex.org/I91699865"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Alok Dixit","raw_affiliation_strings":["Department of Finance and Accounting, Indian Institute of Management, Lucknow, India"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance and Accounting, Indian Institute of Management, Lucknow, India","institution_ids":["https://openalex.org/I91699865"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I91699865"],"apc_list":null,"apc_paid":null,"fwci":0.2483,"has_fulltext":false,"cited_by_count":18,"citation_normalized_percentile":{"value":0.47741935,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"12","issue":"4","first_page":"505","last_page":"541"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/limit-order-book","display_name":"limit order book","score":0.9769999980926514},{"id":"https://openalex.org/keywords/market-microstructure","display_name":"market microstructure","score":0.7960000038146973},{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.9390000104904175},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.75},{"id":"https://openalex.org/keywords/high-frequency-trading","display_name":"high-frequency trading","score":0.7990000247955322},{"id":"https://openalex.org/keywords/order-routing","display_name":"order routing","score":0.8169999718666077},{"id":"https://openalex.org/keywords/liquidity-dynamics","display_name":"liquidity dynamics","score":0.7289999723434448},{"id":"https://openalex.org/keywords/quote-driven-markets","display_name":"quote-driven markets","score":0.7689999938011169},{"id":"https://openalex.org/keywords/informed-trading","display_name":"informed trading","score":0.6909999847412109},{"id":"https://openalex.org/keywords/hidden-order","display_name":"hidden order","score":0.6420000195503235},{"id":"https://openalex.org/keywords/market-fragmentation","display_name":"market fragmentation","score":0.5400000214576721},{"id":"https://openalex.org/keywords/low-latency-trading","display_name":"low-latency trading","score":0.5720000267028809}],"concepts":[{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.6241474747657776},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.5987281203269958},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.558789074420929},{"id":"https://openalex.org/C2779309563","wikidata":"https://www.wikidata.org/wiki/Q649206","display_name":"Order book","level":3,"score":0.5430154800415039},{"id":"https://openalex.org/C51926234","wikidata":"https://www.wikidata.org/wiki/Q3312426","display_name":"Market microstructure","level":3,"score":0.5193094611167908},{"id":"https://openalex.org/C24683644","wikidata":"https://www.wikidata.org/wiki/Q138372","display_name":"High-frequency trading","level":3,"score":0.5185371041297913},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.48613712191581726},{"id":"https://openalex.org/C78508483","wikidata":"https://www.wikidata.org/wiki/Q139445","display_name":"Algorithmic trading","level":2,"score":0.45163494348526},{"id":"https://openalex.org/C189708586","wikidata":"https://www.wikidata.org/wiki/Q1504425","display_name":"Systematic review","level":3,"score":0.42227545380592346},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4191800355911255},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.4133904278278351},{"id":"https://openalex.org/C2522767166","wikidata":"https://www.wikidata.org/wiki/Q2374463","display_name":"Data science","level":1,"score":0.36951547861099243},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2860848903656006},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.20053702592849731},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.11221417784690857},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C2779473830","wikidata":"https://www.wikidata.org/wiki/Q1540899","display_name":"MEDLINE","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1108/qrfm-07-2019-0080","doi":"https://doi.org/10.1108/qrfm-07-2019-0080","is_oa":false,"landing_page_url":"https://doi.org/10.1108/qrfm-07-2019-0080","pdf_url":null,"source":{"id":"https://openalex.org/S32948690","display_name":"Qualitative Research in Financial Markets","issn_l":"1755-4179","issn":["1755-4179","1755-4187"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Qualitative Research in Financial Markets","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[{"id":"https://openalex.org/study-designs/systematic-review","display_name":"Systematic Review"}],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":176,"referenced_works":["https://openalex.org/W1499550068","https://openalex.org/W1505330957","https://openalex.org/W1511405554","https://openalex.org/W1536191416","https://openalex.org/W1556318236","https://openalex.org/W1599491685","https://openalex.org/W1887063447","https://openalex.org/W1910594934","https://openalex.org/W1966977762","https://openalex.org/W1967536428","https://openalex.org/W1975903620","https://openalex.org/W1976592774","https://openalex.org/W1977435747","https://openalex.org/W1978596428","https://openalex.org/W1979986072","https://openalex.org/W1981881096","https://openalex.org/W1984112482","https://openalex.org/W1985808284","https://openalex.org/W1987634416","https://openalex.org/W1990028536","https://openalex.org/W1990502545","https://openalex.org/W1991463258","https://openalex.org/W1992799117","https://openalex.org/W1993656759","https://openalex.org/W1995203962","https://openalex.org/W1995449163","https://openalex.org/W1997392981","https://openalex.org/W1998146322","https://openalex.org/W2001746417","https://openalex.org/W2002106003","https://openalex.org/W2003111024","https://openalex.org/W2005243969","https://openalex.org/W2024207643","https://openalex.org/W2026673040","https://openalex.org/W2027028300","https://openalex.org/W2031753669","https://openalex.org/W2032712062","https://openalex.org/W2033607039","https://openalex.org/W2034903818","https://openalex.org/W2035141741","https://openalex.org/W2035606631","https://openalex.org/W2037611724","https://openalex.org/W2040594898","https://openalex.org/W2040833514","https://openalex.org/W2041481103","https://openalex.org/W2041917288","https://openalex.org/W2041978543","https://openalex.org/W2043881376","https://openalex.org/W2046519558","https://openalex.org/W2048059991","https://openalex.org/W2050031929","https://openalex.org/W2057424912","https://openalex.org/W2059426085","https://openalex.org/W2060331219","https://openalex.org/W2065718124","https://openalex.org/W2066614029","https://openalex.org/W2072940646","https://openalex.org/W2077837095","https://openalex.org/W2079283960","https://openalex.org/W2082206350","https://openalex.org/W2086987861","https://openalex.org/W2088503847","https://openalex.org/W2089901068","https://openalex.org/W2091264350","https://openalex.org/W2092140559","https://openalex.org/W2092448650","https://openalex.org/W2094553626","https://openalex.org/W2096453518","https://openalex.org/W2098513640","https://openalex.org/W2099216342","https://openalex.org/W2103130635","https://openalex.org/W2103467996","https://openalex.org/W2103674819","https://openalex.org/W2103824572","https://openalex.org/W2111255674","https://openalex.org/W2112101918","https://openalex.org/W2114233347","https://openalex.org/W2120922870","https://openalex.org/W2122505598","https://openalex.org/W2123233612","https://openalex.org/W2125531201","https://openalex.org/W2126499886","https://openalex.org/W2127500355","https://openalex.org/W2136019703","https://openalex.org/W2136390480","https://openalex.org/W2139254678","https://openalex.org/W2142667427","https://openalex.org/W2145229627","https://openalex.org/W2149604183","https://openalex.org/W2150220236","https://openalex.org/W2150232907","https://openalex.org/W2155878948","https://openalex.org/W2157201362","https://openalex.org/W2157495061","https://openalex.org/W2158145505","https://openalex.org/W2162077858","https://openalex.org/W2162209015","https://openalex.org/W2162278023","https://openalex.org/W2162430746","https://openalex.org/W2163537944","https://openalex.org/W2164001991","https://openalex.org/W2165903278","https://openalex.org/W2166368077","https://openalex.org/W2168894761","https://openalex.org/W2168956349","https://openalex.org/W2171031693","https://openalex.org/W2171217792","https://openalex.org/W2189550099","https://openalex.org/W2238750598","https://openalex.org/W2271800637","https://openalex.org/W2309393944","https://openalex.org/W2345400719","https://openalex.org/W2364699575","https://openalex.org/W2481426478","https://openalex.org/W2516089573","https://openalex.org/W2519934497","https://openalex.org/W2525050337","https://openalex.org/W2555735149","https://openalex.org/W2765728543","https://openalex.org/W2800597276","https://openalex.org/W2807981427","https://openalex.org/W2887567311","https://openalex.org/W2891259924","https://openalex.org/W2896419919","https://openalex.org/W2914897543","https://openalex.org/W2955162590","https://openalex.org/W2963122061","https://openalex.org/W2991953046","https://openalex.org/W3004007488","https://openalex.org/W3020827197","https://openalex.org/W3023274588","https://openalex.org/W3121183785","https://openalex.org/W3121238223","https://openalex.org/W3121401171","https://openalex.org/W3121429012","https://openalex.org/W3121453935","https://openalex.org/W3121489010","https://openalex.org/W3121630491","https://openalex.org/W3121809883","https://openalex.org/W3121813836","https://openalex.org/W3121932661","https://openalex.org/W3121974897","https://openalex.org/W3121978536","https://openalex.org/W3122015128","https://openalex.org/W3122230741","https://openalex.org/W3122563314","https://openalex.org/W3122786537","https://openalex.org/W3122842987","https://openalex.org/W3122845994","https://openalex.org/W3122899455","https://openalex.org/W3123129688","https://openalex.org/W3123196204","https://openalex.org/W3123380876","https://openalex.org/W3123431518","https://openalex.org/W3123454797","https://openalex.org/W3123516635","https://openalex.org/W3123766096","https://openalex.org/W3123766191","https://openalex.org/W3124010140","https://openalex.org/W3124045061","https://openalex.org/W3124145806","https://openalex.org/W3124147514","https://openalex.org/W3124169602","https://openalex.org/W3124177201","https://openalex.org/W3124178463","https://openalex.org/W3124383987","https://openalex.org/W3124461485","https://openalex.org/W3124495159","https://openalex.org/W3124639628","https://openalex.org/W3124760153","https://openalex.org/W3125408371","https://openalex.org/W3125409615","https://openalex.org/W3125641632","https://openalex.org/W3125707221","https://openalex.org/W3125796404","https://openalex.org/W4205384207"],"related_works":["https://openalex.org/W2001074795","https://openalex.org/W3170534356","https://openalex.org/W2591280725","https://openalex.org/W2389489904","https://openalex.org/W4388957369","https://openalex.org/W2569645594","https://openalex.org/W2743222375","https://openalex.org/W2140063560","https://openalex.org/W193250521","https://openalex.org/W2198920411"],"abstract_inverted_index":{"Purpose":[0],"This":[1,302,315],"study":[2,13,32,57,84],"aims":[3],"to":[4,34,62,72,92,105,260],"provide":[5,106],"a":[6,73,107,143,266],"systematic":[7],"literature":[8,45,120,271,312],"review":[9,141,268],"of":[10,17,23,75,110,131,145,167,174,194,206,213,232,242,263,269,291,310,329],"the":[11,15,36,44,49,96,111,129,137,148,155,177,224,233,243,256,261,264,270,289,311,320,327],"research":[12,50,65,113,157],"in":[14,150,162,199,299,326],"area":[16,328],"limit":[18],"order":[19,182,189,227,234,245],"book":[20,235],"(LOB)":[21],"mechanism":[22],"trading":[24,208,225,295],"and":[25,40,47,81,89,94,103,133,136,185,230,236,239,251,296,308,324],"its":[26,186],"implications":[27],"for":[28,52,319],"market":[29,168,180,210],"efficiency.":[30],"The":[31,56,83,98,117,140,278],"attempts":[33],"document":[35],"recent":[37,118],"theoretical":[38],"developments":[39],"empirical":[41],"findings":[42],"from":[43],"exhaustively":[46],"identifies":[48,142],"gaps":[51],"future":[53,322],"research.":[54],"Design/methodology/approach":[55],"uses":[58,85],"seven":[59],"reputable":[60],"databases":[61],"select":[63],"2,514":[64],"studies":[66,146,161],"spanning":[67],"over":[68,284],"1981-2018":[69],"(finally":[70],"compressed":[71],"pool":[74],"103":[76],"articles,":[77],"based":[78,170],"on":[79,114,123,147,171,188,209,272,313],"relevance":[80],"impact).":[82],"bibliometric":[86],"network":[87],"visualization":[88],"text":[90],"analytics":[91],"categorize":[93],"examine":[95],"literature.":[97],"chosen":[99],"articles":[100],"are":[101],"compiled":[102],"analyzed":[104],"comprehensive":[108,267],"account":[109],"current":[112],"LOBs.":[115,314],"Findings":[116],"LOB":[119,138,164,195,203],"is":[121],"summarized":[122],"various":[124],"criteria":[125],"as":[126,159],"follows:":[127],"sub-areas,":[128],"types":[130],"economies":[132],"markets,":[134],"methodologies":[135],"measures.":[139],"dearth":[144],"LOBs":[149,273],"emerging":[151,163],"markets.":[152,331],"It":[153],"suggests":[154],"potential":[156],"areas":[158],"intraday":[160],"markets;":[165,204],"application":[166,212],"indicators":[169],"deeper":[172],"levels":[173],"LOB,":[175],"beyond":[176],"best":[178,262],"prices;":[179],"fragmentation,":[181],"routing":[183],"decision":[184],"impact":[187],"execution":[190],"quality;":[191],"optimal":[192],"display":[193],"levels;":[196],"liquidity":[197],"dynamics":[198],"quote-driven":[200],"markets":[201,280],"vis-\u00e0-vis":[202],"effect":[205],"high-frequency":[207],"microstructure;":[211],"advanced":[214],"techniques":[215],"(e.g.":[216],"machine":[217],"learning":[218],"models,":[219],"zero-intelligent":[220],"models);":[221],"relationship":[222],"between":[223],"speed,":[226],"aggressiveness,":[228],"shape":[229],"resilience":[231],"informed":[237],"trading;":[238],"information":[240,300],"content":[241],"auxiliary":[244],"submission":[246],"strategies,":[247],"including":[248],"cancellation,":[249],"amendments":[250],"hidden":[252],"orders.":[253],"Originality/value":[254],"For":[255],"past":[257],"15":[258],"years,":[259],"knowledge,":[265],"has":[274],"not":[275],"been":[276],"published.":[277],"financial":[279,330],"have":[281],"transformed":[282],"significantly":[283],"this":[285],"period,":[286],"driven":[287],"by":[288],"adoption":[290],"LOBs,":[292],"low":[293],"latency":[294],"technological":[297],"advancements":[298],"dissemination.":[301],"article":[303],"provides":[304],"an":[305],"extensive":[306],"collection":[307],"classification":[309],"would":[316],"be":[317],"useful":[318],"practitioners,":[321],"researchers":[323],"academics":[325]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":7},{"year":2024,"cited_by_count":6},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2020-06-25T00:00:00"}
