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Consistent with some HFTs being more skilled or more focused on anticipatory strategies, I show that trades from a subset of HFTs consistently predict non-HFT order flow the best. The results are not explained by HFTs reacting faster to news or past returns, by contrarian or trend-chasing behavior by non-HFTs, or by trader misclassification. These findings support the existence of an anticipatory trading channel through which HFTs increase non-HFT trading costs.<\/jats:p><jats:p>This paper was accepted by Karl Diether, finance.<\/jats:p>","DOI":"10.1287\/mnsc.2020.3608","type":"journal-article","created":{"date-parts":[[2020,8,7]],"date-time":"2020-08-07T13:50:42Z","timestamp":1596808242000},"page":"3321-3345","source":"Crossref","is-referenced-by-count":78,"title":["Do High-Frequency Traders Anticipate Buying and Selling Pressure?"],"prefix":"10.1287","volume":"67","author":[{"ORCID":"https:\/\/2.zoppoz.workers.dev:443\/https\/orcid.org\/0000-0002-1014-5655","authenticated-orcid":false,"given":"Nicholas","family":"Hirschey","sequence":"first","affiliation":[{"name":"Department of Finance, London Business School, Regent\u2019s Park, London NW1 4SA, United Kingdom"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"109","reference":[{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12882"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1017\/S0022109018001096"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-007-9445-x"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12422"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2015.03.004"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhx144"},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.1017\/S0022109018001175"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhu032"},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12769"},{"key":"B14","author":"Brogaard J","year":"2016","journal-title":"Rev. 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