Robert P. Bartlett III and Justin McCrary paper cited by Seeking Alpha, Sept. 8, 2016
Robert P. Bartlett III and Justin McCrary used data from the Securities Information Processors (SIPs) to look at reporting lags and the question whether fast traders can and do profitably exploit stale quotes. The proposition that they do pick off stale quotes is one of the theses of Michael Lewis’ 2014 book, Flash Boys.