Revise and Resubmit
  1. Álvaro Cartea, Patrick Chang, Gabriel García-Arenas (2023). Spoofing and Manipulating Order Books with Learning Algorithms. link
    Revise and resubmit: Operations Research
  2. Álvaro Cartea, Patrick Chang, José Penalva (2022). Algorithmic Collusion in Electronic Markets: The Impact of Tick Size. link
    Revise and resubmit: Management Science
Published
  1. Álvaro Cartea, Patrick Chang, José Penalva, Harrison Waldon (2026). Algorithmic Collusion and a Folk Theorem from Learning with Bounded Rationality. Games and Economic Behavior. link
  2. Álvaro Cartea, Patrick Chang, Mateusz Mroczka, Roel Oomen (2022). AI-Driven Liquidity Provision in OTC Financial Markets. Quantitative Finance. link
Working Papers
  1. Álvaro Cartea, Patrick Chang, Nan Chen, Mingyue Zhong (2026). AI Bubbles with Large Language Models. link
  2. Jonathan Brogaard, Álvaro Cartea, Patrick Chang, Rob Graumans (2025). The Lasting Impact of Flickering Quotes. link
  3. Álvaro Cartea, Patrick Chang, Rob Graumans (2025). Anonymity, Signaling, and Collusion in Limit Order Books. link
  4. Álvaro Cartea, Patrick Chang, José Penalva, Harrison Waldon (2022). The Algorithmic Learning Equations: Evolving Strategies in Dynamic Games. link
Work in Progress
  1. Álvaro Cartea, Patrick Chang, José Penalva. Entry Deterrence by Algorithmic Pricing.
  2. Jonathan Brogaard, Álvaro Cartea, Patrick Chang, Rob Graumans. The Lifetime of Trading Algorithms.
Other Publications (Pre-DPhil)
  1. Patrick Chang, Etienne Pienaar, Tim Gebbie (2025). Detecting discrete processes with the Epps effect. Frontiers of Mathematical Finance.
  2. Patrick Chang, Etienne Pienaar, Tim Gebbie (2021). The Epps effect under alternative sampling schemes. Physica A.
  3. Patrick Chang, Etienne Pienaar, Tim Gebbie (2020). Malliavin–Mancino Estimators Implemented with Nonuniform Fast Fourier Transforms. SIAM Journal on Scientific Computing.
  4. Patrick Chang (2020). Fourier instantaneous estimators and the Epps effect. PLOS ONE.