Author here. Hal Varian pointed me to this 1992 paper, which I think is still considered the canonical empirical piece on what is actually going on in trading b

Author here. Hal Varian pointed me to this 1992 paper, which I think is still considered the canonical empirical piece on what is actually going on in trading behavior that leads to accuracy (or not): https://www.jstor.org/stable/2117471 https://www.jstor.org/stable/2117471