{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T22:29:17Z","timestamp":1786746557116,"version":"build-2736575974"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Time priority in limit order markets rewards speed with favorable queue position. If front-of-queue orders are more informed, this is efficient; if not, it is a mechanical transfer. Using 804,155 contested executions from NASDAQ TotalView Level 3 data across 20 stocks and 65 stock-day regressions during April 2025, I test whether queue position predicts future price movements. For 13 of 20 stocks (65%), queue position has zero predictive power-the queue advantage is purely mechanical. Only GOOGL and INTC show persistent informativeness. During the tariff shock, informativeness temporarily increases but with inconsistent signs. Time priority's efficiency rationale is not universal.<\/jats:p>","DOI":"10.2139\/ssrn.6561938","type":"posted-content","created":{"date-parts":[[2026,4,20]],"date-time":"2026-04-20T16:14:03Z","timestamp":1776701643000},"source":"Crossref","is-referenced-by-count":0,"title":["When Is Queue Position Informative? Evidence from 20 NASDAQ Stocks During the April 2025 Tariff Shock"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T21:37:45Z","timestamp":1786743465000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6561938"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6561938","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}