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I am looking for academic articles which model the p&L of market makers. I have read the Ho-Stoll (1984) article. Is there any recent article on this subject?

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    $\begingroup$ Look for answers of @lehalle here. There are several studies mentioned. $\endgroup$ – Ilya Sep 6 '13 at 8:47
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In fact you have three papers available to go further:

I prefer the last one ;{)}

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