We seek to investigate different liquidity- or information-oriented factors that exert an impact on the submissions of hidden (i.e. iceberg) orders. In the empirical market microstructure study, we evidence that the decision whether to hide a part of the order is significantly influenced by the size of that limit order as well as by the time of a day, previously observed returns and some other measures of the order book shape. When having taken into account all trading characteristics that may be either visible or invisible to market participants, the prediction accuracy of our endogeneity-corrected probit model for the decision whether to hide an order is very high.

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