Why is implementation shortfall preferred to comparing the execution price to the market VWAP when measuring the execution quality for institutional-sized orders?

Utilitarian traders trade because they have

How will the realized spread compare to the effective spread for an informed trader ?

A rogue trader is typically:

In a continuous order-driven market

By submitting and displaying a limit sell order, a trader is

Price discovery as discussed in class is

Finally, again referring back to the exhibit in Question 1, what was the effective spread for your 500 share market sell order in Question 3?

A broker who front-runs a large sell order from one of his customers

If there are two resting limit buy orders in a limit order book and a market sell order arrives