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Level 21
· ◆◆◆◆ · ~12 min
The Square-Root Law
The Square-Root Law
"One of the most robust empirical regularities in finance: impact grows with the square root of size, across markets, decades and asset classes nobody expected to agree."
the square-root impact lawparticipation rate and daily volumeconcavity and what it impliesimpact decayestimating impact for a real order
A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.