1. Intraday market making with overnight inventory costs, Tobias Adrian, Agostino Capponi, Erik Vogt and Hongzhong Zhang, Journal of Financial Markets, 50, 2020.
2. Large orders in small markets: on optimal execution with endogenous liquidity supply, Agostino Capponi, Albert J. Menkveld and Hongzhong Zhang, Review of Finance 29(1), 201-239, 2025.