  This paper is devoted to the important yet little explored subject of the
market impact of limit orders. Our analysis is based on a proprietary database
of metaorders - large orders that are split into smaller pieces before being
sent to the market. We first address the case of aggressive limit orders and
then, that of passive limit orders. In both cases, we provide empirical
evidence of a power law behaviour for the temporary market impact. The
relaxation of the price following the end of the metaorder is also studied, and
the long-term impact is shown to stabilize at a level of approximately
two-thirds of the maximum impact. Finally, a fair pricing condition during the
life cycle of the metaorders is empirically validated.
