When implementing a TWAP execution strategy, what is the mathematical effect on market impact if the execution interval is reduced while the order size remains constant?

A TWAP or Time-Weighted Average Price strategy executes a total order by dividing it into smaller child orders spread evenly across a set time period. Market impact refers to the adverse price movement caused by an order as it consumes available liquidity in the order book. When you reduce the execution interval, you are increasing the frequency of child orders, which means you are essentially breaking the total order into a larger number of smaller pieces to be executed within the sa....