We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
CONCENTRATED OPENING VOLUME: MARKET CLOSURE OR STRATEGIC TRADING?
- Authors
Asem, Ebenezer
- Abstract
The NYSE extended its trading hours on September 30, 1985, by opening at 9:30 a.m. rather than at 10:00 a.m. Whereas the market closure models predict that the extension would result in lower relative volume and return variability at the open, the strategic trading models predict that the opening volume and return variability would remain relatively the same. Evidence around the extension suggests that the relative opening volume and return variability declined initially but increased gradually to their pre-extension levels. This evidence favors the strategic trading model explanation of the heightened opening volume.
- Subjects
NEW York Stock Exchange; STOCK research (Finance); ECONOMIC models; FINANCIAL markets; PRICES of securities; STOCK exchanges
- Publication
Journal of Financial Research, 2007, Vol 30, Issue 2, p321
- ISSN
0270-2592
- Publication type
Article
- DOI
10.1111/j.1475-6803.2007.00216.x