发布求助
文献互助 智能选刊 最新文献

1.6 – Finance and Financial Market最新文献

筛选
英文 中文
Overnight Public Information, Order Placement and Price Discovery During the Pre-Opening Period 隔夜公开信息，订单安排和开市前的价格发现
1.6 – Finance and Financial Market Pub Date : 2011-03-14 DOI: 10.2139/ssrn.1785682
Fariborz Moshirian, Lily H. G. Nguyen, Peter K. Pham
{"title":"Overnight Public Information, Order Placement and Price Discovery During the Pre-Opening Period","authors":"Fariborz Moshirian, Lily H. G. Nguyen, Peter K. Pham","doi":"10.2139/ssrn.1785682","DOIUrl":"https://doi.org/10.2139/ssrn.1785682","url":null,"abstract":"This study examines the impact of corporate news announcements released overnight on price discovery during the pre-opening period in the Australian Securities Exchange. Our results suggest that the presence of these announcements increases the efficiency of indicative opening prices and that the intensity of these announcements significantly influences the aggressiveness of pre-opening orders. Using earnings announcements to compare the speed of price adjustments in response to overnight and daytime information of a homogeneous type, we find that prices respond immediately to overnight news upon the commencement of trading, whereas adjustments based on trading-hours news tend not to be instantaneous. Overall, our evidence highlights the important role of the pre-opening period in price discovery and the prospect of further enhancing this role by timing the release of public information to occur during non-trading hours.","PeriodicalId":311893,"journal":{"name":"1.6 – Finance and Financial Market","volume":"19 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131722948","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 32
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信