| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4410 |
| 来源ID | Working Paper 4410 |
| Round-the-clock Trading: Evidence from U.K. Cross-Listed Securities | |
| Allan W. Kleidon; Ingrid M. Werner | |
| 发表日期 | 1993-07-01 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | This paper uses transactions data from the London Stock Exchange to characterize the intraday pattern of security prices and trading volume for securities trading on SEAQ. It focuses in more detail on a sample of U.K. firms that are cross-listed on the NYSE. Using additional data from the NYSE-AMEX (I5SM), we compare volatility, volume, and quotes as trading starts in London and then continues in New York. These firms have substantially longer trading hours than most singly-listed stocks, and are also traded in two markets with very different institutional setups. This is shown to have several important implications for theories on intraday behavior of prices, the organization of exchanges, and the general consequences of round-the-clock trading. |
| 主题 | International Economics ; Financial Economics |
| URL | https://www.nber.org/papers/w4410 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561781 |
| 推荐引用方式 GB/T 7714 | Allan W. Kleidon,Ingrid M. Werner. Round-the-clock Trading: Evidence from U.K. Cross-Listed Securities. 1993. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4410.pdf（2666KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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