Opening prices on the New York Stock Exchange |
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Authors: | Kenneth D Garbade Chandra P Sekaran |
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Institution: | New York University, New York, NY 10006, USA |
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Abstract: | The prices of opening transactions on the New York Stock Exchange are determined quite differently from prices of subsequent transactions. This paper tests the null hypothesis that opening prices are as representative of contemporaneous equilibrium stock values as subsequent intra-day transactions prices. With one possible exception, there is no basis for rejecting this hypothesis, despite the very different trading mechanisms used in opening trades and intra-day trades. |
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