search query: @indexterm Trading hours / total: 10
reference: 3 / 10
| Author: | Smith, R. T. |
| Title: | Price volatility, welfare, and trading hours in asset markets |
| Journal: | Journal of Banking and Finance
2001 : MAR, VOL. 25:3, p. 479-503 |
| Index terms: | ASSET VALUATION STOCK MARKETS TRADING HOURS WELFARE |
| Language: | eng |
| Abstract: | This paper studies the consequences of opening asset markets more often for the properties of asset prices and social welfare. For all reasonable parameter values, increasing trading hours lowers average asset prices, increases unconditional asset price volatility at a given point in time, and decreases unconditional asset price volatility when averaged over the period of time that includes the additional hours that markets are open. |
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