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| Author: | Pagano, M. S. Schwartz, R. A. |
| Title: | A closing call's impact on market quality at Euronext Paris |
| Journal: | Journal of Financial Economics
2003 : JUN, VOL. 68:3, p. 439-484 |
| Index terms: | Financial markets Market efficiency Stock markets Capital asset pricing |
| Language: | eng |
| Abstract: | The authors analyze the effects of the innovation on market quality. The empirical analysis of price behaviour indicate that introduction of the closing calls has lowered execution costs for individual participants and sharpened price discovery for the broad market. The authors suggest that a positive spillover effect the closing call's more pervasive impact. |
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