Research Article
A Good Beginning Makes a Good Market: The Effect of Different Market Opening Structures on Market Quality
Table 2
Regression analysis market open.
| | Model (1) | Model (2) | Model (3) |
| CM | −0.020 (0.006)*** | −0.016 (0.005)*** | −0.022 (0.004)*** |
| CMT | −0.013 (0.007)** | −0.010 (0.006)* | −0.024 (0.004)*** |
| Session dummies, period dummies, and interactions | Yes | Yes | Yes |
| Const. | 0.087 (0.029)*** | 0.058 (0.007)*** | 0.076 (0.009)*** |
| | 0.39 | 0.36 | 0.56 |
| Adj. | 0.08 | 0.03 | 0.34 |
| | 126 | 126 | 126 |
|
|
; ; . Standard errors clustered at the session level (in parentheses). Session and period dummy interaction coefficients omitted.
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