Research Article

A Good Beginning Makes a Good Market: The Effect of Different Market Opening Structures on Market Quality

Table 3

Descriptive statistics of period and last trade values as well as results of Wilcoxon rank sum tests between the stand-alone CDA and the CDA of the complement markets.

Panel A: descriptive statisticsCDA aloneCDA-CMCDA-CMT

Mean3.60%2.68%2.82%
Median3.22%2.65%3.15%
Standard deviation1.95%1.15%1.15%
Mean last trade)2.93%2.27%2.64%
Median (last trade)2.50%2.46%2.65%

Panel B: Wilcoxon testsCDA alone versus CDA-CMCDA alone versus CDA-CMTCDA-CM versus CDA-CMT

1.7251.214āˆ’0.958
value0.0850.2250.338
(last trade)1.2140.319āˆ’0.831
value (last trade)0.2250.7490.401