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

Table 4

Regression analysis spillover effect.

	Model (4)	Model (5)	Model (6)	Model (7)	Model (8)
CM	−0.009 (0.003)^***	−0.005 (0.003)	−0.017 (0.004)^***	−0.013 (0.005)^***	−0.014 (0.004)^***
CMT	−0.008 (0.003)^**	−0.005 (0.003)	−0.006 (0.004)	−0.002 (0.005)	−0.004 (0.005)
		0.209 (0.057)^***			0.187 (0.072)^**
				0.186 (0.120)
Session dummies, period dummies, and interactions	Yes	Yes	Yes	Yes	Yes
Const.	0.050 (0.021)^**	0.032 (0.014)^**	0.066 (0.012)^***	0.052 (0.014)^***	0.050 (0.010)^***
	0.41	0.52	0.51	0.52	0.54
Adj.	0.11	0.25	0.25	0.26	0.29
	126	126	126	126	126

; ; . Standard errors clustered at the session level (in parentheses). Coefficients for session and period dummies and their interactions omitted.