How Do Individuals’ Concern about Fairness and Ethical Idealism Correlate with Demand for Formal Procedures of Information
نویسنده
چکیده
This paper examines the impact of tick size reduction on price continuity in the Taiwan stock market where employs call auction method throughout the entire trading day. Using the intraday data from September 1, 2004 to August 31, 2005, the results indicate that the price continuity of call stock market could be improved after tick size reduction. A smaller tick size is associated with a lower standard deviation of returns, a higher trade probability, a less negative return autocorrelation, and a larger variance ratio. Even controlling the bid-ask bounce errors, the effects of tick size reduction are still significant.
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