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Response of hourly stock prices and trading volume to economic news

Article Abstract:

The impact of announcements about the money supply, consumer prices, producer prices, industrial productivity, and unemployment on hourly stock prices and trading volume is examined. Surprises in money supply and consumer price announcements have a significant association with stock price changes. Stock prices are not significantly affected by producer price, industrial production, and unemployment announcements. Trading volume is not significantly affected by any of the types of announcements. The effect of information on stock prices is reflected in a period of about one hour.

Author: Jain, Prem C.
Publisher: University of Chicago Press
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1988
Stocks

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Off-floor trading, disintegration, and the bid-ask spread in experimental markets

Article Abstract:

The problem of off-floor trading is analyzed through experimental methods. The results show that off-floor trading may occur in certain incentive conditions, such as in a trading environment with a wide bid-ask spread. It is also observed that off-floor trading increases with block-trading and with subject experience. It is theorized that a motive for off-block trading is the opportunity to split spread gains without revealing any price concessions.

Author: Smith, Vernon L., Van Boening, Mark, Campbell, Joseph, LaMaster, Shawn
Publisher: University of Chicago Press
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1991
Security and commodity exchanges, Laws, regulations and rules, Futures market, Futures markets, Stock index futures

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Subjects list: Research, Stock-exchange, Stock exchanges
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