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WU, Yueao (2013) The Influence of Pre-Market and After-Market Trading in Financial Market: An Experimental Analysis. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

Abstract:

The pre- market and after-market trading is no longer a new thing in the stock and currency trading markets, Due to the development of electronic communication network, the investors and traders can operate the trading transactions outside stock exchanges and have more flexibility of trading time.

This paper tries to analysis the influence of pre-market and after- market in financial market based on the financial experiment. There are two types of experimental treatments which are based on the asset market model (SSW) which is introduced by Smith et al., in 1988; the participants are only allowed to trade in the regular market session in first treatment and the second type is that there are few traders can trade during the extended time. The main findings of this study are:

In the treatment of pre-market and after-market: (1) the bubbles are largely increased, (2) there is no significant difference between the two treatments,(3) the market volatility is increased but not significant,(4) the trading activity is significantly increased.(5) The market efficiency of is lower in the first two phases , but is higher in the last phase compared to the SSW (6) traders who take part in the after-hours trading gain the lowest profits. (7) The profits are less unequally distributed compared to the SSW.

Key words: Experimental finance; asset market; pre-market and after-market; bubbles; volatility; profit; Gini coefficient

Item Type:	Dissertation (University of Nottingham only)
Depositing User:	EP, Services
Date Deposited:	07 Mar 2014 10:09
Last Modified:	19 Oct 2017 13:35
URI:	https://eprints.nottingham.ac.uk/id/eprint/26727

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