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Full-Text Articles in Business
Call Auction Transparency And Market Liquidity, Evidence From The Shanghai Stock Exchange, Gary G. Tian, Dionigi Gerace, Alex Frino
Call Auction Transparency And Market Liquidity, Evidence From The Shanghai Stock Exchange, Gary G. Tian, Dionigi Gerace, Alex Frino
Dionigi Gerace
This paper examines the impact of pre-trade information transparency in pre-open call auction on market liquidity on the Shanghai Stock Exchange (SHSE). We examine the natural experiment affected by the Shanghai Stock Exchange in July 2006 when it changed its pre-open auction algorithm from an entirely black box into a limited transparent system with a closed order book. We find that the increase in pre-trade information transparency coincides with a statistically significant reduction in spread at the best quotes. The reduction in spread persists even after controlling for known determinants of depth. Furthermore, there is also evidence of a statistically …
Choice And Context In Studying Change, Creativity And Innovation At Work: Call Off The Search For Excellence, Question Combinational Perspectives, And Loosen The Straightjacket Of Polarised Views, Patrick M. Dawson
Patrick Dawson
This article draws attention to debates on studying change, creativity and innovation at work. Attention is given to 'stable' and 'process' views of organizations and how these positions influence research objectives, methodological approach and findings. The paper is critical of those who seek to hold to a superior position - a one best approach for all; as well as those who seek the best from all worlds - a combinational approach that services both quantitative and qualitative research. In drawing on over 25 years of field research on change management, the paper also seeks to explore the broken links between …