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

<div>Gross and net average order volume during the preopening phase. This figure displays the development of the average order volume in the transparent and nontransparent call auctions gross and net of cancellations over time.</div>

The Scientific World Journal

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Figure 2

Figure 2: A Good Beginning Makes a Good Market: The Effect of Different Market Opening Structures on Market Quality 