Research Article
A Good Beginning Makes a Good Market: The Effect of Different Market Opening Structures on Market Quality
Table 4
Regression analysis spillover effect.
| |
Model (4) | Model (5) | Model (6) | Model (7) | Model (8) |
| CM | −0.009 (0.003)*** | −0.005 (0.003) | −0.017 (0.004)*** | −0.013 (0.005)*** | −0.014 (0.004)*** |
| CMT | −0.008 (0.003)** | −0.005 (0.003) | −0.006 (0.004) | −0.002 (0.005) | −0.004 (0.005) |
| | | 0.209 (0.057)*** | | | 0.187 (0.072)** |
| | | | | 0.186 (0.120) | |
| Session dummies, period dummies, and interactions | Yes | Yes | Yes | Yes | Yes |
| Const. | 0.050 (0.021)** | 0.032 (0.014)** | 0.066 (0.012)*** | 0.052 (0.014)*** | 0.050 (0.010)*** |
| | 0.41 | 0.52 | 0.51 | 0.52 | 0.54 |
| Adj. | 0.11 | 0.25 | 0.25 | 0.26 | 0.29 |
| | 126 | 126 | 126 | 126 | 126 |
|
|
; ; . Standard errors clustered at the session level (in parentheses). Coefficients for session and period dummies and their interactions omitted.
|