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

Table 6

Descriptive statistics of period spreads and results of Wilcoxon rank sum tests on average series spreads between the stand-alone CDA and the CDA of the complement markets.

Panel A: descriptive statistics	CDA alone	CDA-CM	CDA-CMT
Mean	4.53%	2.78%	3.91%
Median	4.25%	2.62%	3.27%
Standard deviation	2.21%	1.66%	2.43%
Panel B: Wilcoxon test	CDA alone versus CDA-CM	CDA alone versus CDA-CMT	CDA-CM versus CDA-CMT
	2.108	1.086	−0.831
value	0.035	0.278	0.406