caa a22 4500 463187466 CHVBK 20180406164858.0 cr unu---uuuuu 170326e20071101xx s 000 0 eng 10.1007/s11156-007-0036-9 doi (NATIONALLICENCE)springer-10.1007/s11156-007-0036-9 Not all call auctions are created equal: evidence from Hong Kong [Elektronische Daten] [Carole Comerton-Forde, James Rydge, Hayley Burridge] On 25 March 2002, the Hong Kong Exchanges and Clearing Ltd (HKEx) introduced an opening call auction. This trading mechanism is designed to facilitate price discovery in the presence of asymmetric information at the market open, increasing opening price efficiency. The design of the HKEx differs significantly from opening auctions in other markets. Contrary to previous research, the results indicate a decrease in market quality following the introduction of the opening call auction. This decline is largest in the less actively traded stocks. Springer Science+Business Media, LLC, 2007 Call auction nationallicence Auction design nationallicence Price efficiency nationallicence Comerton-Forde Carole Discipline of Finance, Faculty of Economics and Business, University of Sydney, 2006, Sydney, NSW, Australia aut Rydge James Discipline of Finance, Faculty of Economics and Business, University of Sydney, 2006, Sydney, NSW, Australia aut Burridge Hayley Discipline of Finance, Faculty of Economics and Business, University of Sydney, 2006, Sydney, NSW, Australia aut Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/4(2007-11-01), 395-413 0924-865X 29:4<395 2007 29 11156 https://doi.org/10.1007/s11156-007-0036-9 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11156-007-0036-9 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Comerton-Forde Carole Discipline of Finance, Faculty of Economics and Business, University of Sydney, 2006, Sydney, NSW, Australia aut NATIONALLICENCE 700 1- Rydge James Discipline of Finance, Faculty of Economics and Business, University of Sydney, 2006, Sydney, NSW, Australia aut NATIONALLICENCE 700 1- Burridge Hayley Discipline of Finance, Faculty of Economics and Business, University of Sydney, 2006, Sydney, NSW, Australia aut NATIONALLICENCE 773 0- Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/4(2007-11-01), 395-413 0924-865X 29:4<395 2007 29 11156 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer