01534nas a2200157   4500008004100000245009200041210006900133260000900202300001200211490000700223520096600230653001201196100002001208700002201228856012601250       2004                        eng d00aThe Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE0 aInteraction between Opening Call Auctions and Ongoing Trade Evid  c2004  a341-3560 v133 aWe investigate the impact that the opening batch has on trading for the remainder of the day and what impact the prior day's trading has on the subsequent day's open. Traders have an interest in these trading impacts as their trades may cluster around opening and closing time periods. We find that the larger the volume in the opening batches, the greater the volume across the day. We also find the prior day's volume being positively related to the subsequent day's opening volume. Combined, these results suggest a continuing pattern of trade volume rolling from one day to the next. Additionally, we find that the spread in the continuous market can be partially attributed to the price change in the opening batch. We also find evidence of opening trade price reversals. Combined with the absence of price reversals following the opening trade, we conclude that the opening process may be more efficient at handling information than the continuous market.10aFinance1 aBrooks, Raymond1 aMoulton, Jonathan  uhttps://stage.business.oregonstate.edu/biblio/interaction-between-opening-call-auctions-and-ongoing-trade-evidence-nyse-0