Moshirian, Fariborz; Nguyen, Huong Giang; Pham, Peter Kien - In: Journal of Banking & Finance 36 (2012) 10, pp. 2837-2851
This study examines the impact of corporate news announcements released overnight on price discovery during the pre-opening period in the Australian Securities Exchange. Our results suggest that the presence of these announcements increases the efficiency of indicative opening prices and that...