attributes, influence their time-on-market (TOM). The results with the full sample show that only dummy variables depicting years … significant impacts on TOM, yet their respective impacts change over time. Specifically, the effectiveness of overpricing in …

information" derived from Easley and O'Hara's (1992) microstructure model. This paper revisits the role of time in measuring the … et al.'s (1997) model to account for time varying trading intensities. Our results confirm predictions from strategic …