TY - JOUR
T1 - Stock Market Crashes and the Performance of Circuit Breakers: Empirical Evidence
T2 - Empirical Evidence
AU - LAUTERBACH, BENI
AU - BEN‐ZION, URI
N1 - Copyright:
Copyright 2016 Elsevier B.V., All rights reserved.
PY - 1993/1/1
Y1 - 1993/1/1
N2 - This study examines the behavior of a small stock market with circuit breakers and with a one‐hour preauction order imbalance disclosure, during the October 1987 crash. The crash and its aftershocks lasted for a week and selling pressure was concentrated in higher beta, larger capitalization, and lower leverage firm stocks. Circuit breakers when implemented reduced the next‐day opening order imbalance and the initial price loss; however, they had no effect on the long‐run response. Some price overreaction and reversal phenomena also are documented. 1993 The American Finance Association
AB - This study examines the behavior of a small stock market with circuit breakers and with a one‐hour preauction order imbalance disclosure, during the October 1987 crash. The crash and its aftershocks lasted for a week and selling pressure was concentrated in higher beta, larger capitalization, and lower leverage firm stocks. Circuit breakers when implemented reduced the next‐day opening order imbalance and the initial price loss; however, they had no effect on the long‐run response. Some price overreaction and reversal phenomena also are documented. 1993 The American Finance Association
UR - https://www.mendeley.com/catalogue/29e886dc-0853-3003-a0c8-a22e92de85ba/
U2 - 10.1111/j.1540-6261.1993.tb05133.x
DO - 10.1111/j.1540-6261.1993.tb05133.x
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VL - 48
SP - 1909
EP - 1925
JO - The Journal of Finance
JF - The Journal of Finance
IS - 5
ER -