01223nas a2200169   4500008004100000245009400041210006900135260000900204300001200213490000700225520064400232653001200876100001800888700001900906700001600925856011200941       2020                        eng d00aA rare move: the effects of switching from a closing call auction to a continuous trading0 arare move the effects of switching from a closing call auction t  c2020  a308-3280 v403 aThis study investigates the effects of switching to a closing continuous trading (CCT) on market quality, while considering the trading behaviors of different types of traders. Investors become more patient in the period preceding the last trading phase, which reduces the bid–ask spread (BAS) in that period. We find an increase in the BAS and volatility during the last trading phase, due to diminishing investor patience. Market volatility and the closing pricing errors relate positively to the trading activities of foreign institutional investors. Overall, the introduction of the CCT worsens the market quality before the closing.10aFinance1 aChang, Ya-Kai1 aChou, Robin, K1 aYang, Jimmy  u/biblio/rare-move-effects-switching-closing-call-auction-continuous-trading