01086nas a2200169   4500008004100000245005900041210005900100260000900159300001200168490000700180520057500187653001200762100002000774700001600794700001200810856009400822       2003                        eng d00aHow the Equity Market Responds to Unanticipated Events0 aHow the Equity Market Responds to Unanticipated Events  c2003  a109-1330 v763 aWe examine the market reaction of prices, volume, spreads, and trading location when firms experience events that are totally unanticipated by the equity market in terms of both timing and content. We find that the response time is longer than previous studies have reported. Selling pressure, wider spreads, and higher volume remain significant for over an hour. We also find an immediate price reaction for overnight events; however, the market takes longer to react to events that occur when it is open. These findings may shed light on the efficacy of trading halts.10aFinance1 aBrooks, Raymond1 aPatel, Ajay1 aSu, Tie  u/biblio/how-equity-market-responds-unanticipated-events-001480nas a2200169   4500008004100000245009100041210006900132260000900201300001200210490000700222520089200229653001201121100002001133700001701153700001201170856012801182       1999                        eng d00aLarge Price Movements and Short-Lived Changes in Spreads, Volume, and Selling Pressure0 aLarge Price Movements and ShortLived Changes in Spreads Volume a  c1999  a303-3160 v393 aIn this paper we examine changes in dollar and relative bid-ask spreads of stocks following large price movements. We investigate large increases and decreases separately and link our results to current market microstructure theories on trading activities and spreads. We also look at changes in volume and selling pressure to interpret the changes in trading activity. Our results show that the market reacts differently to price increases and decreases. For large price decreases, trading increases on the sell side even when spreads have increased. For large price increases, trading increases on the buy side during a period of higher spreads. However, the increases in dollar spreads and price pressure are most pronounced at the end of trading day. Our results are consistent with microstructure models that link trading activities and costs to the level of asymmetric information.10aFinance1 aBrooks, Raymond1 aPark, Jinwoo1 aSu, Tie  u/biblio/large-price-movements-and-short-lived-changes-spreads-volume-and-selling-pressure-000516nas a2200145   4500008004100000245008100041210006900122260000900191300001200200490000700212653001200219100002000231700001200251856010700263       1997                        eng d00aA Simple Cost Reduction Strategy for Liquidity Traders: Trade at the Opening0 aSimple Cost Reduction Strategy for Liquidity Traders Trade at th  c1997  a525-5400 v3210aFinance1 aBrooks, Raymond1 aSu, Tie  u/biblio/simple-cost-reduction-strategy-liquidity-traders-trade-opening