Preliminary evidence on the determinants of Federal Reserve open market operations

Singh, Harinder; Zak, Paul J.

doi:10.1007/bf00149182

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Discussion Of Results and Implications1

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“…Our results do not state tbat private information does not play a role in 19. See Singh and Zak (1992) intraday pattems in other securities markets but, rather, that private information is not a necessary condition for the observed intraday pattem. Admati and Pfleiderer (1988) suggest that private infomiation creates trading clusters, and Hong and Wang (2000) suggest that U-ading will cluster at the open and close in markets with private infomiation and ovemight trading stops.…”

Section: Discussion Of Results and Implicationsmentioning

confidence: 99%