“…Other studies use the data to better understand links between trading time and trade volumes. Contributions to this literature include Carballo, Schaur, Graziano, and Martincus (, ), Carballo, Schaur, and Martincus (, ), Fernandes, Hillberry, and Alcantara (), Fernandes, Hillberry, and Berg (), and Martincus, Carballo, and Graziano (). This is a very interesting literature, but the results of any one study are highly contextual, depending on the specific circumstances of the country or countries of study and the specific nature of the reform.…”