Heterogeneously informed trading and the stock market efficiency during the COVID-19 pandemic.

Int Rev Financ Anal · 2023 · PMC9979694 · PMID 36910026

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Moreover, we show that the estimated coefficients of the interaction variable Info i , t Sym × Outb t ( Info i , t Asym × Outb t ) are positive (negative) and quite significant, indicating an amplified (lessened) effect of symmetrically (asymmetrically) informed trading on stocks' permanent price shocks during the pandemic.

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