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Have Stock Prices become more Uniformly Distributed?

Ahmed Baig (), Nasim Sabah () and Drew Winters ()
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Ahmed Baig: Lahore University of Management Science
Nasim Sabah: Framingham State University
Drew Winters: Texas Tech University

Economics Bulletin, 2019, vol. 39, issue 2, 1242-1250

Abstract: We find that: (1) prices cluster on 0¢ and 5¢, (2) prices cluster at the close and intraday, (3) intraday prices cluster more than closing prices with the difference increasing through time, and (4) price clustering declines with time. Our results suggest several paths for future research.

Keywords: price clustering; intra-day clustering; round prices; time (search for similar items in EconPapers)
JEL-codes: G1 (search for similar items in EconPapers)
Date: 2019-05-31
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