Les réservations et les suspensions de cotation sont-elles un frein à l'efficience informationnelle des marchés ?

Karine Michalon (1, 2)

1 CEREG - Centre de Recherche sur la gestion et la Finance - DRM UMR 7088
2 DRM - Dauphine Recherches en Management

The use of the trading halts is a practice common to all markets. However, the advantages and the disadvantages of the measurements are regularly discussed. The partisans think that the trading suspensions or the price limits make it possible to the investors to have time to react to the new information. The detractors think that the trading halts are barriers with the trade. A theorical debate thus continued with an empirical discussion. The results of this study appear relatively scattered. It is today difficult to draw a general conclusion as for the effectiveness of the trading halts.

Mots clés: Réservations; suspensions

Domaines: Microstructure des marchés [q-fin.TR]

Karine Michalon. Les réservations et les suspensions de cotation sont-elles un frein à l'efficience informationnelle des marchés ?. Option Finance, 2012, 1182, pp.9. ⟨hal-00752130⟩