Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Market openness and market quality in gold markets
Stockholm University, Faculty of Social Sciences, Stockholm Business School, Finance.
2019 (English)In: Journal of futures markets, ISSN 0270-7314, E-ISSN 1096-9934, Vol. 39, no 3, p. 384-401Article in journal (Refereed) Published
Abstract [en]

This paper studies the impact of market openness on market quality in gold markets, by investigating the openness event that occurred when the Shanghai Gold Exchange (SGE) launched an international board (SGEI) for foreign investors in China. Investors prefer to trade on the SGE than the SGEI, probably due to the SGE’s higher liquidity. In addition, using the New York Mercantile Exchange (COMEX) gold futures as the benchmark, we show the SGE experiences a significant increase in liquidity without a concomitant increase in volatility. Moreover, the SGE’s contribution to international gold price discovery increases after the openness event.

Place, publisher, year, edition, pages
2019. Vol. 39, no 3, p. 384-401
Keywords [en]
foreign investors, gold markets, market openness, market quality, price discovery
National Category
Economics
Identifiers
URN: urn:nbn:se:su:diva-165335DOI: 10.1002/fut.21969ISI: 000457744300007OAI: oai:DiVA.org:su-165335DiVA, id: diva2:1282396
Available from: 2019-01-24 Created: 2019-01-24 Last updated: 2019-03-04Bibliographically approved

Open Access in DiVA

No full text in DiVA

Other links

Publisher's full text

Search in DiVA

By author/editor
Xu, Caihong
By organisation
Finance
In the same journal
Journal of futures markets
Economics

Search outside of DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric score

doi
urn-nbn
Total: 46 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf