Skip to main content

Main menu

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JWM
    • Editorial Board
    • Published Ahead of Print (PAP)
  • IPR Logo
  • Home
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • LinkedIn
  • Twitter
  • Facebook
  • YouTube

User menu

  • Sample our Content
  • Subscribe Now
  • Log in

Search

  • Advanced search
The Journal of Wealth Management
  • IPR Logo
  • Home
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Sample our Content
  • Subscribe Now
  • Log in
The Journal of Wealth Management

The Journal of Wealth Management

Advanced Search

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JWM
    • Editorial Board
    • Published Ahead of Print (PAP)
  • LinkedIn
  • Twitter
  • Facebook
  • YouTube
Primary Article

After-Hours Trading and the Indvidual Investor

Rarin Tejapaibul and Michael J. Seiler
The Journal of Wealth Management Spring 2001, 3 (4) 69-78; DOI: https://doi.org/10.3905/jwm.2001.320397
Rarin Tejapaibul
Merrill Lynch in Bangkok
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Michael J. Seiler
An assistant professor of finance in the Department of Finance at Hawaii Pacific University in Honolulu
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • Article
  • Info & Metrics
  • PDF
Loading

Abstract

This study examines the relationship between extended-hours trading and trading during the regular period by investigating the characteristics of the Nasdaq market. The measures of market quality include returns distributions, daily volatility, overnight volatility, and trading volume. The results of normality testing reveals that both day and evening return series likely come from a normal distribution. However, there is evidence that volatility is much greater during the extended trading period. It is also found that while volume and volatility are highly correlated during the day, the former decreases much more rapidly in the evening trading period. Finally, investigations of overnight volatility indicate that the existence of the after-hours market has caused significant price fluctuations in the following day's opening price. The findings in this study warn the individual investor that the convenience benefits derived from being able to execute trades after-hours are outweighed by the added risk and should therefore be left to institutional investors.

  • © 2001 Pageant Media Ltd

Don’t have access?

IPR Journals is the leading provider of applicable theoretical research for all those in the investment management community. Benefit from access to our content including:

  • Unrestricted access to all 11 Journals ​
  • Enhanced Search and Browse Functionality
  • Topic Searches and handpicked curated Collections 
  • A full archive of content going back to 1974

SAMPLE OUR CONTENT >>

INQUIRE ABOUT A SUBSCRIPTION >>

Log in using your username and password

Forgot your user name or password?
PreviousNext
Back to top

Explore all content across our journals

  • Topics
  • Journals
  • Authors
  • Highlights
  • Collections

In this issue

The Journal of Wealth Management
Vol. 3, Issue 4
Spring 2001
  • Table of Contents
  • Index by author
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on The Journal of Wealth Management.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
After-Hours Trading and the Indvidual Investor
(Your Name) has sent you a message from The Journal of Wealth Management
(Your Name) thought you would like to see the The Journal of Wealth Management web site.
Citation Tools
After-Hours Trading and the Indvidual Investor
Rarin Tejapaibul, Michael J. Seiler
The Journal of Wealth Management Jan 2001, 3 (4) 69-78; DOI: 10.3905/jwm.2001.320397

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Save To My Folders
Share
After-Hours Trading and the Indvidual Investor
Rarin Tejapaibul, Michael J. Seiler
The Journal of Wealth Management Jan 2001, 3 (4) 69-78; DOI: 10.3905/jwm.2001.320397
del.icio.us logo Digg logo Reddit logo Twitter logo CiteULike logo Facebook logo Google logo LinkedIn logo Mendeley logo
Tweet Widget Facebook Like LinkedIn logo

Jump to section

  • Article
  • Info & Metrics
  • PDF

Cited By...

  • No citing articles found.
  • Google Scholar

More in this TOC Section

  • Asset Liability Management in Financial Planning
  • Measuring the Cost of Risk Reduction in Tax-Deferred Investing
  • Investment Implications of the Estate Tax
Show more Primary Article

Similar Articles

LONDON
One London Wall, London, EC2Y 5EA
United Kingdom
+44 207 139 1600
 
NEW YORK
41 Madison Avenue, New York, NY 10010
USA
+1 646 931 9045
iprjournals@pageantmedia.com
 

Stay Connected

  • LinkedIn
  • Twitter
  • Facebook
  • YouTube

MORE FROM IPR

  • Home
  • Awards
  • Investment Guides
  • Videos
  • About IPR Journals

INFORMATION FOR

  • Academics
  • Agents
  • Authors
  • Content Usage Terms

GET INVOLVED

  • Advertise
  • Publish
  • Article Licensing
  • Subscribe Now
  • Log In
  • Update your profile
  • Give us your feedback

© 2018 Pageant Media Ltd | All Rights Reserved | ISSN: 1534-7524 | E-ISSN: 2374-1368

  • Site Map
  • Terms & Conditions
  • Cookies
  • Privacy Policy