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Article History

Accepted: 4 December 2024

First Online: 25 March 2025

Declarations

: Osmekhin gratefully acknowledges the financial support from the NASDAQ OMX Nordic Foundation and the Ella and Georg Ehrnrooth Foundation. Broussard was Distinguished Fulbright Professor and Visiting Research Professor, Hanken School of Economics when effort began, and acknowledges the financial support of Fulbright, Fulbright Finland, and Hanken.

: This study utilizes proprietary market data from NASDAQ OMX Nordic covering the period from June 1, 2010, to November 30, 2011. The dataset includes comprehensive trading information for 156 unique stocks, resulting in 458,813 observations. While the raw data is subject to NASDAQ OMX's confidentiality agreements, we commit to the following transparency measures:All statistical code used for data cleaning and analysis will be made available upon request to qualified researchers who have obtained necessary permissions from NASDAQ OMX Nordic.Detailed documentation of our data filtering procedures, variable construction, and classification methodologies is available in Section 3 of the manuscript and can be replicated using similar market datasets.Summary statistics, as presented in Tables 1-8, provide comprehensive information about the sample's characteristics without compromising data confidentiality.Our empirical methodology, including the specifications of all regression models and statistical tests, is fully documented in the manuscript to enable replication with similar datasets.For inquiries regarding data access, qualified researchers may contact NASDAQ OMX Nordic directly. The authors will provide assistance with statistical code and methodological queries to facilitate replication efforts.

: One of the authors (Osmekhin) received funding from NASDAQ OMX Nordic, which also provided the dataset used in this study. However, NASDAQ OMX Nordic had no role in the study design, analysis, interpretation of results, writing of the manuscript, or decision to publish. The remaining authors declare no competing interests. All authors affirm that the research was conducted independently and the findings and conclusions presented in this paper represent the authors' own views.