A Day-End Transaction Price Anomaly
研究发现纽约证券交易所每日最后一笔交易的平均价格变化很大，表明收盘价可能不能一致地代表股票价值，且该现象普遍存在于大多数公司和日期，可能与日末要价频率变化有关。
A large mean price change is observed on the last daily NYSE transaction. This suggests that closing prices may not consistently represent stock values. Transaction prices are studied to further characterize the day-end price rise and to determine whether it is due to any limited subsample of stocks or dates. The results indicate that the phenomenon is pervasive over most firms and days. Some evidence suggests that it is caused by a change in the frequency of ask prices at day-end.