Stock Market Crashes and the Performance of Circuit Breakers: Empirical Evidence
研究1987年10月崩盘期间，一个设有熔断机制和盘前订单不平衡披露的小型股票市场的表现，发现熔断机制减少了次日开盘的订单不平衡和初始价格损失，但对长期反应无影响。
This study examines the behavior of a small stock market with circuit breakers and with a one-hour preauction order imbalance disclosure, during the October 1987 crash. The crash and its aftershocks lasted for a week and selling pressure was concentrated in higher beta, larger capitalization, and lower leverage firm stocks. Circuit breakers when implemented reduced the next-day opening order imbalance and the initial price loss; however, they had no effect on the long-run response. Some price overreaction and reversal phenomena also are documented.