The impact of call auction algorithm on stock price
集合竞价算法对股票价格的影响

The model of call auction and its algorithm were constructed to investigate the impact of deal-price decision rule in call auction on stock price from both static and dynamical aspects.Conclusions obtained via theoretical analysis and financial experiments are:1) the different deal-price decision rule in call auction generates completely different stock price;2) the impact of deal-price decision rule on stock price is lasting and significant;3) as far as the function of reducing the systematic risk for stoc...