• 作者： 吳欽杉; 劉玉珍
• 作者服務機構： 國立中山大學企業管理學系; 國立中山大學企業管理研究所
• 中文摘要： 本研究以模擬方法觀察競價制度對股價震盪幅度的影響。模擬結果顯示：（1）連續競價市場的股價震盪幅度較售中競價市場為大。（2）售中競價市場中的撮合頻率越低時，股價震盪幅度越小。（3）訂單到達越稀薄時，股價震盪幅度越劇烈
• 英文摘要： This paper observes price volatility under various trading frequencies by using a simulationmodel. The simulation provides a simple experiment that isolates the confounding factors, whichmay not be avoided, and enables us to observe the results only due to the mechanisms of thetrading process itself. Under the assumption of no exogenous information, the results indicate: (1)price volatility is higher in the continuous market than in the call market; (2)the less the transac-tion frequency is, the lower the price dispersion in the call market is; (3)the thinner the stockmarket is, the higher price volatility is.
• 中文關鍵字： price volatility; Continuous Market; Call Market; Yawl Distribution
• 英文關鍵字： --