01086nas a2200169   4500008004100000245005900041210005900100260000900159300001200168490000700180520057500187653001200762100002000774700001600794700001200810856009400822       2003                        eng d00aHow the Equity Market Responds to Unanticipated Events0 aHow the Equity Market Responds to Unanticipated Events  c2003  a109-1330 v763 aWe examine the market reaction of prices, volume, spreads, and trading location when firms experience events that are totally unanticipated by the equity market in terms of both timing and content. We find that the response time is longer than previous studies have reported. Selling pressure, wider spreads, and higher volume remain significant for over an hour. We also find an immediate price reaction for overnight events; however, the market takes longer to react to events that occur when it is open. These findings may shed light on the efficacy of trading halts.10aFinance1 aBrooks, Raymond1 aPatel, Ajay1 aSu, Tie  u/biblio/how-equity-market-responds-unanticipated-events-0