February 4, 2005
All rights reserved to Shmuel Oren, UC Berkeley
PSERC
NP15
A/S Price Reversal Frequency
in 2000
If Reg = 4, Spin = 3,
Non-spin = 2, Repl. Res = 1,
a price reversal occurs if Price_i > Price_j for i < j
where i,j denote the type of A/S