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NTU Management Review Vol. 34 No. 2 Aug. 2024
efficiency regarding inactive stocks. In comparison with these three extant studies, our
research further discusses the reform impact on order choices and order execution quality,
regarding different types of traders. Notably, I propose a new but effective tool to control
for short-run time trend of dependent variables considering the scenario in which the
traditional DID approach is unsuitable because of a lack of members of a “control group.”
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