As the financial literature has documented, trading volume is generally affected by information releases, extreme returns, herd instinct, overconfidence, panic and volatility. In this study, we provide further empirical evidence that the extension of trading hours has a positive effect on trading volume. Using data from the last 12 years, during which the Tel Aviv Stock Exchange extended its trading hours on several occasions, we demonstrate that our findings hold true after controlling for proxies for world market returns and volatility, time trends, macroeconomic announcements and suicide attacks. We discuss several theories that may explain the results obtained. Furthermore, we show that cross-listed stocks attract more trading and explain the majority of the change in the volume of stocks traded. The findings may have implications for those who design policy for the exchange markets worldwide, because the majority of their revenues come from transactions and clearing fees.

中文翻译：

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交易日的长度和交易量

正如金融文献所记录的那样，交易量通常受信息发布，极端收益，成群本能，过度自信，恐慌和动荡影响。在这项研究中，我们提供了进一步的经验证据，延长交易时间对交易量具有积极影响。使用最近12年的数据（在此期间特拉维夫证券交易所多次延长了交易时间），我们证明了在控制了世界市场收益和波幅，时间趋势，宏观经济公告和自杀式袭击的代理之后，我们的发现成立。我们讨论了可以解释获得的结果的几种理论。此外，我们证明了交叉上市的股票吸引了更多的交易，并解​​释了交易量的大部分变化。