| dc.description.abstract | The Taiwan Futures Exchange has extended the trading hours of Taiwan Index Futures since May 15, 2017, from 3pm to 5pm in late trading, 8:45 am to 1:45 pm in early trading, and 19 hours a day Can be traded. The sample period of this research is from May 16, 2017 to May 16, 2019. Taking the early futures closing price, futures late closing price and weighted index closing price data as samples, it is found that the return rate of late closing price is higher than that of early closing The high price return and the closing price return of the weighted index, and Liu (2014) research findings point out that the reference to Taiwan Index futures has a strong dominant position in price discovery, and echoes with Xie (2002). Similar, and in the volatility trading day, the remuneration of the previous day′s closing price to the price of half an hour after the opening today can have a better explanatory situation. | en_US |