We test for asymmetry in the price–volume relation, using a sample of 36 individual stocks listed on the Kuwait stock exchange. For this purpose, we employ an asymmetric autoregressive distributed lag (ARDL) model that relates trading volume to positive and negative price changes. The results indicate the existence of a robust asymmetric price–volume relation whereby trading volume tends to be higher in a rising market than in a falling market.
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Al-Saad et al. (2008) studied this question.
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