), • Domestic mutual funds (M) • Foreign investors (F) • The sample period of our study is between 2002 and 2008. Measurement • There are three measures which we will use to gauge imbalance: 1. Order volume 2

Projected Quantity = 159,100 Projected Quantity = 190,400 Imbalance = +8,300 Imbalance = -6,400 Call Auction Market Mechanism 5 Projected Price Variables During the Call Markets • Order submission • Order

and international economic situation, political situation, household debts as well as demand-supply imbalance. In Q2/2019, the LTV (Loan to Value) measures are enforced. Business operators thus need to

. (2005) find that investors care more about “visible” fees such as front- and back-end load fees, but not operating expenses, so this could potentially be one reason behind this puzzling finding. 4

size of orders submitted to a market for each security. abs_imbalance The absolute imbalance of buy and sell orders over the day, expressed as a percentage of turnover, for each security These results

clearly reflect its importance in the way that they compensate their audit partners. Imbalance between human resources and workloads Shortage of human resources in audit professions has been such a constant