• Title/Summary/Keyword: class V

Search Result 1,025, Processing Time 0.038 seconds

REMINERALIZATION EFFECT OF FUJI VII GLASS IONOMER CEMENT (Fuji VII 글래스 아이오노머 시멘트의 재광화 효과)

  • Kim, Young-Jin;Lee, Ju-Hyun;Seo, Hyun-Woo;Park, Ho-Won
    • Journal of the korean academy of Pediatric Dentistry
    • /
    • v.33 no.4
    • /
    • pp.653-660
    • /
    • 2006
  • Fuji VII is a glass-ionomer cement specially targeted for early protection in erupting first and second molars. Properties of Fuji VII such as very high level of fluoride release, low viscosity and no need to preliminarily etch the substrate would be useful to erupting molars with primary pit and fissure caries or hypoplastic area for preventive goal or remineralization. The purpose of this study were to evaluate remineralization of Fuji VII glass ionomer cement and to compare with one of other restorative materials such as conventional glass ionomer cement, resin-modified glass ionomer cement, compomer and composite resin. Forty-two extracted human molars were used for this study. All teeth were immersed in demineralizing solution for 48 hours after Class V cavity preparation was made on sound proximal surface. The teeth were randomly divided into six groups and restored with Fuji VII, Fuji II, Fuji II LC improved, F2000, $Filtek^{TM}$ Z250 and control group was unrestored. The middle area with $130{\pm}20{\mu}m$ thickness was separated from specimen using microtome and demineralized area was photographed under polarized microscope. Separated area was relocated to specimen and stored in artificial saliva, After four weeks, changes of demineralized area were observed and compared to them restorated immediately. The results from the this study can be summarized as follows ; 1. Fuji VII, Fuji II, Fuji II LC improved have more prominent remineralization effect than F2000, $Filtek^{TM}$ Z250, control group. 2. No significant differences in remineralization effect are seen between Fuji VII and Fuji II, Fuji II LC improved.

  • PDF

A HISTOPATHOLOGIC STUDY ON THE PULPAL RESPONSE TO DEMINERALIZED FREEZE-DRIED BONE IN DOGS (탈회냉동건조골에 대한 성견의 치수조직반응에 관한 연구)

  • Jung, Moon-Yong;Lee, Chang-Seop;Park, Joo-Chul;Lee, Sang-Ho
    • Journal of the korean academy of Pediatric Dentistry
    • /
    • v.27 no.2
    • /
    • pp.318-332
    • /
    • 2000
  • The purpose of this study was to investigate the effects of demineralized freeze-dried bone (DFDB) on mechanically exposed pulp of dog by evaluating the pulpal inflammation and healing process, formation of dental hard tissue, and structural changes of fibroblasts of the remaining pulp tissue. Teeth of 4 dogs, weighing 10kg, were used in this study. Class V cavities were prepared followed by exposed the pulp tissue mechanically by sterilized round bur. In control group, exposed pulps were capped with calcium hydroxide paste followed by sealed with IRM. In experimental groups, the exposed pulps of one group were capped with the collagen and those of the other group were capped with DFDB. All cavities were sealed with same manor as control group. The animals were sacrificed at the intervals of 3, 7, 14, and 28 days for histopathlogic evaluation. The specimens were observed by the light microscope and trans-electron microscope. The results were as follows: 1. Pulp necrosis was not observed in all groups. Inflammatory response was disappeared from 1 week in control group and group 2. But it was not disappeared until 2 weeks and also irregular arrangement of odontoblasts was showed at the lateral walls of root canal just beneath the amputated site of the pulp in group 1. 2. Dentinal bridge was formed incompletely at 2 weeks but it was formed completely at 4 weeks in control group. Odontoid tissue was also found in control group at 4 weeks from treatment. Amputated site of pulp was encapsulated with fibrous tissue and odontoblast and dentinal bridge was not found in group 1. Preodontoid tissue and reparative dentin which were formed by odontoblast differentiated around DFDB were found, but dentinal bridge was not found in group 2. 3. Cell with large basophillic-stained nuclei infiltrated to amputated site and DFDB at 1 week from treatment in control group and group 2. They were found more in group 2 than in control group. Odontoblasts arranged more regularly and reparative dentin was found more as time elapsed. 4. Dentin-formative odontoblasts which showed ultramicrostructure of cytoplasm with polarized nucleus, rEM, Golgi complex, secretory granules, secretion of organic matrix in control of group and group 2. In regards to above results, the demineralized freeze-dried bone(DFDB) induce odontoblastic differentiation and further come up to the dentin formation in amputated pulp.

  • PDF

MARGINAL LEAKAGE OF COMPOSITE RESIN AND COMPOMER RESTORATIONS CURED WITH THREE DIFFERENT LIGHT SOURCES (광중합기 종류에 따른 복합레진과 콤포머의 미세누출에 관한 연구)

  • Park, Chang-Hoo;Yang, Kyu-Ho;Kim, Seon-Mi;Choi, Nam-Ki
    • Journal of the korean academy of Pediatric Dentistry
    • /
    • v.33 no.3
    • /
    • pp.438-446
    • /
    • 2006
  • The purpose of this study was to evaluate the microleakage of composite resin($Z250^{(R)}$) and compomer(Dyract AP) cured with various curing lights(Elipar $TriLight^{(R)}$, $Flipo^{(R)}$, and Elipar FreeLight $2^{(R)}$). Box-shaped class V cavities were prepared on the buccal and lingual surfaces of extracted human third molars. The sectioned specimens were evaluated for dye penetration and following results were obtained. 1. Regarding microleakage in the enamel margin with different curing light sources, there was no significant difference in Dyract AP whereas $Z250^{(R)}$ with $Flipo^{(R)}$ showed higher microleakage score than those of FreeLight $2^{(R)}$ or $TriLight^{(R)}$(p<0.05). 2. Regarding microleakage in the dentin margin with curing light sources, there were no significant differences in both Dyract AP and $Z250^{(R)}$(p>0.05). 3. Regarding microleakage in the enamel margin with filling materials. there were no significant differences in both filling materials with $Flipo^{(R)}$ whereas $Z250^{(R)}$ showed less microleakage than Dyract AP with FreeLight $2^{(R)}$ or $TriLight^{(R)}$ (p<0.05). 4. Regarding microleakage in the dentin margin with filling materials, there wer no significant differences in both filling materials with $TriLight^{(R)}$ whereas $Z250^{(R)}$ showed less microleakage than Dyract AP with FreeLight $2^{(R)}$ or $Flipo^{(R)}$ (p<0.05). 5. Enamel margin showed less microleakage than dentin margin when filled with Dyract AP and cured with $Flipo^{(R)}$ or FreeLight $2^{(R)}$ (p<0.05), but there were no statistically significant differences between the enamel and the dentin in the rest groups. This study suggested that $Z250^{(R)}$ showed lower microleakage score than Dyract AP. and that $Flipo^{(R)}$ showed higher microleakage score than FreeLight $2^{(R)}$ and $TriLight^{(R)}$ in the enamel margin filled with $Z250^{(R)}$.

  • PDF

INFLUENCE OF REBONDING PROCEDURES ON MICROLEAKAGE OF COMPOSITE RESIN RESTORATIONS (복합레진 수복 시 재접착 술식이 미세누출에 미치는 영향)

  • Lee, Mi-Ae;Seo, Duck-Kyu;Son, Ho-Hyun;Cho, Byeong-Hoon
    • Restorative Dentistry and Endodontics
    • /
    • v.35 no.3
    • /
    • pp.164-172
    • /
    • 2010
  • During a composite resin restoration, an anticipating contraction gap is usually tried to seal with low-viscosity resin after successive polishing, etching, rinsing and drying steps, which as a whole is called rebonding procedure. However, the gap might already have been filled with water or debris before applying the sealing resin. We hypothesized that microleakage would decrease if the rebonding agent was applied before the polishing step, i.e., immediately after curing composite resin. On the buccal and lingual surfaces of 35 extracted human molar teeth, class V cavities were prepared with the occlusal margin in enamel and the gingival margin in dentin. They were restored with a hybrid composite resin Z250 (3M ESPE, USA) using an adhesive AdperTM Single Bond 2 (3M ESPE). As rebonding agents, BisCover LV (Bisco, USA), ScotchBond Multi-Purpose adhesive (3M ESPE) and an experimental adhesive were applied on the restoration margins before polishing step or after successive polishing and etching steps. The infiltration depth of 2% methylene blue into the margin was measured using an optical stereomicroscope. The correlation between viscosity of rebonding agents and mciroleakage was also evaluated. There were no statistically significant differences in the microleakage within the rebonding procedures, within the rebonding agents, and within the margins. However, when the restorations were not rebonded, the microleakage at gingival margin was significantly higher than those groups rebonded with 3 agents (p < 0.05). The difference was not observed at the occlusal margin. No significant correlation was found between viscosity of rebonding agents and microleakage, except very weak correlation in case of rebonding after polishing and etching at gingival margin.

The influence of occlusal loads on stress distribution of cervical composite resin restorations: A three-dimensional finite element study (교합력이 치경부 복합레진 수복물의 응력분포에 미치는 영향에 관한 3차원 유한요소법적 연구)

  • Park, Chan-Seok;Hur, Bock;Kim, Hyeon-Cheol;Kim, Kwang-Hoon;Son, Kwon;Park, Jeong-Kil
    • Proceedings of the KACD Conference
    • /
    • 2008.05a
    • /
    • pp.246-257
    • /
    • 2008
  • The purpose of this study was to investigate the influence of various occlusal loading sites and directions on the stress distribution of the cervical composite resin restorations of maxillary second premolar, using 3 dimensional (3D) finite element (FE) analysis. Extracted maxillary second premolar was scanned serially with Micro-CT (SkyScan1072; SkyScan, Aartselaar, Belgium). The 3D images were processed by 3D-DOCTOR (Able Software Co., Lexington, MA, USA). HyperMesh (Altair Engineering. Inc., Troy, USA) and ANSYS (Swanson Analysis Systems. Inc., Houston, USA) was used to mesh and analyze 3D FE model. Notch shaped cavity was filled with hybrid (Z100, 3M Dental Products, St. Paul, MN, USA) or flowable resin (Tetric Flow, Viva dent Ets., FL-9494-Schaan, Liechtenstein) and each restoration was simulated with adhesive layer thickness ($40{\mu}m$). A static load of 200 N was applied on the three points of the buccal incline of the palatal cusp and oriented in $20^{\circ}$ increments, from vertical (long axis of the tooth) to oblique $40^{\circ}$ direction towards the buccal. The maximum principal stresses in the occlusal and cervical cavosurface margin and vertical section of buccal surfaces of notch-shaped class V cavity were analyzed using ANSYS. As the angle of loading direction increased, tensile stress increased. Loading site had little effect on it. Under same loading condition. Tetric Flow showed relatively lower stress than Z100 overall, except both point angles. Loading direction and the elastic modulus of restorative material seem to be important factor on the cervical restoration.

  • PDF

AN EXPERIMENTAL STUDY ON THE EFFECT OF Ca(OH)2 UPON THE HEALING PROCESS OF THE PULP AND PERIAPICAL TISSUE IN THE DOGS' TEETH (수산화칼슘이 손상치수조직 및 치근조직의 치유에 미치는 영향에 관한 연구)

  • Lim, S.S.;Yoon, S.H.;Lee, C.S.;Lee, M.J.;Kim, Y.H.;Kwon, H.C.;Um, C.M.
    • Restorative Dentistry and Endodontics
    • /
    • v.8 no.1
    • /
    • pp.123-131
    • /
    • 1982
  • The purpose of this study was to observe the responses of the remaining pulp tissue after pulpotomy upon the several kinds of $Ca(OH)_2$ products and the responses of periapical tissue upon some root canal filling materials after extirpation. For pulpotomy, the class V cavities were prepared on the premolars, molars and upper canines, and the pulp was amputated. Each drug was placed over the amputated tissue and cavity was sealed with zinc oxide eugenol cement. The drugs which were used for the study were Dycal (Caulk Co. U.S.A.), Cavitec (Kerr Co. U.S.A.), Calvital, Nobudyne and Neodyne (Neo Dental Chemical Products). For extirpation, the endodontic cavities were prepared on the lingual surfaces of anterior teeth, and the pulp tissues were extirpated as routine method. After enlarging, irrigation, and measuring of root length by taking X-ray, each root canal filling material was filled in the canal with gutta percha cone, and endodontic cavity was sealed with zinc oxide eugenol cement. Zinc oxide eugenol, $Ca(OH)_2$ (Eli Lilly Co. U.S.A.) and Vitapex (Neo Dental Chemical Products) were used as root canal filling materials. Animals were sacrificed after 1, 3 and 6 weeks following the operation. The teeth were decalcified in formic acid, sectioned and stained with hematoxylin eosin. Microscopic examination revealed as follows. 1. Dycal: The dentin bridge formation was observed at the 3rd week after pulpotomy. Inflammatory conditions which were infiltration of inflammatory cells and dilatation of blood vessels were kept in remaining pulp tissue at the 6th week. 2. Calvital: The dentin bridge was observed at the 1st week after pulpotomy. As the time clasped, the pulp tended to be the fibrous degeneration. 3. Cavitec, Nobudyne and Neodyne: In the case of Cavitec and Nobudyne, the incompleted and irregular dentin bridge was observed at the 6th week, and in Neodyne, was observed at the 3rd week. The severe inflammatory changes were seen in the remaining pulp tissue. As the time clasped, the fibrous degeneration tended to spread in the remaining pulp tissue. 4. $Ca(OH)_2$: Osteocementum was formed at the 3rd week, the matrix of cementum and dentin were resorted, and infiltration of lymphocytes was seen in periapical tissue when $Ca(OH)_2$ was used as canal-filling materials. S. ZOE and Vitapex The cementum like substance was seen in periapical portion at the 1st week, when ZOE and Vitapex were used as root canal filling materials. As the time elapsed, the matrix of cementum and dentin tended to be resorted. At the 6th week, the inflammatory condition of periapical tissue was continued in the case of ZOE, but was reduced in the case of Vitapex.

  • PDF

Analysis of masseter muscle in facial asymmetry before and after orthognathic surgery using 3-dimensional computed tomography (3차원 전산화 단층 사진을 이용한 안면비대칭 환자의 악교정 수술 전, 후 교근 분석)

  • Seo, Seung-Ah;Baik, Hyoung-Seon;Hwang, Chung-Ju;Yu, Hyung-Seog
    • The korean journal of orthodontics
    • /
    • v.39 no.1
    • /
    • pp.18-27
    • /
    • 2009
  • Objective: The purpose of this study was to understand the differences in masseter muscle(MM) between the shifted and non-shifted sides in facial asymmetry patients, and the changes shown by MM after mandibular surgery. Methods: Pre- and post-operative CT scans were performed on 12 Class III patients with facial asymmetry who were treated by intraoral vertical ramus osteotomy and 10 subjects with normal occlusion. Using the V-works 4.0 program(Cybermed, Seoul, Korea), 3-dimensional images of the mandible, and MM were reconstructed, and evaluated. Results: In the asymmetry group, the MM angle between the shifted and non-shifted sides was only significantly different(p<0.05). Compared with normal occlusion, the asymmetry group showed a significantly smaller volume and maximum cross-sectional area in both sides of MM(p<0.05). After mandibular surgery, the angle of MM(p<0.01) and differences in angle between the shifted and non-shifted sides of MM(p<0.05) were significantly decreased. The thickness in the maximum cross-sectional area was significantly increased(p<0.01). After surgery, MM in facial asymmetry patients was similarly changed to those in the normal occlusion group except for widths. Conclusions: MM in facial asymmetry was definitely different from those in normal occlusion. However, this study suggests that MM changed symmetrically in conjunction with the mandible after proper mandibular surgery.

SHEAR BOND STRENGTH AND MICROLEAKAGE OF COMPOSITE RESIN ACCORDING TO TREATMENT METHODS OF CONTAMINATED SURFACE AFTER APPLYING A BONDING AGENT (접착제 도포후 오염된 표면의 처리방법에 따른 복합레진의 전단결합강도와 미세누출)

  • Park, Joo-Sik;Lee, Suck-Jong;Moon, Joo-Hoon;Cho, Young-Gon
    • Restorative Dentistry and Endodontics
    • /
    • v.24 no.4
    • /
    • pp.647-656
    • /
    • 1999
  • The purpose of this study was to investigate the shear bond strength and marginal microleakage of composite to enamel and dentin according to different treatment methods when the applied bonding agent was contaminated by artificial saliva. For the shear bond strength test, the buccal and occlusal surfaces of one hundred twenty molar teeth were ground to expose enamel(n=60) and dentin surfaces(n=60). The specimens were randomly assigned into control and 5 experimental groups with 10 samples in each group. In control group, a bonding system(Scotchbond$^{TM}$ Multi-Purpose plus) and a composite resin(Z-100$^{TM}$) was bonded on the specimens according to manufacture's directions. Experimental groups were subdivided into 5 groups. After polymerization of an adhesive, they were contaminated with at artificial saliva on enamel and dentin surfaces: Experimental group 1 ; artificial saliva was dried with compressed air. Experimental group 2 ; artificial saliva was rinsed with air-water spray and dried. Experimental group 3 ; artificial saliva was rinsed, dried and applied an adhesive. Experimental group 4 ; artificial saliva was rinsed, dried, and then etched using phosphoric acid followed by an adhesive. Experimental group 5, artificial saliva was rinsed, dried, and then etched with phosphoric acid followed by consecutive application of both a primer and an adhesive. Composite resin(Z-100$^{TM}$) was bonded on saliva-treated enamel and dentin surfaces. The shear bond strengths were measured by universal testing machine(AGS-1000 4D, Shimaduzu Co. Japan) with a crosshead speed of 5mm/minute under 50kg load cell. Failure modes of fracture sites were examined under stereomicroscope. The data were analyzed by one-way ANOVA and Tukey's test. For the marginal microleakage test, Class V cavities were prepared on the buccal surfaces of sixty molars. The specimens were divided into control and experimental groups. Cavities in experimental group were contaminated with artificial saliva and those surfaces in each experimental groups received the same treatments as for the shear test. Cavities were filled with Z-100. Specimens were immersed in 0.5% basic fuchsin dye for 24 hours and embedded in transparent acrylic resin and sectioned buccolingually with diamond wheel saw. Four sections were obtained from the one specimen. Marginal microleakages of enamel and dentin were scored under streomicroscope and averaged from four sections. The data were analyzed by Kruskal-Wallis test and Fisher's LSD. The results of this study were as follows. 1. The shear bond strength to enamel showed lower value in experimental group 1(13.20${\pm}$2.94MPa) and experimental group 2(13.20${\pm}$2.94MPa) than in control(20.03${\pm}$4.47MPa), experimental group 4(20.96${\pm}$4.25MPa) and experimental group 5(21.25${\pm}$4.48MPa) (p<0.05). 2. The shear bond strength to dentin showed lower value in experimental group 1(9.35${\pm}$4.11MPa) and experimental group 2(9.83${\pm}$4.11MPa) than in control group(17.86${\pm}$4.03MPa), experimental group 4(15.04${\pm}$3.22MPa) and experimental group 5(14.33${\pm}$3.00MPa) (p<0.05). 3. Both on enamel and dentin surfaces, experimental group 1 and 2 showed many adhesive failures, but control and experimental group 3, 4 and 5 showed mixed and cohesive failures. 4. Enamel marginal microleakage was the highest in experimental group 1 and there was a significant difference in comparison with other groups (p<0.05). 5. Dentin marginal microleakages of experimental group 1 and 2 were higher than those of other groups (p<0.05). This result suggests that treatment methods, re-etching with 35% phosphoric acid followed by re-application of adhesive or repeating all adhesive procedures, will produce good effect on both shear bond strength and microleakage of composite to enamel and dentin if the polymerized bonding agent was contaminated by saliva.

  • PDF

The influence of occlusal loads on stress distribution of cervical composite resin restorations: A three-dimensional finite element study (교합력이 치경부 복합레진 수복물의 응력분포에 미치는 영향에 관한 3차원 유한요소법적 연구)

  • Park, Chan-Seok;Hur, Bock;Kim, Hyeon-Cheol;Kim, Kwang-Hoon;Son, Kwon;Park, Jeong-Kil
    • Restorative Dentistry and Endodontics
    • /
    • v.33 no.3
    • /
    • pp.246-257
    • /
    • 2008
  • The purpose of this study was to investigate the influence of various occlusal loading sites and directions on the stress distribution of the cervical composite resin restorations of maxillary second premolar, using 3 dimensional (3D) finite element (FE) analysis. Extracted maxillary second premolar was scanned serially with Micro-CT (SkyScan1072; SkyScan, Aartselaar, Belgium). The 3D images were processed by 3D-DOCTOR (Able Software Co., Lexington, MA, USA). HyperMesh (Altair Engineering, Inc., Troy, USA) and ANSYS (Swanson Analysis Systems, Inc., Houston, USA) was used to mesh and analyze 3D FE model. Notch shaped cavity was filled with hybrid (Z100, 3M Dental Products, St. Paul, MN, USA) or flowable resin (Tetric Flow, Vivadent Ets., FL-9494-Schaan, Liechtenstein) and each restoration was simulated with adhesive layer thickness ($40{\mu}m$). A static load of 200 N was applied on the three points of the buccal incline of the palatal cusp and oriented in $20^{\circ}$ increments, from vertical (long axis of the tooth) to oblique $40^{\circ}$ direction towards the buccal. The maximum principal stresses in the occlusal and cervical cavosurface margin and vertical section of buccal surfaces of notch-shaped class V cavity were analyzed using ANSYS. As the angle of loading direction increased, tensile stress increased. Loading site had little effect on it. Under same loading condition, Tetric Flow showed relatively lower stress than Z100 overall, except both point angles. Loading direction and the elastic modulus of restorative material seem to be important factor on the cervical restoration.

WHICH INFORMATION MOVES PRICES: EVIDENCE FROM DAYS WITH DIVIDEND AND EARNINGS ANNOUNCEMENTS AND INSIDER TRADING

  • Kim, Chan-Wung;Lee, Jae-Ha
    • The Korean Journal of Financial Studies
    • /
    • v.3 no.1
    • /
    • pp.233-265
    • /
    • 1996
  • We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

  • PDF