Notice of RetractionAn empirical study on the impact of the Block Trades on implicit transaction costs in China´s stock market

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

Based on the theory on market microstructure, this paper makes an empirical study on the impact of the Block Trades on implicit transaction costs with high frequency data. It comes out that implicit transaction costs increased abnormally a few days before the day of block trade. Besides, the event of block trade has no significant influence on the short-term implicit transaction costs at the opening time, while it only significantly affects the implicit transaction costs in the period of 10:00–11:00 in the event window of 1. According to the above conclusions, this paper proposes some policy recommendations for the block trading system of stock market.