[paulpauper]

I don't think there is anything new here. The overnight trading anomaly has been observed for years

[bloodyplonker22]

I work on wall st and, trust me, even the greenest traders know this. I think the author is trying overly hard to be dramatic in order to achieve his PhD certificate.

[timkam]

I don't think that these papers will earn the author a PhD, and I also don't think that this is a goal. Looking at the references, the author seems to like to publish such analyses on the arXiv, which is arguably not really what it is meant for; but still, it's a pre-print server so who cares.

[nwiswell]

I don't understand: if this is a persistent effect why can't you short in the morning and cover in the afternoon?