“…They also derived their measure into a non-negative and overnight adjusted spread. The measures have been tested in abnormal returns, tangible economic gains and emerging markets, and for their consistency and financial reporting quality (Maskara & Mullineaux, 2011;Karstanje, Sojli, Tham, & Van Der Wel, 2013;Lin, 2014;Zhang, Yang, Su, & Zhang, 2014;Cerqueira & Pereira, 2014;Ripamonti, 2016).…”