{"id":129838,"date":"2022-03-23T10:28:00","date_gmt":"2022-03-23T14:28:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=129838"},"modified":"2022-11-21T09:52:53","modified_gmt":"2022-11-21T14:52:53","slug":"efficient-estimation-of-bid-ask-spreads-from-open-high-low-and-close-prices","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/efficient-estimation-of-bid-ask-spreads-from-open-high-low-and-close-prices\/","title":{"rendered":"Efficient Estimation of Bid-Ask Spreads from Open, High, Low, and Close Prices"},"content":{"rendered":"\n<p class=\"has-background\" style=\"background-color:#daead5\">The paper &#8220;Efficient Estimation of Bid-Ask Spreads from Open, High, Low, and Close Prices&#8221; is available via SSRN: <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3892335\">https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3892335<\/a><\/p>\n\n\n\n<p><strong>Paper Title:<\/strong><br>Efficient Estimation of Bid-Ask Spreads from Open, High, Low, and Close Prices<\/p>\n\n\n\n<p><strong>Authors<\/strong>:<br>David Ardia, HEC Montreal &#8211; Department of Decision Sciences<br>Emanuele Guidotti, University of Neuch\u00e2tel &#8211; Institute of Financial Analysis<br>Tim Alexander Kroencke, University of Neuch\u00e2tel &#8211; Institute of Financial Analysis<\/p>\n\n\n\n<p><strong>Date<\/strong>:<br>Written: July 23, 2021<br>Last revised: March 7, 2022<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-abstract\"><strong>Abstract<\/strong>:<\/h4>\n\n\n\n<p id=\"h-this-paper-formally-derives-an-efficient-estimator-of-the-bid-ask-spread-from-open-high-low-and-close-prices-the-estimator-is-asymptotically-unbiased-and-optimallycombines-the-full-set-of-price-data-to-minimize-the-estimation-variance-inabsence-of-quote-data-it-delivers-the-most-accurate-estimates-of-bid-ask-spreadstheoretically-numerically-and-empirically-the-estimator-is-easy-to-calculate-andhas-a-broad-applicability-in-empirical-finance\">This paper formally derives an efficient estimator of the bid-ask spread from open, high, low, and close prices. The estimator is asymptotically unbiased and optimally combines the full set of price data to minimize the estimation variance. In absence of quote data, it delivers the most accurate estimates of bid-ask spreads theoretically, numerically, and empirically. The estimator is easy to calculate and has a broad applicability in empirical finance.<\/p>\n\n\n\n<p><em>Ardia, David and Guidotti, Emanuele and Kroencke, Tim Alexander, Efficient Estimation of Bid-Ask Spreads from Open, High, Low, and Close Prices (July 23, 2021). Available at SSRN:&nbsp;<a href=\"https:\/\/ssrn.com\/abstract=3892335\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/ssrn.com\/abstract=3892335<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/dx.doi.org\/10.2139\/ssrn.3892335\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/dx.doi.org\/10.2139\/ssrn.3892335<\/a><\/em><\/p>\n\n\n\n<p><strong>CRAN Package<\/strong>: <br>The estimator proposed in this paper (<strong>EDGE)<\/strong>&nbsp;is implemented in R and it is available at&nbsp;<a href=\"https:\/\/CRAN.R-project.org\/package=bidask\">https:\/\/CRAN.R-project.org\/package=bidask<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This paper formally derives an efficient estimator of the bid-ask spread from open, high, low, and close prices. The estimator proposed in this paper (EDGE)\u00a0is implemented in R and it is available at\u00a0https:\/\/CRAN.R-project.org\/package=bidask.<\/p>\n","protected":false},"author":186,"featured_media":130163,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[339,343,338,341,351,352,344,342],"tags":[11319,806,4922,11313,11316,11317,487,11312,6591],"contributors-categories":[13742],"class_list":{"0":"post-129838","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-data-science","8":"category-programing-languages","9":"category-ibkr-quant-news","10":"category-quant-development","11":"category-quant-europe","12":"category-quant-north-america","13":"category-quant-regions","14":"category-r-development","15":"tag-bidask","16":"tag-data-science","17":"tag-econometrics","18":"tag-efficient-discrete-generalized-estimator-edge","19":"tag-fama-macbeth-regressions","20":"tag-ohlc","21":"tag-r","22":"tag-r-finance","23":"tag-rstats","24":"contributors-categories-emanuele-guidotti"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Efficient Estimation of Bid-Ask Spreads from Open, High, Low, and Close Prices<\/title>\n<meta name=\"description\" content=\"This paper formally derives an efficient estimator of the bid-ask spread from open, high, low, and close prices. The estimator proposed in this paper...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/129838\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Efficient Estimation of Bid-Ask Spreads from Open, High, Low, and Close Prices | IBKR Quant Blog\" \/>\n<meta property=\"og:description\" content=\"This paper formally derives an efficient estimator of the bid-ask spread from open, high, low, and close prices. The estimator proposed in this paper (EDGE)\u00a0is implemented in R and it is available at\u00a0https:\/\/CRAN.R-project.org\/package=bidask.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/efficient-estimation-of-bid-ask-spreads-from-open-high-low-and-close-prices\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-23T14:28:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-21T14:52:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/03\/quant-charts-glow.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Contributor Author\" \/>\n<meta name=\"twitter:card\" 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