During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS) typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis, based on...

Over the past decade, one popular way for Turkish banks to remove nonperforming loans (NPLs) from their balance sheets has been to sell them to asset management companies. We examine the short-term market reaction to the announcements of such NPL sales over the period 2009-2019. We also consider...

There are two types of stock dividend in the Chinese stock market. This paper examines them in the period of 1997-2008. Empirical findings indicate that the stock dividend effect appears twice. The average abnormal return is 0.88% on the stock dividend proposal date and 0.35% on the stock...

There are two types of stock dividend in the Chinese stock market. This paper examines them in the period of 1997-2008. Empirical findings indicate that the stock dividend effect appears twice. The average abnormal return is 0.88% on the stock dividend proposal date and 0.35% on the stock...

We study circuit breakers in a fragmented, multi-market environment and investigate whether a coordination of circuit breakers is necessary to ensure their effectiveness. In doing so, we analyze 2,337 volatility interruptions on Deutsche Boerse and research whether a volume migration and an...

This working paper was written by Kalok Chan (Chinese University of Hong Kong Business School), F.Y. Eric Lam (Independent Researcher)*, Giorgio Valente (Hong Kong Institute for Monetary and Financial Research) and Siyuan Wu (Chinese University of Hong Kong Business School).Trading venues have...