We extend previous studies on the effect of non-marketability on stock prices, and examine a very unique short-lived repeating non-marketability that lasts for only less than one day in China. Using the equity call warrants that are not subject to this trading constraint as a control, we provide...

This paper examines block transactions in Chinese equity market. We find that most of the block transactions are traded at prices at or below the closing price of the regular continuous auction market, and more than half are traded at or below the lowest price of the day. While the block...

This paper examines block transactions in the Chinese equity market. We find that most of the block transactions are traded at prices at or below the closing price of the regular continuous auction market, and more than half are traded at or below the lowest price of the day. Consistent with the...