This paper examines how the introduction of the extended opening session of the futures market affects stock price behavior around the market opening. On January 1, 2001, the Taiwan Futures Exchange (TAIFEX) extended the trading hours by opening earlier 15 minutes than the Taiwan Stock Exchange...

As firms rely heavily on R&D for their competitive advantages and as technologies become more integrated and complex, individual performance becomes more difficult and costly for shareholders to govern and evaluate. The information asymmetry problems between employees and shareholders thus may...