This article studies the impact of the Asian financial crisis on index options and index futures markets in Hong Kong. We employed a time‐stamped transaction data set of the Hang Seng Index options and futures contracts that were traded on the Hong Kong Futures Exchange. The results show that...

iThis study examines the stock-price behavior of Chinese stock markets in the Shanghai and Shenzhen Stock Exchanges. There are strict stock-ownership restrictions in China. Foreign investors can only trade B shares, while domestic investors can only trade A shares. Under this two-tier trading...

Asian initial public offerings (IPOs) require investors to pay a subscription cost upfront upon submission of an application, and these funds are locked up for one to three weeks without interest. Hence, the IPO process entails an explicit financing cost (opportunity cost) whether investors...