We employ a Japanese dataset endowed with distinctive regulatory features and document that the market reacts again to publicly available “stale” adverse information, to which it has already responded earlier. The effect is observed specifically for the subset of stocks subject to...

Japanese markets have unique institutional attributes, which provide an ideal laboratory for investigating potential supply effects. These regulatory factors permit an examination of issue-day price effects, at the influx of additional shares from equity offerings, free of simultaneous release...

Under short-sales restrictions, we document a phenomenon where the market reacts again to publicly available adverse information, to which it has already responded before. We employ a Japanese dataset endowed with distinctive regulatory features pertaining to trading restrictions for a specific...

Under short-sales restrictions, we document a phenomenon where the market reacts again to publicly available adverse information, to which it has already responded before. We employ a Japanese dataset endowed with distinctive regulatory features pertaining to trading restrictions for a specific...