We examine how the introduction of index futures affects the stability of stock markets in seven emerging countries (Brazil, Russia, India, China, and South Africa [BRICS] and two countries in Europe, i.e. Poland and Turkey) by studying the existence and the impact of positive feedback trading...

This paper reports evidence of intraday return predictability, consisting of both intraday momentum and reversal, in the cryptocurrency market. Using high-frequency price data on Bitcoin from March 3, 2013, to May 31, 2020, it shows that the patterns of intraday return predictability change in...

This study investigates the U.S. stock market efficiency from the symmetric and asymmetric perspectives during the COVID-19 pandemic. We explore that the pandemic boosts (hurts) the information role of symmetrically (asymmetrically) informed trading. Specifically, we find that the epidemic...