This study examines how short sales constraints affect the stock price adjustment to the release of public information in the Hong Kong Stock Exchange. Using a unique feature of this market that allows us to directly investigate the impact of short sales restriction, we find the following....

11.08.2011 tarihli Sermaye Piyasası Kurulu duyurusunda, İstanbul Menkul Kıymetler Borsası'nda Ağustos 2011 döneminde yaşanan dalgalanmalar ve kayıplar gerekçe gösterilerek açığa satışlarda başlangıç teminatı oranının %50'den %70'e çıkarıldığı ifade edilmiştir. Söz...

This appendix provides the complete list of sample firms and the robustness checks results discussed in the paper, Industrial Policy and Asset Prices: Stock Market Reactions to Made In China 2025 Policy Announcements, found here:"https://ssrn.com/abstract=3521006" https://ssrn.com/abstract=3521006

Appendix available here:"https://ssrn.com/abstract=3525571" https://ssrn.com/abstract=3525571.We study the link between industrial policy and asset prices by using the Made in China 2025 industrial policy, announced in May 2015, as an external shock. We track Chinese firms and U.S. firms in ten...

Market efficiency is examined in three forms: weak form, semi-strong form and strong form and each one deals with a different source of information. 1. Weak form efficient market - the prices of securities fully reflect all historical information and no excess returns can be earned by utilising...

This paper examines stock market reaction to the earnings announcements by taking December 2001 quarter earnings announcement as an event. The study is based on 152 companies having minimum 20 percent foreign holdings. The companies are divided into, good news, bad news and overall portfolios....

We analyze stock price reactions to the announcements of monetary and fiscal policy actions in twelve stock exchanges worldwide. While previous studies analyzed the effect of policy interventions focusing on monetary policy (e.g. Ricci, 2015) or concentrated on a specific type of companies (e.g....

On September 20, 2016, the Japan Securities Dealers Association implemented guidelines that prohibited securities sell-side analysts to obtain an earnings preview before the earnings' official release. We examine the unique impact of the guidelines on market behavior and analyst forecasts in the...

This paper investigates how heterogeneous sentiments and perspectives expressed in public online media about the abolition of the Chinese presidential term limit in 2018 may have caused a divergence in investor behavior between the U.S. and China. We document that sentiments expressed in social...

Dual-listed firms simultaneously follow the relevant rules in their home country and in their cross-listed country. In contrast, other firms only listed in the cross-listed country are only subject to the local regulations. Previous literature has found evidence that cross-listing can improve...