This study investigates the impact of strategic order activities during the pre-opening session of trading halts on post-halt return and volatility. Strategic orders are non-binding, aggressive limit orders that are placed in the pre-opening phase but subsequently cancelled or revised shortly...

We document that firms are 80% more likely to issue non-earnings press releases during the earnings announcement period when delivering extremely negative earnings news. These non-earnings press releases are insufficient to improve negative announcement returns in isolation. However, if the...

We investigate the extent to which the liquidity of listed stocks is affected by the market structure under which stockbrokers provide a combination of stock trading, research, and investment banking services. Six market structures of differing degrees of competitiveness are identified for...