We provide a new framework for modeling trends and periodic patterns in high-frequency financial data. Seeking adaptivity to ever-changing market conditions, we enlarge the Fourier flexible form into a richer functional class: both our smooth trend and the seasonality are non-parametrically...

We investigate how characteristics of the board of directors and top management affect a firm's stock price delay in China. Using A-shares listed on both Shanghai and Shenzhen stock exchanges from May 2003 to April 2014, we find firms with stocks in the highest price delay decile portfolio have...