The “adverse selection” hypothesis expects that the introduction of index futures trading will decrease the liquidity of index component stocks as liquidity-motivated traders migrate to futures trading. Conversely, the “index arbitrage” hypothesis predicts that index arbitrage activity...

The “adverse selection” hypothesis expects that the introduction of index futures trading will decrease the liquidity of index component stocks as liquidity-motivated traders migrate to futures trading. Conversely, the “index arbitrage” hypothesis predicts that index arbitrage activity...

We assess investors' reaction to new information arrivals in financial markets by examining the relationships between trading volume and the higher moments of returns in 18 international equity and currency markets. Our volume-volatility results support extant information theories and further...

The long-term and sustainable development focuses of green bond together with its increasing popularity urges to get better understandings on its hedging effects against market risks. Our study investigates whether and how green bond can act as a hedging instrument against the implied...