, consisting of trading, clearing and settlement. We thereby focus on firms' decisions but also look on the implications of these …

We posit that comparative advantage is discovered via alternative transactional regimes of trading. Transactional …

trade depends on trading that is unrelated to any information about the firm. Ideally, the CEO should be shielded from … shocks that are not informative about his actions. But since information trading is impossible without non- nformation … trading (due to the ”no-trade” theorem), shocks to prices caused by the latter are an unavoidable cost of market based pay …

path in the financial security service industry, consisting of trading, clearing and settlement. Using a stylized model of … crucially depend on industry and market characteristics such as the degree of differentiation and integration of trading …

enlargement of the market, the Chinese stock trading regulation system has experienced a process of continuous improvement. A … national centralized stock trading regulatory system has been set up, and many securities laws and regulations have been … is to introduce the history of the development of Chinese stock trading regulations and their enforcement measures. This …

abnormal returns declines as analysts' following increases. In Chapter 2, I study the role of trading as a governance … mechanism. I hypothesize that governance through trading plays a significant monitoring role in practice and that engaging in … majority institutional ownership, I demonstrate that abnormal trading is higher for firms with multiple blockholders than for …