This paper examines how the introduction of the extended opening session of the futures market affects stock price behavior around the market opening. On January 1, 2001, the Taiwan Futures Exchange (TAIFEX) extended the trading hours by opening earlier 15 minutes than the Taiwan Stock Exchange...

This paper tests the overreaction hypothesis by examining the price behavior following daily limit moves. The sample includes all listed firms on the Taiwan Stock Exchange for the period 1971-93. There are significant price reversals following the limit moves for both the up-limit and the...

This paper examines the stock price behavior in the trading and non-trading periods for stocks listed on the Taiwan Stock Exchange over 1971-96. The results indicate that the trading-time return variances are higher than the non-trading-time return variances especially for the larger...

This paper examines the relationship between profitability and financial capital for 1,276 small firms in Taiwan over the period 1992-97. The results indicate a statistically positive relationship between profitability and capital growth. When financial capital is further divided into debt and...

This paper examines the impact of increased transparency on market quality for stocks listed on the Taiwan Stock Exchange in the pre- and post-period of enhanced transparency starting from January 1, 2003. The Taiwan Stock Exchange discloses unexecuted orders of the five best bid and ask prices...