Using a rolling regression approach with varying independent variables, this paper investigates macroeconomic structural changes in the four main stock markets in China and identifies the threshold values of structural changes. Macroeconomic structural changes frequently occur on the Shanghai...

This paper investigates the different affecting patterns of the determinants of initial returns under different market states for Taiwanese IPOs. Contrary to the prior literature, this paper estimates the sample separated from different market states, including bullish, bearish, and range-bound...

The difference in firm-level momentum effects is investigated under bullish and bearish market conditions for Chinese real estate stocks, using panel data with a least-squares dummy variable. The results suggest that the momentum effect has different patterns in different market conditions for a...