In this study, we examine the relation between pre-offering demand and aftermarket performance of IPO firms in the Hong Kong stock market. We find that IPOs with high investor demand realize large positive initial returns but negative long-run excess returns, while IPOs with low investor demand...

The Asia-Pacific region’s currency markets are generally efficient within-country when tested using the Johansen (1991, 1995) cointegration technique whereas market efficiency fails to hold when tested using Fama’s (1984) conventional regression. Using the Pilbeam and Olmo (2011) model, we...

We examine the impact of decimalization on preferenced trading in NYSE-listed stocks and show a significant decline in preferenced trading around decimalization. For the largest NYSE stocks, the total decline is nearly 22%. We also find a negative correlation between the changes in preferenced...

This study is motivated by two major considerations. First, the Fletcher and Taylor (1996) approach has yet to be applied to short-date markets to assess the diminishing role of transaction costs in explaining the devjatjons of observed forward foreign exchange prices from interest parity...

We present empirical evidence that short sales contribute to market efficiency by increasing the speed of price adjustment to not only private/public firm-specific information but also market-wide information. Shortable stocks are characterized by weaker trade continuity and stronger quote...

Emerging Markets and Financial Resilience presents a picture of finance research. The issue of financial resilience in emerging markets is apt and timely as emerging countries are faced with the challenge of finding ways of sustaining their current trajectory in shaping the global financial...