This study attempts to explore the impact of share repurchase transactions on stock returns in Turkey as one of the emerging markets severely hit by COVID-19. Event study analyses reveal that market reaction to repurchase activity in the aftermath of the pandemic declaration of March 11, 2020...

This paper explores the value that delayed publication provides to block trades dealers and the market. We model delay duration and other determinants of the duration using Cox's proportional hazard framework. We find that dealers elect a particular delay duration based on their strategies in...

Using the WHO announcement on March 11, 2020 and the Federal Reserve Bank announcement on April 9, 2020 as two events that represent the shock and the stimulus, this study finds that COVID-19 caused a negative shock to the global stock markets, especially in emerging markets and for small firms....

The study of transparency is increasingly a more topical, broadly relevant, but also more under-researched enterprise. The Asian financial crisis has highlighted not only the welfare consequences of financial sector transparency, sparking a series of yet unresolved debates, but has also linked...

We use the American Stock Exchange?s May 1997 market-wide adoption of $1/16 ticks to examine several hypothesis relating to tick size reduction. Specifically, we consider volatility, other aspects of market quality, trader behavior, and specialist profits. The hypothesis that volatility is...

What would happen to bid-ask spreads and associated trade execution costs if stocks were priced in nickels, or even pennies? More broadly; are investors better off letting the market, rather than the marketplace, set the spread?On April 15, 1996 the Toronto Stock Exchange abandoned eighth...

The paper explores whether the effects of cross-listing on analyst following and forecast error differ between firms with different accounting standards. The results reveal a higher increase in the number of analysts for cross-listed firms that follow their home country GAAPs prior...

We study the effects of the introduction of a Closing Auction (CA) on the microstructure on the continuous trading phase in Borsa Italiana and Paris Bourse. We postulate and compare several empirical predictions based on both standard Kyle-type models and more recent models of limit order book....

This paper examines financial market data to assess the likelihood of renminbi revaluation and its implications for Chinese share price increases, given the continuing appreciation of the Euro against the U.S. dollar. We find that the 3-month non-deliverable forward premia are key series linking...

We examine the impact of three Nasdaq rule changes on some aspects of market quality. In particular we investigate the quotation behavior of market makers following the reduction in tick size from eighths to sixteenths on June 2, 1997; the direct impact of including electronic communication network...