Using a lobbying event that led to the unexpected reversal of a tougher insider trading blackout regulation in Hong Kong, we examine whether tightening insider trading regulation increases shareholder value. We find that repealing the regulation increases shareholder value for the entire Hong...

Dual-listed firms simultaneously follow the relevant rules in their home country and in their cross-listed country. In contrast, other firms only listed in the cross-listed country are only subject to the local regulations. Previous literature has found evidence that cross-listing can improve...

This article investigates whether the stock markets of the Pacific Basin countries of Hong Kong, Singapore, South Korea, and Taiwan are informationally efficient with respect to macroeconomic policies. Granger causality tests are utilized in the context of a Vector Error Correction Model to test...

This paper analyzes return spillovers from the US to stock markets in Asia by means of quantile regressions. Traditional studies consider spillovers as effects of the conditional means of foreign returns onto the conditional means of chronologically succeeding domestic markets' returns. We, by...

All investors seek to make money. The repeated financial crises in recent years not only caused many people to lose their money; it also reminds us of the importance of financial regulations to reduce investors' losses due to improper business activities in a company or stock market. Together...

This case study explores which variables - macroeconomic, institutional, and capital controls - are most important in explaining cross-country differences in bond market development. It uses the ratio of amount of local currency bonds outstanding over GDP as a measure of bond market development...

This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received "law and finance" wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official...

The literature on short selling restrictions focuses mainly on a ban's impact on market efficiency, liquidity and overpricing. Surprisingly, little is known about the effects of short selling restrictions on institutional investors' trading behavior.Since institutional investors dominate mature...

The global financial crisis and its effect on stock market volatility seems persuaded the market regulators how destabilising short-selling can be and how it contributes to undermine market's confidence. Following the decisions of other market regulators, the Italian securities exchange...

We show that both the quoted and effective spreads increased, the quoted depth decreased, and the market quality index decreased after the implementation of Regulation NMS (Reg NMS). We also find an increase in the price impact of trades and the dispersion of the pricing error after Reg NMS. The...