In response to the sharp decline in prices of financial stocks in the fall of 2008, regulators in a number of countries banned short selling of particular stocks and industries. Evidence suggests that these bans did little to stop the slide in stock prices, but significantly increased costs of...

Employing the SEC Tick Size Pilot Program that increases the minimum trading unit of a set of randomly selected small-capitalization stocks, we examine whether and how an exogenous change in stock liquidity affects corporate voluntary disclosure. Using difference-in-differences analyses with...

This study seeks to figure out the effects of China’s capital account liberalization on its stock market returns and volatility. We take China’s Shanghai – Hong Kong Stock Connect as a representation of China’s capital account liberalization. We also take the Shanghai Stock Exchange...