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Full-Text Articles in Business
The Effectiveness Of Trading Halts And Investor Trading Performance, Nareerat Taechapiroontong, Charlie Charoenwong, Chiyachantana N. Chiraphol, Radchda Lurang
The Effectiveness Of Trading Halts And Investor Trading Performance, Nareerat Taechapiroontong, Charlie Charoenwong, Chiyachantana N. Chiraphol, Radchda Lurang
Research Collection Lee Kong Chian School Of Business
This paper examines the effectiveness of trading halts and the trading performance of different types of investors or traders during halts in an Asian emerging equity market. We use trade-by-trade data flagged by types of traders between January 1999 and December 2007. The results suggest that trading halts improve the efficiency of the market by reducing the information asymmetry and stabilizing the market. Trading halts serve as devices to facilitate a price discovery process by giving investors opportunity to adjust their trading interests and reaction to the material information. Our findings show that return and volatility tend to revert to …
How Do Institutional Environments Affect Directors' Behaviors And Their Effectiveness?, Toru Yoshikawa, Hongjin Zhu
How Do Institutional Environments Affect Directors' Behaviors And Their Effectiveness?, Toru Yoshikawa, Hongjin Zhu
Research Collection Lee Kong Chian School Of Business
We examine how institutional environments affect outside directors’ behaviors and their effectiveness. Extant research on the board of directors has indicated that outside directors play a significant role in exercising independent control over management and providing resources. However, we know little about whether and how the relative importance of the two functions varies across different institutional environments characterized by distinct dominant exchange modes (contractual vs. relational). By differentiating between relationship-based and contract-based exchange regimes, we develop a conceptual model to show how the differences in transaction structures influence the relative importance of outside directors as monitors and resource providers, and …