Trading rules, investor protection, institutional coordination, fiduciary services, and market design.
This paper studies the financing side of large, preannounced index additions. Space Exploration Technologies Corporation entered the Nasdaq-100 before the market open on 7 July 2026, creating a 6 July implementation event. I…
Investor protection in corporate spin-offs is often coded as a binary feature: an assured entitlement exists or it does not. In a cross-market transaction, a right may attach to one shareholder market but not another, exist …
This paper studies the institutional redesign proposed by the Stock Exchange of Hong Kong on 21 September 2026 for corporate spin-offs. The proposal would permit qualifying Main Board parents to self-assess compliance with P…
Contractual lock-ups make previously restricted shares eligible to trade on dates fixed months in advance. This paper asks whether the trading response to a Hong Kong IPO cornerstone release depends on other releases reachin…
Do repeated IPO intermediaries exhibit stable contracting histories, and do those histories improve genuine out-of-time prediction? We study 930 Hong Kong Main Board operating-company IPOs from 2018 through August 2026, 1,52…
Cornerstone investors in Hong Kong initial public offerings receive guaranteed allocations in exchange for a disclosed six-month lock-up, so each tranche converts a known share quantity into a contractually dated expansion o…
Hong Kong’s August 2025 IPO reform introduced a minimum 40% non-cornerstone bookbuilding allocation and a choice between a clawback-based public tranche and a no-clawback alternative. Using prospectus-level coding for all 16…
Assets under management (AUM) is widely used to describe the reach of fiduciary institutions, yet it measures the volume placed inside an arrangement rather than the quality with which entrusted functions are performed. This…
China’s trust industry has returned to rapid asset growth, yet the fee income generated by that asset base has continued to contract. This article asks whether the divergence is visible within institutions and whether the po…
Bankruptcy service trusts have become an increasingly common component of large corporate restructurings in China. Among the 144 listed companies whose reorganization plans were approved by courts between 2007 and 2025, the …
What happens to global information when a local equity market is closed but foreign markets continue to trade? We use exchange-calendar differences to construct UTC-stamped information windows from the last local close befor…
Public disclosure is not governed by a single timestamp. In the U.S. Securities and Exchange Commission's EDGAR system, the time a submission is accepted, the date legally assigned to it, and the time it becomes publicly ava…
This paper documents a sharp escalation in intra-sector conditional correlation among large-cap KOSPI equities coinciding with South Korea's introduction of single-stock 2× leveraged exchange-traded funds (ETFs) in 2026. Usi…
Do market-wide trading halts stabilize financial markets, or do they amplify market-wide stress once trading resumes? This paper addresses this question using an unprecedented sequence of nine institutional trading halts imp…
We develop Institutional Synchronization Theory (IST), an equilibrium framework in which market-wide synchronization arises endogenously as the consequence of institutional optimization under a common constraint. Heterogeneo…
This paper examines whether standard GJR-GARCH volatility specifications remain structurally stable when subjected to abrupt institutional shocks, using China’s January 2016 market-wide circuit breaker episode as a natural e…
Market synchronization can emerge independent of contemporaneous information arrival, driven instead by the common component of institutional optimization under shared constraints. This paper develops the constraint geometry…
This paper examines whether investor sentiment shocks affect conditional volatility asymmetrically in China’s equity markets, using a sample of 32 AH dual-listed firm-market pairs over 2018–2024. We augment the standard GJR-…
This paper tests whether standard GJR-GARCH and DCC specifications calibrated on developed-market equity markets can be directly transplanted to China's A-share market, where two structural constraints — a ±10%/±5% daily pri…