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Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China
We study the share privatization process in China to investigate whether and how the removal of market frictions is associated with efficiency gains. Prior to the reform, domestic A-shares wereExpand
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Ownership concentration, firm performance, and dividend policy in Hong Kong
The relations among ownership concentration in family firms, firm performance, and dividend policy in Hong Kong are explored. Three questions are investigated: (1) Is firm operating performance andExpand
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Tunneling, Propping, and Expropriation: Evidence from Connected Party Transactions in Hong Kong
We examine a sample of 328 filings of "connected transactions" between Hong Kong listed companies and their controlling shareholders during 1998-2000. We address three questions: What types ofExpand
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Buy High, Sell Low: How Listed Firms Price Asset Transfers in Related Party Transactions
We examine a sample of 254 related party and arms' length acquisitions and sales of assets in Hong Kong during 1998-2000. Our analysis shows that publicly listed firms enter deals with relatedExpand
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The international transmission of stock market fluctuation between the developed markets and the Asian—Pacific markets
The study is derived from the weekly return series of the Asian—Pacific emerging markets. The causal relationship between these markets and the two developed markets, US and Japan, is examined forExpand
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What moves the gold market
In this article, we provide a detailed characterization of the intraday return volatility in gold futures contracts traded on the COMEX division of the New York Mercantile Exchange. The approachExpand
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Price Clustering on the Limit-Order Book: Evidence from the Stock Exchange of Hong Kong
Abstract We examine the clustering pattern in trade and quote prices on the electronic limit order book of the Stock Exchange of Hong Kong (SEHK). Earlier research into clustering focuses onExpand
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How regulatory changes affect IPO underpricing in China
This paper examines the underpricing of IPOs in the Chinese A-share market during the period 1992-2006. Since its inception, the Chinese IPO market has transformed from a tightly-controlled system toExpand
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The Signaling Effect of Corporate Social Responsibility in Emerging Economies
What signals do firms in emerging economies send to stakeholders when they adopt corporate social responsibility (CSR) practices? We argue that in emerging economies, firms that adopt CSR practicesExpand
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The intraday patterns of the spread and depth in a market without market makers: The Stock Exchange of Hong Kong
We examine the temporal behavior of the spread and depth for common stocks listed on the Stock Exchange of Hong Kong (SEHK), which operates as a purely order-driven mechanism. We find U-shapedExpand
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