The increasing number of discretionary stock halts, has attracted the attention of regulatory authorities and scholars. They have also become a significant obstacle to the internationalization of China's capital market. This article systematically examines the impact of discretionary halts on...

This paper considers stock halts to study the impact of stock liquidity loss on the managerial learning effect based on stock prices. We examine stock halts' impact on corporate innovation and find that discretionary halts hinder innovation. We also find that discretionary halts reduce...