The purpose of this paper is to examine the liberalization of Taiwan's capital market regarding cross-Taiwan-Strait listing of securities. Taiwan is in an advantageous position to compete with other Asian rivals to attract issuers and capital from China. However, the long political hostility...

This article outlines the developments and challenges involved in introducing a new securities market in Cambodia, a developing country with a relatively open economy but some significant government-linked enterprises as well as family-linked firms. They operate in an environment characterized...

This piece expands upon the argument made in Gregory H. Shill, Congressional Securities Trading, 96 Indiana Law Journal __ (forthcoming). Using trades executed by two Senators during the COVID-19 pandemic as a springboard, it proposes a taxonomy of congressional securities trading more...

In March 2020, it was revealed that several U.S. Senators had cashed in their stocks after receiving intelligence on COVID-19, sparking both outrage and renewed interest in congressional insider trading. The pandemic trades exposed gaps not only in current law, but in scholarship and leading...

Homeland security is a critical component of the War on Terrorism. In our federal system of government, who is responsible for securing the homeland? The U.S. Congress has made available to states and cities some funding for overtime and equipment, but it has not assumed responsibility for...

Short selling is a topic that generated a great deal of interest during the 2007-08 global financial crisis, with concerns about the practice leading to wholesale reform of Australia’s short selling regulation. Since the GFC, short selling regulation in Australia has remained largely unchanged...

We revisit the role of time in measuring the price impact of trades using a new empirical method that combines spread decomposition and dynamic duration modeling. Previous studies which have addressed the issue in a vector-autoregressive framework conclude that times when markets are most active...

This paper studies the market quality of an internalization system which is designed as part of an open limit order book (the Xetra system operated by Deutsche Börse AG). The internalization sys-tem (Xetra BEST) guarantees a price improvement over the inside spread in the Xetra order book. We...

To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs during the subscription period. We examine these pre-issue prices and find that they are highly informative. They are closer to the...

We construct an empirical model for daily highs and daily lows of US stock indexes based on the intuition that highs and lows do not drift apart over time. Our empirical results show that daily highs and lows of three main US stock price indexes are cointegrated. Data on openings, closings, and...