Purpose–The purpose of this paper is to review the literature on liquidity in international
stock markets, highlights differences and similarities in empirical results across existing …

We examine the impact of stock-price formation process on firms' dividend smoothing using
Regulation SHO. We find that pilot firms are more likely to increase dividends and less likely …

We empirically investigate the impact of short selling on classification shifting, exploiting the
staggered lift of short-sale bans in China. Using a multi-period difference-in-difference …

This paper examines, using proprietary ASX data containing institutional holdings, if
institutional investors exit en mass prior to announcements of financial distress. Evidence …

The evidence is mixed regarding the role of short sellers on stock market efficiency, with the
majority of studies assessing short selling activities during abnormal market conditions. This …

Until 2008, options market makers engaged in bona fide market making were exempt from
locate and certain close-out requirements for short sales (the “Exception”). This Exception …

We find that stocks with fails-to-deliver (FTDs) experience negative abnormal returns that are
proportional to their FTD levels. These findings come from both an event study and a …

We study the determinants of fails‐to‐deliver in the period before and after the
implementation of Rule 203 (elimination of option market maker exception from the locate …

Purpose The purpose of this study is to determine stock market reactions to the news about
innovations and other types of publications for illiquid stocks. Design/methodology/approach …

We examine how the 2008 US short-selling ban on the stocks of financial institutions
impacted their equity tail risk. Using propensity score matching and difference-in-difference …