01328nas a2200157   4500008004100000245007800041210006900119260000900188300001200197490000600209520079300215653001201008100001801020700001601038856011601054       2009                        eng d00aEffect of price limits: initial public offerings versus seasoned equities0 aEffect of price limits initial public offerings versus seasoned   c2009  a295-3180 v93 aIn this paper, we examine the effect of price limits on initial public offerings (IPOs) using Taiwanese data. On average, it takes 6.24 days for IPOs to reach their equilibrium prices in the presence of a 7% price limit. We compare IPOs with their industry- and size-matched seasoned equities (MSEs) and observe higher volatility levels on subsequent days for IPOs than for MSEs. However, the higher volatility decays within 2 days. Lower price limits interfere with trading and lead to higher trading activity on subsequent days for IPOs than for MSEs. We also observe delayed price discovery for both IPOs and MSEs. Overall, our results provide evidence about the effect of price limits on IPOs and generate important regulatory implications for countries imposing price limits on IPOs.10aFinance1 aKim, Yong, H.1 aYang, Jimmy  u/biblio/effect-price-limits-initial-public-offerings-versus-seasoned-equities-001309nas a2200157   4500008004100000245008000041210006900121260000900190300001200199490000700211520077500218653001200993100001801005700001601023856011201039       2008                        eng d00aThe Effect of Price Limits on Intraday Volatility and Information Asymmetry0 aEffect of Price Limits on Intraday Volatility and Information As  c2008  a522-5380 v163 aWe investigate the effect of price limits on intra-day volatility and information asymmetry using transactions data from the Taiwan Stock Exchange. Proponents of price limits argue that they provide an opportunity for investors to reevaluate market information and make more rational trading decisions. We identify three different limit hits – closing, single, and consecutive – and hypothesize that only the consecutive limit hits are likely to provide such an opportunity, namely, to counter investor overreaction (volatility hypothesis) and to enhance information revelation (information asymmetry hypothesis). Our empirical evidence supports the volatility hypothesis. Our findings generate important policy implications for stock markets that have price limits.10aFinance1 aKim, Yong, H.1 aYang, Jimmy  u/biblio/effect-price-limits-intraday-volatility-and-information-asymmetry-001303nas a2200169   4500008004100000245010100041210006900142260000900211300001200220490000700232520070200239653001200941100001800953700001600971700001600987856013001003       2008                        eng d00aRelative Performance of Trading Halts and Price Limits: Evidence from the Spanish Stock Exchange0 aRelative Performance of Trading Halts and Price Limits Evidence   c2008  a197-2150 v173 aWe study the relative performance of trading halts and price limits using data from the Spanish Stock Exchange where both mechanisms have coexisted. According to our evidence, trading activity increases after either mechanism is triggered. Volatility stays the same after trading halts but increases after price limit hits. Our evidence also shows that the bid–ask spread is narrower after trading halts but wider after price limit hits. Information is efficiently reflected in stock prices once trading resumes after trading halts, but there is evidence of market overreaction for upper price limits. Our overall result may have important policy implications for financial markets in the world.10aFinance1 aKim, Yong, H.1 aYague, Jose1 aYang, Jimmy  u/biblio/relative-performance-trading-halts-and-price-limits-evidence-spanish-stock-exchange-000528nas a2200145   4500008004100000245007100041210006600112260002000178653001200198653001700210100002100227700001800248700001600266856010000282       2007                        eng d00aThe Magnet Effect of Price Limits: Evidence from Transactions Data0 aMagnet Effect of Price Limits Evidence from Transactions Data  aHong Kongc200710aFinance10aSupply Chain1 aHsieh, Ping-Hung1 aKim, Yong, H.1 aYang, Jimmy  u/biblio/magnet-effect-price-limits-evidence-transactions-data-2