TY  - JOUR
T1  - What makes when-issued trading attractive to financial markets?
JF  - Financial Markets, Institutions and Instruments
Y1  - 2014
A1  - Brooks,Raymond
A1  - Kim,Yong H
A1  - Yang,Jimmy
KW  - Finance
AB  - When-issued trading is the trading of securities prior to the actual issue of the security. When-issued trading is active around the world and in a variety of equity and bond markets. In this survey, we provide a general description of when-issued trading, analyze benefits and costs in various financial markets, present existing theoretical models and predictions, and synthesize empirical findings. We find that when-issued trading promotes price discovery, mitigates information asymmetry, provides convenience for trading ahead of the actual issue of the security, and in some markets reduces volatility. In addition, we offer policy implications and suggest directions for further research in this area.
VL  - 23
CP  - 5
U2  - a
U4  - 68819267584
ID  - 68819267584
ER  - 

TY  - JOUR
T1  - The magnet effect of price limits: a logit approach
JF  - Journal of Empirical Finance
Y1  - 2009
A1  - Hsieh,Ping-Hung
A1  - Kim,Yong H
A1  - Yang,Jimmy
KW  - Finance
KW  - Supply Chain
AB  - We investigate the magnet effect of price limits using transaction data from the Taiwan Stock Exchange. A logit model incorporates explanatory variables from microstructure literature and reveals that the conditional probability of a price increase (decrease) increases significantly when the price approaches the upper (lower) price limit, in support of the magnet effect. Our approach recognizes when the magnet effect starts to emerge and identifies possible determinants of magnet effect. The probability of information-based trading has a significant impact on the magnet effect for lower price limits.<br><br>
VL  - 16
CP  - 5
U2  - a
U4  - 2658545665
ID  - 2658545665
ER  - 

TY  - HEAR
T1  - Cooling-off effect of price limits: evidence from transactions data
Y1  - 2006
A1  - Yang,Jimmy
A1  - Kim,Yong H
KW  - Finance
JA  - Globalization and Economic Asymmetries Conference
CY  - Boston
U2  - c
U4  - 2658510849
ID  - 2658510849
ER  -