BAFI Academic Seminarhttps://weatherhead.case.edu/events/2018/02/16/bafi-academic-seminar
The unique institutional characteristics of the Japanese stock market and the SEO process provide an ideal environment to examine a possible incidence of downward sloping demand curve. On the Japanese SEOs’ issue day, the supply of shares actually changes but no new information is revealed. The unique attributes allow us to examine the potential supply effect (1) for stocks with and without trading restrictions, (2) free of the effects of manipulative short sales, and also (3) free of information effects related to the pricing of the SEO. We find a permanent price pressure effect only for stocks with short-selling constraints. This paper is co-authored with Hideaki Kiyoshi Kato, Nagoya University, Japan & Katsushi Suzuki, Hitotsubashi University, Japan.
||Friday, Feb. 16, 2018 from 10:30 a.m. to noon
||Peter B. Lewis Building, Room 05
11119 Bellflower Road
Cleveland, OH 44106-7235
||Speaker(s): Ajai Singh, U Central Florida
||Ajai Singh paper 2
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