Market Reactions to the Hong Kong Trading Suspensions: Mandatory versus Voluntary
研究香港交易所强制停牌与自愿停牌的市场反应，发现两种停牌均导致股票价值大幅下跌，且停牌后波动率和交易量高于停牌前，但强制停牌在信息传播上更有效。
This paper investigates the market reactions to regulator‐initiated (mandatory) suspension and issuer‐initiated (voluntary) suspension on the Stock Exchange of Hong Kong. It is found that there is substantial devaluation of the stocks during either suspension, and both the variance and trading volume are higher in the post‐suspension period than in the pre‐suspension period. However, the changes in value and variance are sensitive to the reason for the suspension. The evidence shows that mandatory suspensions are more effective than voluntary suspensions in disseminating information, although both suspensions may not effectively ease unusual volatility immediately.