SEC Trading Suspensions: Empirical Evidence
研究SEC暂停交易的公司证券价格行为，发现暂停伴随大幅贬值，且暂停后出现显著长期负异常回报，似乎违反半强式市场效率。
This article explores the price behavior of a sample of corporate securities in which trading was temporarily suspended by the SEC. Suspensions are found to coincide with substantial devaluations of the suspended securities. Further, significant and prolonged negative abnormal returns are observed in the postsuspension period, an apparent violation of semistrong form market efficiency.