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The Efficiency of Trading Halts: Emerging Market Evidence
| International Journal of Banking and Finance
The Efficiency of Trading Halts: Emerging Market Evidence
Authors
Obiyathulla I. Bacha
Mohamed Eskandar S. A. Rashid
Roslily Ramlee
Abstract
This paper reports new findings on the price effect from trading halts - both voluntary and mandatory - over 2000-04 in an emerging share market, Malaysia. Based on our overall sample, trading halts lead to positive price reaction, increased volume, and increased volatility. We found evidence of information leakage resulting in a significant difference between voluntary and mandatory halts as well as the type of news released during halts to warrant such an impact. The duration of the halt has an isolated impact and is largely inconsequential. The frequency of halts does not seem to matter.
