上市前通知和股票波动是否触发熔断机制？证据来自土耳其上市后的股票

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-03 DOI:10.1016/j.frl.2025.107509

Orçun Kaya , Çiydem Çatak

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引用次数: 0

摘要

了解上市前信息的到来如何触发ipo后股票的盘中熔断机制，对于分析新兴市场的市场行为至关重要。在新兴市场，信息不对称和波动性加剧很常见。本文利用土耳其证券交易所新上市股票的数据，考察了ipo后第一年熔断机制激活的驱动因素。我们发现，上市前通知显著增加了停牌的可能性，这种影响的程度被股票水平的波动所缓和。我们的研究结果对于评估上市前披露如何与波动阈值相互作用以防止脆弱的市场环境中意外的交易停止具有重要的政策意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Do pre-market notifications and stock volatility trigger circuit breakers? Evidence from Turkish post-IPO stocks

Understanding how the arrival of pre-market information triggers intraday circuit breakers in post-IPO stocks is central to analyzing market behavior in emerging markets, where information asymmetry and heightened volatility are common. Using data on newly listed stocks from the Turkish stock exchange, this paper examines the drivers of circuit breaker activations in the first year following IPOs. We find that pre-market notifications significantly increase the likelihood of a trading halt, with the magnitude of this effect being moderated by stock-level volatility. Our findings have important policy implications for assessing how pre-market disclosures interact with volatility thresholds to prevent unintended trading halts in fragile market environments.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance