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This research examines stock traders' disposition effects and contrarian/momentum behavior in the Taiwan Stock Exchange (TWSE). Specifically, we first investigate disposition effects across all trader types and then examine the relationships between disposition effects, trader types, and order characteristics. Next, we explore contrarian and/or momentum behavior and analyze the relationships among the contrarian/momentum behavior, investor type, and order characteristics. Finally, the links among trader types, order characteristics, and investment performance are detected. This chapter yields the following findings. (1) Individual investors exhibit the strongest disposition effects compared to other investors. (2) Foreign investors, investment trusts, and individual investors tend to use large orders to sell loser stocks. (3) Investment trusts are inclined to be momentum traders, while individual investors tend to perform contrarian strategies. (4) Institutional aggressive and large orders perform better than individuals' orders. (5) The performance of foreign investors' selling decisions is better than that of retail investors.

This study aims to provide a systematic literature review of the research study in the area of limit order book (LOB) mechanism of trading and its implications for market efficiency. The study attempts to document the recent theoretical developments and empirical findings from the literature exhaustively and identifies the research gaps for future research.

The study uses seven reputable databases to select 2,514 research studies spanning over 1981-2018 (finally compressed to a pool of 103 articles, based on relevance and impact). The study uses bibliometric network visualization and text analytics to categorize and examine the literature. The chosen articles are compiled and analyzed to provide a comprehensive account of the current research on LOBs.

The recent LOB literature is summarized on various criteria as follows: sub-areas, the types of economies and markets, methodologies and the LOB measures. The review identifies a dearth of studies on the LOBs in emerging markets. It suggests the potential research areas as intraday studies in emerging LOB markets; application of market indicators based on deeper levels of LOB, beyond the best prices; market fragmentation, order routing decision and its impact on order execution quality; optimal display of LOB levels; liquidity dynamics in quote-driven markets vis-à-vis LOB markets; effect of high-frequency trading on market microstructure; application of advanced techniques (e.g. machine learning models, zero-intelligent models); relationship between the trading speed, order aggressiveness, shape and resilience of the order book and informed trading; and information content of the auxiliary order submission strategies, including cancellation, amendments and hidden orders.

For the past 15 years, to the best of the knowledge, a comprehensive review of the literature on LOBs has not been published. The financial markets have transformed significantly over this period, driven by the adoption of LOBs, low latency trading and technological advancements in information dissemination. This article provides an extensive collection and classification of the literature on LOBs. This would be useful for the practitioners, future researchers and academics in the area of financial markets.

The paper aims to investigate order-based manipulation that consists of order-placing strategies.

Using the bid and ask record provided by Hong Kong Exchanges and Clearing Limited, a Level II dataset, the paper develops a methodology to obtain cancelled orders during regular trading hours. The paper examines the cancelled orders and potential order-based manipulation activities, as well as the corresponding behavior of different groups of stocks.

Empirical results show that the relationship between order cancellation and order-based manipulation is strong and deserves more attention.

The methodology can also be used by regulators and authorities to monitor suspicious activities in the market. This paper also suggests that analysis on high-frequency data does improve the understanding of trading activities in the stock market.

Drawing on the resource-based view of the firm, the study aims to develop a holistic conceptual model to examine the nexus between entrepreneurial orientation (EO) and innovation performance (INPF) of social enterprises in an emerging economy, Ghana.

A quantitative research approach was used to collect and analyse 206 usable survey questionnaires through structural equation modelling-partial least square.

Results demonstrate that all the dimensions of EO – innovativeness, proactiveness, autonomy, risk-taking and competitive aggressiveness significantly influence the INPF of social enterprises. However, a paired t-test analysis shows that risk-taking has the largest effect size, followed by innovativeness, proactiveness, autonomy and competitive aggressiveness, in that order. The results highlight that social enterprises must exploit EO as a strategic asset in their corporate strategies and initiatives to realize competitive advantage and enhance INPF.

This study makes an incremental contribution to the extant literature by examining the impact of EO on INPF of social enterprises; it thus extends the EO framework from the conservative entrepreneurship context to the social entrepreneurship context, thereby advancing our understanding of the development and application of the EO framework in the social entrepreneurship context in emerging economies. The study concludes with the theoretical and managerial implications of the findings.

The purpose of this paper is to empirically examine the impact of closing mechanism changes on market quality, investor trading behavior and market manipulation in the Shanghai stock market.

A dummy variable is constructed indicating whether the closing mechanism is call auction or continuous auction. Market quality is measured from aspects of liquidity, volatility and price continuity; investor trading behavior is scaled by order timing and order aggressiveness, and a price deviation indicator is the proxy of manipulation. Using panel regression, this study examines the impact of closing mechanism changes based on intraday transaction data from the Shanghai stock market.

The conclusions are as follows: First, market quality improves after the closing mechanism is reformed in terms of liquidity, volatility and price continuity. Second, order strategy changes significantly in the closing call market, and investors trade more aggressively in the continuous trading period before closing. Third, the closing call mechanism restrains the closing price manipulation and thus prompts an efficient closing price.

This paper examines the policy effects of closing mechanism changes from aspects of market quality, trading behavior and price manipulation, providing pieces of evidence for trading mechanism design and market supervision in emerging markets.

The purpose of this paper is to examine US equity traders’ use of market orders versus price contingent orders with respect to information content.

Price changes following market and price contingent order submissions are analysed.

It is found that prices rise (decline) after the submission of market buy (sell) orders; whereas, prices decline (rise) after the submission of price contingent buy (sell) orders. Aggressively priced limit orders (i.e. marketable limit orders) convey information, but they are not more informative than market orders. Traders who transact in smaller quantities, engage in more short‐selling, and frequently achieve better performance are more likely to use market orders.

In contrast to prior studies, the paper's findings suggest that, when executing orders, informed traders have a preference for bearing a price rather than an execution risk.

This study aims to provide a valuable contribution by exploring the moderating effect of women directors on the relationship between corporate social responsibility (CSR) and corporate tax avoidance of Malaysian listed companies.

The study is based on a sample consisting of 78 Malaysian firms over the 2010–2017 period. A moderation model that specifies the interaction between CSR, women directors and corporate tax avoidance motivates this study.

The results show that a high level of CSR is negatively associated with corporate tax avoidance in firms with a higher percentage of women on the board.

The findings may be of interest to the academic researchers, investors and regulators. For academic researchers, it is interested in discovering the dynamic relation between CSR, woman on the board and tax avoidance. For investors, the results show that the existence of female directors on the board reduces the corporate tax avoidance. For regulators, the results advise the worldwide policy maker to give the importance of female roles to improve the engagement firms in CSR reporting.

This paper extends the existing literature by examining the moderating effect of women directors on the relationship between CSR and corporate tax avoidance in the Malaysian context.

The purpose of this paper is to understand the development of the five dimensions of entrepreneurial orientation (EO) over time by taking a founder’s perspective.

The paper draws on an in-depth single-case study. It combines semi-structured interviews in the company with archival data, such as annual reports, press clips and interviews in business magazines.

The results indicate that the EO dimensions change from being personalized and directly solution-oriented to being intangible value-creation-oriented.

By suggesting ownership-based EO configurations, this study contributes insights into how different ownership forms propel EO. These configurations – that is, personal, administrative based and intangible focused – show the impact of the EO dimensions and provide a systematic and theoretical understanding of EO change over time.

The purpose of this paper is to examine innovative practices and emphasize the mechanism of knowledge transfer across knowledge boundaries. By comparing and discussing the emerging boundary issues in knowledge transfer among small- and medium-sized enterprises (SMEs) registered in the incubation centers in China, this paper identified the main knowledge transfer approach and several contextual and organizational factors impacting knowledge transfer.

The authors conduct 39 semi-structured in-depth interviews with employees working within business incubation centers in China. The study uses thematic analysis for data analysis.

Our results contribute to the literature of knowledge transfer and in particular to our understanding of boundary conditions and knowledge transfer approaches in emerging economies. The results also highlight several contextual and organizational factors which impact knowledge transformation across the pragmatic boundary in the context of China.

First, organizations need to establish an effective process with tools to accommodate novelty; second, organizations should be aware of the impact of entrepreneurial orientation on innovative performance; and third, it will help organizations if they adopt and integrate information-rich media in managing innovative practices.

This research highlights the impact of contextual and organizational factors of SMEs on knowledge transfer in emerging markets and chooses incubation centers as study subjects, which is an organizational context that has not been thoroughly studied due to its unique nature and emerging complexity.

The purpose of this paper is to examine the changes in the price impact of trades in the major Korean stock market following the introduction of disclosure to all traders of the top five brokers on the buy-side and the top five brokers on the sell-side of trades in real time for each stock in the KOSDAQ market.

The paper uses several alternative metrics for the price impact of trades. The study applies estimation methodology that accounts for the potential endogeneity of other market quality proxies, which are used as control variables in price impact regressions, by utilizing two-stage-least-square methods with fixed effect specification.

This study finds that the permanent price impact (information effect) of both buyer- and seller-initiated trades increases, which indicates that information is disseminated quicker in a transparent market. Uninformed trades have a larger permanent price impact than informed trades on both the buy and sell sides. The liquidity price effects are found to be mixed for buys and sells.

The study supports the current policy of the Korean Exchange to publicly display the five most active broker IDs on both the buy and sell sides, as it attracts both informed and liquidity traders, leading to faster price discovery in a more transparent market. However, a future study which analyzes the change in the market quality in both local markets would provide a complete picture of the effects of the policy.

Earlier studies documenting the effect of broker ID disclosure on market quality used effective spreads, market depth or order book imbalance as market quality measures. This study contributes to the existing literature by examining the changes in direct measures of the private information effect and liquidity effect of trades in a stock market – the Korean Stock Exchange – when the other part of the exchange (the KOSDAQ stock market) shifts to public broker ID transparency at the same transparency level.