Teng Ma

About

Teng Ma is a faculty member in the Department of Molecular Pharmaceutics at the College of Pharmacy. His research focuses on the field of molecular pharmaceutics, contributing to the understanding and development of pharmaceutical sciences. As a professor, he is involved in advancing knowledge within his department and supporting the college's mission in education and research.

Research topics

• Econometrics
• Economics
• Mathematics
• Business
• Financial economics

Selected publications

• Limit Order Adjustment Mechanisms and Ex-Dividend Day Stock Price Behavior

  Financial Management · 2005-09-01 · 12 citations

  articleSenior author

  Unlike the NYSE, the Toronto Stock Exchange (TSX) does not adjust prices in the outstanding limit orders on ex-dividend days. We find that TSX ex-day stock price behavior differs from that on the NYSE in several key aspects. In each case, the TSX ex-day behavior is consistent with the lack of a limit order adjustment mechanism. Our findings confirm that market microstructure is an important factor that contributes to the observed Canadian ex-day price behavior. Our findings also resolve the puzz…

  PublisherDOI

• Does Removing the Short-sale Constraint Improve Liquidity? Evidence from Hong Kong

  2006-01-01 · 3 citations

  articleSenior author

  The short-sale regulations in Hong Kong provide a unique setting to examine the effects of shortsale constraints on stock market liquidity. Short selling of stocks was prohibited in Hong Kong till 1994. The restrictions were relaxed over a period of eight years in our sample period. We find that removing the short-sale constraints increased the liquidity of lower priced stocks but not higher priced ones. Low priced and high priced stocks had comparable market capitalizations in Hong Kong. Howeve…

  Publisher

• Short-Selling, Uptick Rule, and Market Quality: Evidence from High-Frequency Data on Hong Kong Stock Exchange

  SSRN Electronic Journal · 2011-01-01

  articleOpen accessSenior author

  Much empirical research has been conducted concerning the effect of short-selling on market quality and volatility. However, the evidence is inconclusive and still a matter of debate. Using intraday data in a pure order-driven market we show that allowing for short-selling decreases the adverse selection costs for less-visible firms, firms with less analyst coverage, larger adverseselection cost component of the bid-ask spread, low price per share, and high relative tick size (given the same mar…

  Publisher

Frequent coauthors

• Ravi Jagannathan

  129 shared

• Gopal K. Basak

  Indian Statistical Institute

  13 shared

• Pengjie Gao

  11 shared

• Keith Jakob

  9 shared

• Ivalina Kalcheva

  5 shared

• Tony Ruan

  3 shared

• Yan Zhang

  Shenzhen Stock Exchange

  3 shared

• Hao Jia

  Xi'an University of Technology

  3 shared

Labs

• Mei LabPI

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