Han Ma's research while affiliated with Shanghai University of Finance and Economics and other places

Publications (6)

Article
This study explores firms’ reactions to the 2021 U.S. Capitol Attack. We find that firms donating more to the 147 Republicans who voted to overturn the 2020 presidential election are more likely to speak out against the Capitol Attack to suspend political contributions. By doing so, firms mitigate negative stock market reactions and subsequently lo...
Article
We examine key developments in trade‐related activity on global derivatives markets during the Covid‐19 pandemic. We first document significant increases in volumes and open interest. Drawing upon techniques from network theory, we next find greater market interconnectedness and notable changes in market centrality. For US exchanges, we examine the...
Article
We conduct a clinical analysis of the CBOT full membership that provides holders with rights to trade any of the exchange's contracts using a unique database of seat information from the period 1897–2020. We examine microstructure and asset pricing properties of seats including during periods before and following the CBOT's transition from trading...

Citations

... The Covid-19 pandemic was responsible for not only an equity selloff due to concerns about its economic impact, but also a liquidity crash. The Covid-19 crisis and resulting plunge in equities around the world had a significant impact on derivatives markets, which saw a significant increase in open interest and volumes (Emm et al., 2022), and a dramatic drop in liquidity in corporate bonds, with average transaction costs nearly tripling to 90 basis points (O'Hara & Zhou, 2021). Treasuries, generally seen as a safe haven asset, dropped too. 10 As markets fell, margin requirements increased, which put traders at risk of a downward liquidity spiral (Foley et al., 2021). ...