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We use the daily opening and closing prices of eighteen dually-listed Hong Kong companies to investigate the transfer of pricing information between the Stock Exchange of Hong Kong (SEHK) and the London Stock Exchange (LSE). Evidence shows that (1) SEHK overnight returns respond significantly to change in LSE intraday returns, but the transmission process is not completed at the opening of the SEHK; (2) LSE overnight returns respond significantly to changes in SEHK intraday returns, but the transmission process is not completed at the opening of the LSE, either; (3) the impact is stronger moving from the LSE to the SEHK. This evidence indicates that information transfer runs in both directions and that most of the transmitted information continues to be processed throughout the following trading day (JEL G15). Copyright Blackwell Publishers Ltd 1999.

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South Korea has undertaken major and far-reaching actions to rebuild and improve its financial sector since the financial crisis of 1997. Various measures to clean up the balance sheets of financial institutions have helped to normalize the financial system earlier than expected and have significantly eased the credit crunch. Despite the many significant changes in the South Korean economy brought about by financial reform, the country must continue with further improvements if it expects to build a stronger and more competitive financial industry that can thrive in the international market. To sustain the momentum of its initial reform effort, South Korea should institute additional financial reforms, eliminate moral hazard, and establish new market-based rules. Copyright (c) 2004 Center for International Development and the Massachusetts Institute of Technology.

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