Academics Research on Automated Confirmation Transaction Service

• Short selling and the weekend effect in Nasdaq stock returns, Christophe, S. E., Ferri, M. G., & Angel, J. J. (2009). Short selling and the weekend effect in Nasdaq stock returns.Financial Review,44(1), 31-57. We examine daily short selling of Nasdaq stocks to explore whether speculative short selling causes a significant portion of the weekend effect in returns. We identify a weekend effect in speculative short selling whereby it constitutes a larger percentage of trading volume on Mondays versus Fridays. We find an opposite effect in dealer short selling, consistent with market makers adding liquidity and stability. Our main finding is that speculative short selling does not explain an economically meaningful portion of the weekend effect in returns, even among the firms most that are most actively shorted. This finding contradicts some prior studies. 
• Shortselling prior to earnings announcements, Christophe, S. E., Ferri, M. G., & Angel, J. J. (2004). Shortselling prior to earnings announcements.The Journal of Finance,59(4), 1845-1876. This paper examines shortsales transactions in the five days prior to earnings announcements of 913 Nasdaqlisted firms. The tests provide evidence of informed trading in preannouncement shortselling because they reveal that abnormal shortselling is significantly linked to postannouncement stock returns. Also, the tests indicate that shortsellers typically are more active in stocks with low booktomarket valuations or low SUEs. The levels of preannouncement shortselling, however, mostly appear to reflect firmspecific information rather than these fundamental financial characteristics. We believe that these results should encourage financial market regulators to consider providing more extensive and timely disclosures of shortselling to investors. 
• Institutional and Regulatory Developments, Vuorenmaa, T. A. (2014). Institutional and Regulatory Developments. InLit and Dark Liquidity with Lost Time Data: Interlinked Trading Venues around the Global Financial Crisis(pp. 1-5). Palgrave Macmillan, New York. To facilitate the interpretation of the empirical results, the major U.S. centric institutional and regulatory developments are concisely reviewed. 
• Revelation of US OTCBB Disclosure System to Chinese Over-the-Counter Market Disclosure, Chen, H. P., & Chang, Q. (2013). Revelation of US OTCBB Disclosure System to Chinese Over-the-Counter Market Disclosure. InApplied Mechanics and Materials(Vol. 427, pp. 2940-2945). Trans Tech Publications. Integrated Bayesian and Nash equilibrium model, using game theory mathematical calculation method, we researched the game between the government and the market maker in the U.S. OTCBB information disclosure. We concluded that government should strengthen management of the information disclosure mechanism, improve the information disclosure is the key to resolve the problem of asymmetric information, OTCBB information disclosure policies and measures need to be perfected. According to this, we researched the contents of U.S. OTCBB information disclosure and its characteristics, also we analysis the information disclosure system of the U.S. OTCBB experience and Its Enlightenment to China and use for reference. 
• SEC FILES FRAUD CHARGES AGAINST, Pasternak, K. D. SEC FILES FRAUD CHARGES AGAINST.