日本のインサイダー取引規制、「重要事実」はどこで線引きされるのか
金融商品取引法が定める「重要事実」は、あらかじめ列挙された項目と数値基準の組み合わせで判定される。その具体的な仕組みを解説する。
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Who Counts as an Insider Under SEBI's Rules? The Definition Reaches Far Beyond the Boardroom
SEBI's insider trading framework does not stop at executives and directors. It also captures relatives, advisors, and anyone else who gains access to unpublished price sensitive information.
How Book-Building Sets an IPO's Price on the Korea Exchange
A look at how underwriters translate institutional demand into a final offer price during the Korea Exchange's IPO process, from the initial price band to the listing itself.
熊猫债与点心债有何不同:境外机构发行人民币债券的两条路径
从内地银行间市场到香港离岸柜台,同样标注人民币的债券却遵循两套完全不同的规则,本文梳理熊猫债与点心债的本质区别,以及境外机构在香港发行人民币债券的具体机制。
Inside the Auction Room: How Singapore Government Securities Get Their Price
A look at how Singapore Government Securities auctions turn a stack of competing bids into one market-clearing yield, and why that number is discovered rather than set in advance.
首次公开发行询价配售全解析:机构报价如何定出新股发行价
新股发行公告上的价格区间最终如何变成一个确定数字,答案在于机构投资者集体报价所形成的累计投标询价机制。
自社株買いの「TOB方式」とは何か 市場内買付けとの違いを読み解く
同じ自社株買いでも、取引所を通じて少しずつ買う方法と、価格と期間を公表して一括で買い付ける方法とでは、企業が使う目的も株主への影響もまったく異なる。
Follow-on Offer or IPO? Why a Listed Company Going Back to the Market Isn't Repeating Its Debut
A company can raise fresh equity years after listing without ever ringing a "first day" bell again. Here is what actually separates a follow-on public offer from an IPO in India.
How Margin Trading Actually Works: The Mechanics Behind a Margin Call
A trader can be forced out of a position not because the stock crashed, but because a formula tied to its value quietly crossed a line. Here is how margin accounts, maintenance requirements, and forced liquidation actually function.
沪港通深港通如何运作:南向与北向资金的实际路径
每天开盘前,一道无形的额度闸门决定着多少资金可以在内地与香港股市之间流动,这套机制究竟如何运转。
From Proposal to Rulebook: How Securities Regulators Write New Disclosure Rules
A single sentence buried in a comment letter can reshape a disclosure rule years before it ever takes effect. Here is the multi-stage process regulators actually follow.
信用违约互换:一份"保单",如何为债券持有人撑起安全网
当一家公司陷入债务困境时,持有其债券的机构如何在不卖出债券的情况下对冲违约风险,信用违约互换给出了答案。
「増益減収」はなぜ起こるのか、決算に潜む二つの矢印
売上は市場予想を下回ったのに利益は上回る。一見矛盾するこの決算パターンが実際に何を意味するのかを解説する。
How India Decides Which Stocks Count as Large, Mid, or Small Cap
A single ranked list, updated twice a year, quietly decides which Indian companies fall into large-cap, mid-cap, or small-cap buckets, with consequences for the funds that hold them.
新股暗盘交易是什么：与正式挂牌首日交易有何不同
在新股正式在交易所挂牌之前，为何会先出现一段被称为"暗盘"的交易时段，其撮合机制、参与门槛与风险与首日公开交易究竟有何区别。
How Analyst Price Targets Are Actually Built, and Why Revisions Matter
A single number on a research note hides a chain of assumptions about earnings, growth, and risk. Here is how that number gets made, and what changes when it moves.
股市"反弹"到底该怎么算？分析师们其实各有一套标尺
从下跌多少算见底，到反弹多少才算数,市场对"反弹"一词并没有统一的官方定义,但业内确实存在一些被广泛使用的量化参照。
What a Reverse Stock Split Really Changes, and What It Doesn't
A company's share price can jump many times over in a single morning without a cent of new revenue or investor money arriving. Here is the mechanical explanation, and its real limits.
国債入札の舞台裏、利回りはどう決まるのか
毎回の国債入札で発表される「落札利回り」という数字は、いったい誰が、どのような手続きを経て弾き出しているのか。その決定の仕組みを解説する。
Stock Splits Explained: What Actually Changes When an Indian Company Divides Its Shares
A shareholder wakes up owning five times as many shares as the day before, yet their portfolio's total value has not moved by a single rupee. Here is why.
What a Steeply Discounted Rights Offering Really Tells Investors
A rights issue priced far below the market suggests urgency more than opportunity. Here is how the discount is set and what it reveals about a company's capital needs.
港股新股发行揭秘:国际配售与公开发售如何分饼、定价?
在香港申购新股时,为何机构投资者与散户走的是两条完全不同的通道?回补机制、绿鞋与孖展认购背后的规则一次讲清。
Why S-REITs Must Pay Out 90% of Income to Keep Their Tax Perks
A look at how Singapore-listed real estate investment trusts are legally structured and why a single distribution rule shapes nearly everything about how they operate.
停牌不是"出事了":解析中国交易所股票停牌机制的运行逻辑
从信息披露到重大资产重组,梳理沪深交易所何时、为何、如何按下股票交易的暂停键,以及停牌与"出事"之间常被误读的关系。
自社株買いは株価をどう動かすのか:仕組みを読み解く
発行済み株式数が減るだけで、なぜ一株当たり利益は変わるのか。自社株買いが株価や指標に影響を及ぼす仕組みを、需給と会計の両面から整理する。
How SEBI's IPO Disclosure Rules Are Built to Protect Retail Investors
From the red herring prospectus to anchor investor lock-ins, a look at the disclosure architecture Indian regulators use to level the playing field in new listings.
同股不同权:香港交易所的差异化投票权架构解析
为什么同一家公司的两类股票可以拥有不同的投票权重,香港交易所又设置了哪些门槛与保障措施来平衡创始人控制权与中小股东利益。
What the "Korea Discount" Debate Is Really About
Korean shares often trade cheaper than global peers on similar earnings. The real explanation lies less in macro risk than in corporate structure and shareholder rights.
可转换债券:当"借条"里藏着一张换股票的门票
可转换债券兼具债券的还本付息与股票的上涨潜力,但这种"进可攻退可守"的结构究竟是如何设计出来的。
配当利回り5%は「お得」なのか、株価が動くと数字も動く仕組み
配当利回りは配当額を株価で割っただけの単純な指標だが、株価が下がれば数字は自動的に上がる。日本企業特有の配当性向の考え方とあわせて、この指標が本当に示しているものを整理する。
沪深300指数是怎么"选"出来的：一张指数背后的构建逻辑
同样反映A股，沪深300与上证综指为何走势常常不同，答案藏在样本筛选、加权方式和调整机制这些技术细节里。
Why Daily Price Limits Can't Stop a Run of Limit-Up Days
How the Tokyo Stock Exchange's daily price limits cap a stock's move, and how they interact with special quotes and circuit breakers.
科创板与主板注册制:同一套制度,为何审核结果大不相同
同样挂着"注册制"招牌,科创板和主板企业从提交材料到挂牌交易的路径差异究竟藏在哪些细节里,答案要从审核环节的分工说起。