{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T14:06:26Z","timestamp":1785333986545,"version":"3.55.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>The 2026 closure of the Strait of Hormuz produced the largest physical oil supply disruption in modern history. We examine the cross-sectional response of Asian equity microstructure across six markets between January and April 2026 using daily data on 172 firms. We estimate difference-indifferences specifications with firm and date fixed effects, identifying the differential response of energy-exposed firms during the war-onset, escalation, and blockade windows. Inference uses wild cluster bootstrap to address small-cluster bias from the five-country importer sample. We document two distinct microstructure transmission channels in net-importer markets. A producer channel operates through oil and gas firms, which experienced significantly wider Corwin-Schultz spreads accompanied by significantly lower Amihud illiquidity, consistent with elevated trading flow absorbing price impact. A consumer channel operates through industrials, which experienced significantly higher Parkinson volatility without corresponding spread or illiquidity effects, consistent with market-maker updates to volatility expectations rather than liquidity withdrawal. Indirect channels through energy-intensive materials and utilities show no significant response. The pattern is consistent with orderly absorption of a major supply shock by Asian equity microstructure architecture.<\/jats:p>","DOI":"10.2139\/ssrn.6648898","type":"posted-content","created":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:25:02Z","timestamp":1785331502000},"source":"Crossref","is-referenced-by-count":0,"title":["The Hormuz Shock and Asian Equity Markets: Volatility Without Liquidity Withdrawal in 161 Firms Across Six Markets"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:25:02Z","timestamp":1785331502000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6648898"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6648898","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}