{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,8]],"date-time":"2026-08-08T00:45:29Z","timestamp":1786149929993,"version":"build-2736575974"},"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>Market-wide circuit breakers are intended to create a cooling-off period, but whether the pause restores orderly price discovery is ambiguous. This paper studies seven KOSPI circuit breakers between 8 June and 29 July 2026, comprising the third through ninth activations of the year. Using five-minute KOSPI data for 59 sessions and five-minute returns for eight large Korean equities, together with one-minute data for the final two events, the analysis compares the first 30 trading minutes after reopening with the same clock-time windows on 52 non-event sessions. Price direction is heterogeneous: three observed reopenings are followed by gains and three by losses over 30 minutes. Market stress, however, is uniform. Post-reopening realized volatility is 1.9 to 5.3 times the matched-clock median and exceeds it in all six observable reopenings (onesided sign test p = 0.016). Average cross-stock correlation ranges from 0.64 to 0.95, versus matched medians of 0.26 to 0.43, while the first principal component explains 75% to 96% of return variation. On 29 July, the KOSPI fell a further 4.6% within 30 minutes of reopening before reversing. The evidence suggests that circuit breakers interrupt transactions but do not reliably reset the market state: price discovery resumes into unusually high volatility and synchronization, while direction remains determined by the underlying shock.<\/jats:p>","DOI":"10.2139\/ssrn.7208358","type":"posted-content","created":{"date-parts":[[2026,8,8]],"date-time":"2026-08-08T00:35:17Z","timestamp":1786149317000},"source":"Crossref","is-referenced-by-count":0,"title":["Pausing the Panic? Trading Halts and Deferred Price Discovery after Seven KOSPI Circuit Breakers in 2026"],"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":[[2026,8,8]],"date-time":"2026-08-08T00:35:47Z","timestamp":1786149347000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7208358"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7208358","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}