Note(s): This table reports interrupted time-series (ITS) regression results for the long-run effects of offshore Korean equity index derivatives on domestic trading activity and liquidity. Models 1 and 2 use ln(Trading Value) as the dependent variable, while Models 3 and 4 use Liquidity as the dependent variable. ln(Trading Value) is measured as the natural logarithm of daily trading value. Liquidity is measured using an Amihud-based liquidity measure. Higher values of Liquidity indicate greater market liquidity. Post is an indicator equal to one for trading days on or after the offshore listing event and zero otherwise. Trend and Post × Trend are scaled by 100 trading days. Post × Trend captures the change in the post-event trend. Return and VKOSPI are included as control variables in Models 2 and 4. Newey-West standard errors with five lags are used. t-statistics are reported in parentheses. ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively