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Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange?

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Author Info

  • Hideaki Sakawa

    ()
    (Graduate School of Economics, Nagoya City University)

  • Masato Ubukata

    ()
    (Graduate School of Economics, Osaka University)

Abstract

This paper presents an examination of the relation between pre-trade transparency and market quality in the Tokyo Stock Exchange (TSE). Mixed evidence related to this relation has been reported worldwide. We analyzed this relation using a discrete change of disclosure policy in the 2000s. A positive relation pertains between pre-trade transparency and market quality. This result implies that the change of disclosure policy on the TSE might be effective for market quality improvement to some extent.

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File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0934.pdf
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Bibliographic Info

Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 09-34.

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Length: 26 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:osk:wpaper:0934

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Web page: http://www.econ.osaka-u.ac.jp/
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Keywords: Pre-trade transparency; Market quality; Quote Disclosure;

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Cited by:
  1. He, Yinghua & Nielsson, Ulf & Guo, Hong & Yang, Jiong, 2012. "Subscribing to Transparency," TSE Working Papers 12-351, Toulouse School of Economics (TSE), revised Nov 2013.

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