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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)

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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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Publisher 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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Related research
Keywords: Pre-trade transparency; Market quality; Quote Disclosure;

Find related papers by JEL classification:
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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This page was last updated on 2009-12-1.

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