Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange?
AbstractThis 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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Bibliographic InfoPaper 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.
Length: 26 pages
Date of creation: Oct 2009
Date of revision:
Pre-trade transparency; Market quality; Quote Disclosure;
Other versions of this item:
- Hideaki Sakawa & Masato Ubukata, 2012. "Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange?," Economics Bulletin, AccessEcon, vol. 32(3), pages 2103-2112.
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-10-24 (All new papers)
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- 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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