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

Hideaki Sakawa () and Masato Ubukata ()
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Masato Ubukata: Kushiro Public University of Economics

Economics Bulletin, 2012, vol. 32, issue 3, 2103-2112

Abstract: This paper examines 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 analyze this relation using evidence from a change in the TSE disclosure policy in the 2000s. We find a positive relation between pre-trade transparency and market quality. This result implies that the change in the TSE disclosure policy was effective in improving market quality.

Keywords: Pre-trade transparency; Market quality; Quote disclosure (search for similar items in EconPapers)
JEL-codes: G1 G0 (search for similar items in EconPapers)
Date: 2012-07-26
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http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I3-P203.pdf (application/pdf)

Related works:
Working Paper: Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange? (2009) Downloads
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