The Relationship between Listing Requirements and Market Quality: An Examination Using NASDAQ¡¯s Tiered Market Structure

Kevin D. Broom and Jason S. Turner

International Journal of Financial Research, 2016, vol. 7, issue 5, 203-220

Abstract: This study examines the relationship between listing requirements and market quality. Related studies analyzed market quality by focusing on disclosure requirements, while neglecting potential effects from listing requirements. Most of these studies failed to control for different market structures, thereby creating joint hypothesis problems. Using the unique structure of NASDAQ, We examine market quality while controlling for disclosure requirements and market structure. We find a significant relationship exists between listing requirements and four measures of market quality. The results indicate that listing requirements represent the types of information revealed, whereas disclosure requirements represent the mechanism through which markets reveal information.

Keywords: disclosure; listing; market quality; liquidity; NASDAQ (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciedu.ca/journal/index.php/ijfr/article/view/10433/6358 (application/pdf)
http://www.sciedu.ca/journal/index.php/ijfr/article/view/10433 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jfr:ijfr11:v:7:y:2016:i:5:p:203-220

DOI: 10.5430/ijfr.v7n5p203

Access Statistics for this article

International Journal of Financial Research is currently edited by Gina Perry

More articles in International Journal of Financial Research from International Journal of Financial Research, Sciedu Press
Bibliographic data for series maintained by Gina Perry ().