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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: Graduate School of Economics, Osaka University

No 09-34, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

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.

Keywords: Pre-trade transparency; Market quality; Quote Disclosure (search for similar items in EconPapers)
JEL-codes: G14 G15 G18 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2009-10
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http://www2.econ.osaka-u.ac.jp/library/global/dp/0934.pdf (application/pdf)

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Journal Article: Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange? (2012) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:osk:wpaper:0934

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