Sakawa, Hideaki; Ubukata, Masato - In: Economics Bulletin 32 (2012) 3, pp. 2103-2112
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...