In this paper we model a corporate manager's choice of a disclosure regime. In a model in which disclosure has no efficiency gains like reduced cost of capital, no legal implications, and no signaling motivations, we show that a manager may choose to disclose payoff-relevant information as a...

This paper studies the effects of four events initiated by the Korea Exchange (KRX) aimed at enhancing pre-trade transparency: two for market opening by single-price call auction, and two for regular trading hours by continuous auction. We select the ten largest stocks, and another ten of the...