He, Yinghua; Nielsson, Ulf; Guo, Hong; Yang, Jiong - In: Journal of Banking & Finance 44 (2014) C, pp. 189-206
The paper empirically explores how more trade transparency affects market liquidity. The analysis takes advantage of a unique setting in which the Shanghai Stock Exchange offered more trade transparency to market participants subscribing to a new software package. First, the results show that...