This paper examines the relationship between stock ownership concentration and illiquidity, using comprehensive shareholding data from companies listed on the Australian Stock Exchange. Ownership concentration is positively related to illiquidity. Analysis of individual shareholder types extends...

This paper provides a review of the market microstructure of the Australian Stock Exchange, five Asian Stock Exchanges, four North American Stock Exchanges and eight European Stock Exchanges.The scope of this review is to present a broad overview of the microstructure of the eighteen selected...

This paper provides a review of the market microstructure of ten Asia-Pacific stock exchanges. Asia-Pacific exchanges face significant challenges in an increasingly global and competitive world equity market. These exchanges need to provide an efficient, fair and competitive trading environment...

It is commonly accepted that closing call auctions provide investors with access to closing prices, reduce volatility and reduce price manipulation. This paper argues that call auction design may influence the achievement of these objectives. The paper focuses on one aspect of call auction...

This paper analyzes the impact of call auction design on the efficiency of auction prices. On 18 March 2002, the Australian Stock Exchange introduced a new matching algorithm and began to disseminate indicative auction prices and indicative surplus volumes. The results indicate that these...