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| Hideaki Sakawa and Masato Ubukata |
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| ''Does Pre-trade Transparency Affect Market Quality in the Tokyo Stock Exchange?'' |
| ( 2012, Vol. 32 No.3 ) |
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| 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 positive relation between pre-trade transparency and market quality. This result implies that the change in the TSE disclosure policy was effective in improving market quality. |
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| Keywords: Pre-trade transparency; Market quality; Quote disclosure |
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| Manuscript Received : Jul 16 2012 | | Manuscript Accepted : Jul 26 2012 |
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