{"title":"证券交易所信息披露与市场流动性:对50家国际交易所的分析","authors":"C. Frost, Elizabeth A. Gordon, A. Hayes","doi":"10.2139/ssrn.355361","DOIUrl":null,"url":null,"abstract":"This study examines associations between measures of stock exchange disclosure and market liquidity at the 50 member stock exchanges of the World Federation of Exchanges. We focus on stock exchange disclosure systems (rather than actual company disclosures) because this approach links stock exchange and government policy with desired outcomes related to market quality factors, such as liquidity. We find strong support for the hypothesis that strength of disclosure system (disclosure rules, monitoring and enforcement, and information dissemination) is positively associated with market liquidity, after controlling for stock exchange size, legal system and several other proxies for extent of market development and the information environment.","PeriodicalId":423843,"journal":{"name":"Corporate Law: Corporate Governance Law","volume":"45 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2002-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"42","resultStr":"{\"title\":\"Stock Exchange Disclosure and Market Liquidity: An Analysis of 50 International Exchanges\",\"authors\":\"C. Frost, Elizabeth A. Gordon, A. Hayes\",\"doi\":\"10.2139/ssrn.355361\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study examines associations between measures of stock exchange disclosure and market liquidity at the 50 member stock exchanges of the World Federation of Exchanges. We focus on stock exchange disclosure systems (rather than actual company disclosures) because this approach links stock exchange and government policy with desired outcomes related to market quality factors, such as liquidity. We find strong support for the hypothesis that strength of disclosure system (disclosure rules, monitoring and enforcement, and information dissemination) is positively associated with market liquidity, after controlling for stock exchange size, legal system and several other proxies for extent of market development and the information environment.\",\"PeriodicalId\":423843,\"journal\":{\"name\":\"Corporate Law: Corporate Governance Law\",\"volume\":\"45 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2002-10-14\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"42\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Law: Corporate Governance Law\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.355361\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Law: Corporate Governance Law","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.355361","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Stock Exchange Disclosure and Market Liquidity: An Analysis of 50 International Exchanges
This study examines associations between measures of stock exchange disclosure and market liquidity at the 50 member stock exchanges of the World Federation of Exchanges. We focus on stock exchange disclosure systems (rather than actual company disclosures) because this approach links stock exchange and government policy with desired outcomes related to market quality factors, such as liquidity. We find strong support for the hypothesis that strength of disclosure system (disclosure rules, monitoring and enforcement, and information dissemination) is positively associated with market liquidity, after controlling for stock exchange size, legal system and several other proxies for extent of market development and the information environment.
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