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    Title: The Monitoring Effect of the Score of Information Disclosure and Evaluation System on Market Volatility and the Degree of Order Imbalance
    Other Titles: 資訊揭露評鑑成績對市場波動性與買賣單不平衡之抑制效果
    Authors: Chang, Chong-chuo;Wang, Yung-jang;Chen, Roger C. Y.;Tang, Hui-wen
    Contributors: 淡江大學保險學系
    Keywords: Corporate governance;information transparency;market microstructure;market volatility;order imbalance;information asymmetry
    Date: 2012/03/01
    Issue Date: 2012-05-19 07:44:38 (UTC+8)
    Publisher: 臺北市:臺灣財務金融學會
    Abstract: This study attempts to explore the relationship between the score of information disclosure and evaluation system and market microstructure. The empirical results show that the score of the information disclosure and evaluation system has negative influence on market volatility and the degree of order imbalance. Moreover, the raise of deviation between voting rights and cash-flow rights could diminish the score of the information disclosure negative influence market volatility and the degree of order imbalance. Consequently, advancing information transparency and enforcing corporate governance may reduce firm's information asymmetry and, meanwhile, mitigate its market volatility and the degree of order imbalance.
    Relation: Journal of Financial Studies 20(1), pp.1-32
    Appears in Collections:[保險學系暨研究所] 期刊論文

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