Disclosure and liquidity in a driven by orders market: empirical evidence from panel data
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| Formato: | Artículo científico |
| Lenguaje: | en |
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Fundación SEPI
2008
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| _version_ | 1876424884673839104 |
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| author | Mónica Espinosa |
| author_facet | Mónica Espinosa |
| contents | Disclosure and liquidity in a driven by orders market: empirical evidence from panel data Mónica Espinosa Mikel Tapia Marco Trombetta Economía y Finanzas liquidity Disclosure market microstructure The purpose of this paper is to study the relationship between disclosure and liquidity. Previous empirical tests have focused only on US markets and have used standard least square estimation techniques even in the presence of panel data. We analyse a market (Madrid Stock Exchange) with special institutional features and use proper panel data techniques. We provide evidence in favour of a positive relationship between disclosure and liquidity. Our results prove that this positive relationship is robust to different market architectures and to the use of different liquidity measures. 2008 artículo científico 0210-1521 https://www.redalyc.org/articulo.oa?id=17332304 en http://www.redalyc.org/revista.oa?id=173 Investigaciones Económicas application/pdf Fundación SEPI Investigaciones Económicas (España) Num.3 Vol.XXXII |
| format | Artículo científico |
| id | redalyc_17332304 |
| institution | Redalyc |
| language | en |
| publishDate | 2008 |
| publisher | Fundación SEPI |
| spellingShingle | Disclosure and liquidity in a driven by orders market: empirical evidence from panel data Mónica Espinosa Economía y Finanzas liquidity Disclosure market microstructure Disclosure and liquidity in a driven by orders market: empirical evidence from panel data Mónica Espinosa Mikel Tapia Marco Trombetta Economía y Finanzas liquidity Disclosure market microstructure The purpose of this paper is to study the relationship between disclosure and liquidity. Previous empirical tests have focused only on US markets and have used standard least square estimation techniques even in the presence of panel data. We analyse a market (Madrid Stock Exchange) with special institutional features and use proper panel data techniques. We provide evidence in favour of a positive relationship between disclosure and liquidity. Our results prove that this positive relationship is robust to different market architectures and to the use of different liquidity measures. 2008 artículo científico 0210-1521 https://www.redalyc.org/articulo.oa?id=17332304 en http://www.redalyc.org/revista.oa?id=173 Investigaciones Económicas application/pdf Fundación SEPI Investigaciones Económicas (España) Num.3 Vol.XXXII |
| title | Disclosure and liquidity in a driven by orders market: empirical evidence from panel data |
| topic | Economía y Finanzas liquidity Disclosure market microstructure |
| url | https://www.redalyc.org/articulo.oa?id=17332304 |