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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/72649


    Title: Tick-Size Reduction and Spread Components on the Taiwanese Stock Market
    Authors: Hsieh, Tzung-Yuan;Lin, Ching-Chung;許永明
    Contributors: 風管系
    Date: 2010-09
    Issue Date: 2015-01-07 16:54:52 (UTC+8)
    Abstract: This paper investigates the effect of the decrease in tick size that occurred in the Taiwanese stock market in 2005 on spread components. Employing a methodology proposed by Lin, Sanger and Booth (1995) and using rigorous investigation techniques, this study provides a better understanding of emerging order-driven markets. The empirical results show that information asymmetry costs and order processing costs have indeed decreased after the tick-size reduction. We further find that stocks with greater binding-constraint probability experience larger declines in information asymmetry. Besides, stocks traded frequently experience large declines in information asymmetry and order processing costs.
    Relation: International Research Journal of Finance and Economics,54,191-201
    Data Type: article
    Appears in Collections:[風險管理與保險學系 ] 期刊論文

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