主 题：The impact of transparency on market quality for the Taiwan Stock Exchange
主讲人：台湾长荣大学 王铭辉助理教授
主持人：工商管理学院 邱奕宾 副教授
时 间：2015年11月20日（周五）下午 13：30-15：00
地 点：柳林校区 颐德楼 H203
主办单位：工商管理学院 科研处
主讲人简介：
王铭辉博士为台湾长荣大学财务金融学系助理教授。过去曾是台湾诺亚资本管理顾问公司的投资分析师、台湾远东银行的资深专员以及从事博士后研究的工作。主要从事股利政策及市场微结构等相关议题的研究。目前王博士发表了两篇国际期刊论文，其中SSCI论文1篇。
内容摘要：
This paper examines the impact of increased transparency on market quality for stocks listed on the Taiwan Stock Exchange in the pre and post-period of enhanced transparency starting from January 1, 2003. The Taiwan Stock Exchange discloses unexecuted orders of the five best bid and ask prices following the increased transparency. The empirical results indicate a significant improvement in market quality following the enhanced transparency. Both the bid–ask spreads and the standard deviation of returns decrease significantly in the post-period. Moreover, market depth increases significantly in the post-period. Finally, the results are robust when the market quality of different trading-volume groups is examined.
