Stock Exchange Disclosure and Market Development: An Analysis of 50 International Exchanges
分析了50家国际证券交易所的披露系统（包括规则、监控和执行）与市场发展（如流动性、交易活跃度）之间的关系，发现披露系统越强，市场发展越好。
This study examines associations between measures of stock exchange disclosure and market development at 50 of the 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 policy with desired outcomes related to market development (such as liquidity, trading activity, and market size relative to gross domestic product). We find strong support for the hypothesis that the strength of the disclosure system (disclosure rules, monitoring, and enforcement) is positively associated with market development, after controlling for legal system, legal protection of investors, market size, and several other potentially relevant explanatory variables.