The Proof of the Pudding: The Effects of Increased Trade Transparency in the London Stock Exchange
研究1996年伦敦证券交易所提高交易透明度规则变化对市场行为的影响，发现透明度大幅提升且未损害市场质量。
The trade publication rules of the London Stock Exchange were changed on 1 January, 1996, to increase transparency. This paper investigates whether these changes affected market behaviour by examining data on 60 firms from the FTSE 100, FTSE Mid 250 and the FTSE Small Cap indices before and after this rule change. This study finds there has been a major increase in transparency, with no detrimental effects on the quality of the market. In particular, neither the volume nor the traded bid‐ask spread has been adversely affected.