Liquidity and Optimal Market Transparency
研究在存在策略性做市商时，不同透明度水平对市场表现的影响，发现中等透明度优于完全透明或不透明。
Abstract In this paper I explore some of the consequences of greater market transparency for market performance in the presence of a strategic specialist. Although numerous studies have dealt with this issue, previous work has only considered either fully transparent or fully opaque markets. My model allows for different levels of transparency, and therefore sheds light on how transparency affects market performance. I show that an intermediate level of transparency can improve market performance relative to the more extreme cases of full transparency or no transparency at all.