Effect of voluntary disclosure on stock volatility and liquidity : Singapore evidence

• Main Authors: Ang, Li Chen, Leong, Richard See-Kit, Ng, Shuling
• Other Authors: Courtenay, Stephen M.
• Format: Final Year Project
• Published: 2008
• Subjects: DRNTU::Business::Finance::Stock exchanges
• Online Access: http://hdl.handle.net/10356/9257
• Institution: Nanyang Technological University

In this paper, we investigate if the stock market rewards firms for voluntary disclosure using three proxies for information asymmetry, namely security returns volatility, trading volume and bid-ask spreads. The efficiency of the Singapore stock market is also tested by comparing the three proxies d...