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[{"key": "dc.contributor.advisor", "value": "Lehkonen, Heikki", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Launiainen, Vertti", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2023-11-29T06:36:02Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2023-11-29T06:36:02Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2023", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/92128", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "L\u00e4pin\u00e4kyvyyden kehittyminen rahoitusmarkkinoilla on her\u00e4tt\u00e4nyt kysymyksi\u00e4 sen vaikutuksista likviditeettiin. Siirtym\u00e4 kohti v\u00e4hemp\u00e4\u00e4 l\u00e4pin\u00e4kyvyytt\u00e4 kaupank\u00e4ynniss\u00e4 on noussut pinnalle, ennen kauppaa tapahtuvan anonymiteetin lis\u00e4\u00e4ntymisess\u00e4 ja hiljattain kaupanka\u0308ynnin j\u00e4lkeisen anonymiteetin lis\u00e4\u00e4ntymisess\u00e4. T\u00e4st\u00e4 huolimatta eroja eri p\u00f6rssien v\u00e4lill\u00e4 on havaittavissa, ja ep\u00e4varmuus vallitsee sen suhteen, mit\u00e4 k\u00e4yt\u00e4nt\u00f6\u00e4 tulisi noudattaa. T\u00e4m\u00e4 tutkielma tutkii kaupank\u00e4ynnin j\u00e4lkeen tapahtuvan anonymiteetin vaikutuksia likviditeettiin pieniss\u00e4 ja keskisuurissa markkina-arvon yrityksiss\u00e4. Likviditeetti\u00e4 mitataan osto- ja myyntikurssin v\u00e4lisell\u00e4 erolla, osakkeelle kohdistuvan kaupank\u00e4ynnin volyymilla, arvolla sek\u00e4 vaihtuvuudella. Tutkielma keskittyy Helsingin p\u00f6rssiin jossa, kaupank\u00e4ynnin j\u00e4lkeen tapahtuvaa anonymiteetti\u00e4 lis\u00e4ttiin loppuvuodesta 2022, kun v\u00e4litt\u00e4jien tunnistetiedot piilotettiin kaupan toteutumisen j\u00e4lkeen pienten ja keskisuurten yrityksien osalta. Suuret yritykset, olivat kokeneet t\u00e4m\u00e4n muutoksen jo vuonna 2020. T\u00e4st\u00e4 muodostuva puolisatunnaistettu asetelmaa tutkittiin k\u00e4ytt\u00e4en Difference-in-Differences menetelm\u00e4\u00e4, jossa pienet ja keskisuuret osakkeet muodostivat k\u00e4sittelyryhm\u00e4n ja suuret osakkeet vertailuryhm\u00e4n. Tutkielman empiiriset tulokset osoittavat, ett\u00e4 kaupank\u00e4ynnin j\u00e4lkeen tapahtuvan anonymiteetin lis\u00e4\u00e4ntyminen vaikutti positiivisesti likviditeettiin tutkielman parametreill\u00e4 mitattuna. Lis\u00e4ksi havaittu likviditeetin lis\u00e4\u00e4ntyminen oli suurempaa pienten markkina-arvon osakkeilla. Tietyill\u00e4 mittareilla likviditeetti parani sek\u00e4 vertailu- ett\u00e4 k\u00e4sittelyryhm\u00e4ss\u00e4 mutta, vaikutus oli huomattavasti suurempi k\u00e4sittelyryhm\u00e4ss\u00e4 johon muutos kohdistui. T\u00e4m\u00e4 viittaa siihen, ett\u00e4 kaupank\u00e4ynnin j\u00e4lkeisen anonymiteetin laajentaminen pienten ja keskisuurten yrityksien pariin edesauttoi likviditeetti\u00e4 ja t\u00e4ten Helsingin po\u0308rssin yleist\u00e4 terveytt\u00e4.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "The evolution of transparency in financial markets has raised questions regarding its relation to liquidity. The shift towards less transparency in trading has been apparent with first, the increase of pre-trade anonymity followed by post-trade anonymity. Despite this, there are still differences between stock exchanges and uncertainty exists as to which measure to adopt. This thesis examines the effects of post-trade anonymity on liquidity for small and medium market capitalization companies. Liquidity is measured through the bid-ask spread, turnover value, turnover volume, and turnover ratio. The thesis focuses on the Helsinki Stock Exchange which experienced an increase in post-trade anonymity in late 2022 when broker identifications were hidden post-trade for small and medium sized companies alongside large companies which experienced this change in 2020. This formed a quasi-experimental setup which was investigated using the difference-in-differences model in which the small and medium sized stocks formed the treatment group and the large stocks the control group. The empirical results indicate that the increase in post-trade anonymity had a significant positive impact on liquidity in all of the four measures. Furthermore, the observed increases in liquidity were more severe within the small market capitalization stocks. Worth noting is that while liquidity improved for both the control and treatment group in some measures such as the bid-ask spread, the effect was much greater for the treatment group which had experienced the increase in post-trade anonymity. This suggests that the expansion of post-trade anonymity to small and medium sized stocks was beneficial for liquidity and therefore the overall health of the Helsinki Stock Exchange.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Paivi Vuorio (paelvuor@jyu.fi) on 2023-11-29T06:36:02Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2023-11-29T06:36:02Z (GMT). No. of bitstreams: 0\n Previous issue date: 2023", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "50", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": null, "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.title", "value": "Now you see me, now you don\u2019t : the impact of post trade anonymity on liquidity in the Helsinki Stock Exchange", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202311298133", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Taloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.copyright", "value": "\u00a9 The Author(s)", "language": null, "element": "rights", "qualifier": "copyright", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "arvopaperimarkkinat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "maksuvalmius", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "anonymiteetti", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "rahoitusmarkkinat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "security market", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "liquidity", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "anonymity", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "financial markets", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}]
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