Stock markets during the day are relatively centralized, while night markets, due to the dominance of electronic trading venues, are fragmented. Though electronic markets at night allow more competition for order flow, they may result in decreased order interaction and decreased transparency....

Purpose – The purpose of this paper is to examine the stock price reaction to the first announcement in SEC filings of the enactment of corporate governance guidelines. Agency and management theories suggest the enactment of guidelines should create value for the owners....