Using extensive intraday transaction and institutional ownership data of Japan, this study investigates the question of whether institutional ownership increases the extent to which equity prices reflect information about the firms’ fundamentals (the degree of price informativeness) and the...

This article examines price discovery with and without trading through the use of pre-opening quotes in the absence of trading and trading-day quotes in the presence of trading on the Tokyo Stock Exchange. The non-trading mechanism is found to be conducive to the price discovery process. A high...