This study investigates the impact of dark equity trading regulatory restrictions on the options market liquidity in Canada. In late 2012, the Canadian market regulator introduced a new dark trading regulation, referred to as the “Minimum Price Improvement” (“MPI”). It requires dark...

Many recent governance reforms require that a majority of directors on corporate boards should be independent, and that only independent directors should serve on firm sub-committees. We examine the efficacy of these reforms by examining how board independence affects market liquidity and price...