The Impact of Online Stock Trading on the Information Asymmetry (Evidence of Tehran Stock Exchange)

Authors

University of Guilan

Abstract

This study sought to examine whether online stock trading on information asymmetry companies listed in Tehran Stock Exchange will have an effect or not? The statistic population of the study is comprised of the companies listed in Tehran Stock Exchange during 2010/9-2013/8 as the time-span of the study. The sample of the study consists of 117 companies for 36 months and it totally includes 4212 observations. For hypothesis testing, regression analysis and data from the test (EGLS) panel data using the software Eview’s 8 is used. The general result of this research indicates that online stock trading has a considerable negative effect on information asymmetry of companies listed in Tehran stock exchange. It is understood from the results that Online stock trading in the Tehran Stock Exchange on the one hand an increase in the number of traders and the subsequent increase in competition between them and the other hand to reduce transaction costs and adverse selection costs. This causes the reduction of information asymmetry companies listed in the Tehran Stock Exchange.

Keywords

References

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History

  • Receive Date: 21 November 2016
  • Revise Date: 16 January 2017
  • Accept Date: 21 November 2016

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