The adoption of pre-close disclosure mechanism, since February 20, 2012, has made the limit order book (LOB) less opaque during the closing call. We find that after this reform, the order aggressiveness from individual investor has declined; however, foreign investors tend to place orders more conservatively for large cap stocks. A higher degree of transparency does not bring order prices closer to closing prices. Price discovery efficiency slightly declines at the commencement of the closing call, and the number of small cap stocks meeting criteria for price manipulation increases. Measures of delaying closing calls effectively calm the emotions of investors.
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