Market Microstructure Dynamics in ASEAN-4 Capital Markets (2010 -2025): Liquidity Architecture, Price Discovery Mechanisms, and Regulatory Moderation under Systemic Shocks
This study develops an integrated and longitudinal investigation of market microstructure dynamics across four principal ASEAN equity markets—Indonesia, Singapore, Thailand, and Malaysia—over the 2010–2025 period. The analysis concentrates on the structural interaction between liquidity provision, price discovery effic...