... Aslan et al., 2011;Easley et al., 2012;Chang et al., 2014;Gan et al., 2015) . (e.g., Demsetez, 1968;Akerlof, 1970;Spence, 1973;Williamson, 1975;1985;2005;Stglitz, 2002;Schmidt and Keil, 2013;Andrew Bloomenthal, 2021 Chung et al, 1995;Coller and Yohn, 1997;Ferreira et al., 2011;Armstrong et al., 2012;Hwang et al., 2013;O'Hara, 2015; 'Hara, 1987;Easley et al., 1997a;1997b;2002;2012 (Bamber, 1987;Atias and Bamber, 1994;Bamber and Cheon, 1995;Bamber et al., 1997;Bamber et al.,2011 Kim and Verrecchia (1991; Bamber, 1987;Kim and Verrecchia, 1991;Atiase and Bamber, 1994; (e.g., Lu, 2012;Wang, 2013;Lara et al., 2014;Yassin et al., 2015;Ahmed and Ali, 2015;Isniawati et al., 2018;Shehata and Rashed, 2021 Bamber et al., 2011;Bhattacharya et al., 2008;Rapp, 2010;Shehata and Rashed, 2021;Ayagi, 2023;Lof and Bommel, 2023 (e.g., Beaver, 1968;Heflin et al., 2005;Bhattacharya et al., 2008;Ajward and Takehara, 2011 (e.g., Beaver, 1968;Demsetz, 1968;Glosten and Harris, 1988;Easley et al., 2002;Easley and O'Hara, 2002;Aslan et al., 2011;Chang et al., 2014;Gan et al., 2015;Petchey et al., 2016; ) ن تعقيدا األقؿ األخرل النماذج بعض اجد تك كمع ، الفعاؿ أك المؤثر السعر معدؿ نمكذج مقدمتيا في يأتي التي ك (e.g., Huang and Stoll, 1996;Bessembinder and Kaufman, 1997;Stoll,2000;Venkataraman,2001;Bessembinder,2003;Bhattacharya et al., 2008 (e.g., Kiger, 1972;Bamber, 1987;Bamber et al., 2011;Lof and Bommel; Bamber, 1987;Bamber and Cheon, 1995;Bamber et al., 1997; (e.g., Beaver, 1968;Ryan and Taffler, 2004;Bamber et al., 2011 Demsetz, 1968;Glosten and Harris, 1988;Easley and O'Hara, 1987;Easley et al., 2002 ) كعمى . Engle and Russel, 1997;Bauwens and Giot, 2003;Tay et al., 2009;Aktas et al., 2007;Lin and Ke, 2011;Okay et al., 2012;Petchey et al., 2016 Beaver, 1968, Ziebart, 1990Bamber et al., 2011;Fosu et al., 2016;Lof and Bommel, 2023 Welker, 1985;Diamond and Verrecchia, 1991;Healy et al., 1999;Heflin et al;2005 ...