This paper analyzes the liquidity of the Korean stock market before and after the DART online disclosure and verifiesy whether the adoption of the new disclosure system played a role in enhancing the liquidity of the Korean Stock Market. Also, this paper analyzes whether information asymmetry problems that existed in previous disclosure system are alleviated. The results of this study are summarized as follows. First, comparing the liquidity of pre- and post- the first online disclosure date by each stock, we find statistically significant results that the adoption of the online disclosure system improves the market liquidity. Second, we analyze the effect of the new disclosure system to two information user groups, institutional investors and individual investors. As a result, we find that the increase in the liquidity of individual investors who are at the disadvantage of the information asymmetry problem is statistically more effective than the increase in institutional investors' liquidity. Third, we conduct a liquidity analysis by the size of information providers, KOSPI and KOSDAQ listed companies. We find that the degree of liquidity improvement of KOSDAQ listed companies which is in a disadvantage position in the information asymmetry problem is statistically more effective. 

keywords: DART system, Liquidity, Information asymmetry