This book is written in commemoration of Karel Jansen. It was originally planned as a Liber Amicorum for his retirement in 2011 to honour a valued and productive colleague, teacher and researcher. After Karel's sudden death the contributors decided to do just that and go on with the production...

We study the success and failure of 59 newly established (“nascent”) stock markets since 1975 in their first 40 years of activity. Nascent markets differ markedly in their success, as measured by number of listings, market capitalization, and trading activity. Long-term success is in part...

We study the success and failure of newly established stock markets, as measured by listings, market capitalization, and trading activity. Early success is a necessary but not sufficient condition for long-term success, while small population, high corruption, limited law and order, low...