Using a new daily dataset for all stocks traded on the New York Stock Exchange, we study the evolution of information asymmetry during runs on financial institutions and the subsequent liquidity freeze of October 1907 - one of the severest financial crises of the 20\textsuperscript{th} century....

In theory, banning short selling stabilizes stock prices but undermines pricing efficiency and has ambiguous impacts on market liquidity. Empirical studies find mixed and conflicting results. This paper leverages cross-country policy variation during the 2020 Covid crisis to assess differential...

We find that the bans on covered short sales, implemented in several countries during the financial crisis of 2008-09 improved market liquidity or at least had a neutral impact; a result we argue could be expected in theory, given a simple variation on the Diamond-Verrechia (1987) model. The...

Using a new daily dataset for all stocks traded on the New York Stock Exchange between 1905 and 1910, we study the impact of information asymmetry during the liquidity freeze and market run of October 1907 - one of the most severe financial crises of the 20th century. We estimate that the market...

We find that the bans on covered short sales, implemented in several countries during the financial crisis of 2008-09 improved market liquidity or at least had a neutral impact; a result we argue could be expected in theory, given a simple variation on the Diamond-Verrechia (1987) model. The...

Using a new daily dataset for all stocks traded on the New York Stock Exchange between 1905 and 1910, we study the impact of information asymmetry during the liquidity freeze and market run of October 1907 - one of the most severe financial crises of the 20th century. We estimate that the market...

The sources of finance for industrial development include (i) banks, (ii) securities markets, (iii) internal finance, (iv) alternative sources of finance such as angel finance, trade credit, families, and friends, and (v) governments. All four countries had sophisticated financial systems and...

This book examines the origins of modern corporate finance systems during the rapid industrialization period leading up to World War I. The study leads to three sets of conclusions. First, modern financial systems are rooted in the past, are idiosyncratic to specific countries, and are highly...

This paper presents a range of new evidence on the development of the US venture capital industry in the 3 to 4 decades following World War II, the period in which modern-style venture capital was created. The paper reveals details of supply and demand for venture capital services and...