We consider IPO firms from 1970 to 2001 and examine the evolution of their insider ownership over time to understand better why and how U.S. firms that become widely held do so. In our sample, a majority of firms has insider ownership below 20% after ten years. We find that a firm's stock market...

We use the NASDAQ market making context to study the role of geographic proximity in the price discovery of a firm's stock. We show that market makers closer to the firm's headquarters spend more time at the inside bid and ask quotes, initiate larger changes in the quotes, and account for...

Summary This study compares interindustry wages differentials in the U.S. and Germany using large microdata samples from wage surveys in 1979, 1985, and 1987. In contrast to previous studies, which found correlations of wage differentials in Germany and the U.S. of .85 and .95, we find less...