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The Origination and Evolution of Ownership and Control

Franks, Julian R; Mayer, Colin; Rossi, Stefano - C.E.P.R. Discussion Papers - 2003

In the first half of the twentieth century, the UK capital markets were marked by an absence of investor protection; by the end of the century, there was more extensive protection there than virtually anywhere else in the world. The UK therefore provides an exceptional laboratory for evaluating...

Persistent link: https://www.econbiz.de/10005123634

Europe's 'New' Stock Markets

Bottazzi, Laura; Da Rin, Marco - C.E.P.R. Discussion Papers - 2002

The creation of Europe’s ‘new’ stock markets represents a major experiment in market design with important implications for the ability to support innovative, fast-growing companies. We evaluate the success of these markets based on a large number of measures of firm performance and...

Persistent link: https://www.econbiz.de/10005123860

Does Market Organization Speed Up Market Stabilization? First Lessons From the Budapest and Warsaw Stock Exchanges

Zalewska, Ania - C.E.P.R. Discussion Papers - 1999

This paper investigates whether different systems of financial market organization influence the way in which newly created stock markets become more (weak-form) efficient. The author conducts a detailed comparative analysis of stocks listed on the Budapest and Warsaw Stock Exchanges, 1991-98,...

Persistent link: https://www.econbiz.de/10005497754

The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - C.E.P.R. Discussion Papers - 2013

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Persistent link: https://www.econbiz.de/10011084251

Financial Development and the Sensitivity of Stock Markets to External Influences

Dellas, Harris; Hess, Martin - C.E.P.R. Discussion Papers - 2001

We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect...

Persistent link: https://www.econbiz.de/10005791350

Why every Economist should Learn some Auction Theory

Klemperer, Paul - C.E.P.R. Discussion Papers - 2000

This is a preliminary draft of an Invited Symposium paper for the World Congress of the Econometric Society to be held in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and argue that auction-theoretic tools and intuitions can...

Persistent link: https://www.econbiz.de/10005792157

Stock Markets and Corporate Performance: A Comparison of Quoted and Unquoted Firms

Alexander, Ian; Mayer, Colin - C.E.P.R. Discussion Papers - 1991

This paper examines the influence of stock markets on corporate performance. It compares large private and publicly listed companies in the UK. It finds that, controlling for size and industry, quoted firms invest more and grow more rapidly than unquoted firms. They earn higher profits and pay...

Persistent link: https://www.econbiz.de/10005656401

The impact of dark trading and visible fragmentation on market quality

de Jong, Frank; Degryse, Hans; van Kervel, Vincent - C.E.P.R. Discussion Papers - 2011

Two important characteristics of current equity markets are the large number of trading venues with publicly displayed order books and the substantial fraction of trading that takes place in the dark, outside such visible order books. This paper evaluates the impact of dark trading and...

Persistent link: https://www.econbiz.de/10009359491

Strategic Behaviour and Price Discovery

Medrano, Luis Angel; Vives, Xavier - C.E.P.R. Discussion Papers - 1997

The paper analyses the effects of strategic behaviour by an insider in a price discovery process, akin to an information tâtonnement, in the presence of a competitive informed sector. Such processes are used in the pre-opening period of continuous trading systems in several exchanges. It is...

Persistent link: https://www.econbiz.de/10005124308

Price Discovery Across the Rhine

Biais, Bruno; Martinez, Isabelle - C.E.P.R. Discussion Papers - 2001

This Paper studies the formation of opening prices for German and French stocks, simultaneously traded in Frankfurt and … information on its value than foreign traders. Our model implies that prices set on the domestic market should be informationally … more e±cient than prices set on the foreign market. For German stocks, our empirical results are consistent with theory …

Persistent link: https://www.econbiz.de/10005136572