This study investigates the association between changes in the operating structure of stock exchanges in recent decades, from mutually owned (broker/dealer-owned) to demutualized (for-profit, shareholder-owned), and stock liquidity and transparency of listed firms. We focus on de facto...

The newspaper industry has struggled in recent decades, as readers and marketing revenue have migrated to digital outlets. Facing these pressures, many US newspapers have downsized or closed completely. We examine changes in firm behavior after they experience a shock to the local newspaper...