The paper tests if the documented size effect in the Indian stock market is an anomaly with respect to market efficiency or an artifact with respect to data or methodology employed. The study employs two related datasets (one being held constant through the study period, the other being revised...

We study the impact of the adoption of zero commissions by major retail brokers and find that retail brokers that started charging zero commissions dramatically increase their market share of client assets. In addition, these retail brokers increasingly routed orders off exchange (i.e., OTC) to...

We study a broad sample of firms across 32 countries and find that strong shareholder protections and better access to stock market financing lead to substantially higher long-run rates of R&D investment, particularly in small firms, but are unimportant for fixed capital investment. Credit...

We explore the importance of new public firms and public equity finance for R&D and creative destruction in the U.S. high-tech sector. Between 1970 and 2004 over 1900 new public firms enter a small number of high-tech industries, substantially altering the focus of U.S. manufacturing and...

Through the three industrial revolutions, technology has enabled rapid changes in society. In a capitalist society, capital is invested where there is utility, for example, economic benefit. We intend to determine that the stock price of a company that uses a particular technology will change...

There has been no previous research on the link between license market and stock market. Are the two markets integrated or coupled such that the valuation of the same portfolio of intangible assets is consistent cross market? This study tries to fill the research gap. Based on the data of...

We propose and perform an empirical experiment to isolate the two factors pointed by Hou and Robinson (2006) as potential causes of what we call the concentration discount. These two factors are: innovation risk; and distress risk triggered by the absence of barriers-to-entry. Brazilian law...

We examine day-trading activities for 540 stocks traded on the Korea Stock Exchange using transactions data for the period from 1999 to 2000. Our cross-sectional analysis reveals that day-traders prefer lower-priced, more liquid, and more volatile stocks. By estimating various bivariate VAR...

Stock exchange operators compete for order flow by setting "make" fees for limit orders and "take" fees for market orders. When traders quote continuous prices, they can choose prices that perfectly neutralize any fee division, and traders stream to the exchange with the lowest total fee. The...

The empirical literature on the potential collusive effects of common-ownership relies heavily on financial institution mergers to make causal inferences. I find that more than 85% of newly-formed common-ownership relationships due to such financial institution mergers are no longer...