Recently exchanges have been directly selling market data. We analyze how this practice affects price discovery, the cost of capital, return volatility, and market liquidity. We show that selling price data increases the cost of capital and volatility, worsens market efficiency and liquidity,...

This paper identifies the joint effect that multiple factors exert on share prices in Karachi Stock Exchange (KSE), using annual balance sheet data of listed firms during 1981 to 2000. Out of six theory-suggested fundamental variables (divident yield, payout ratio, size, asset growth, leverage,...