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...

Wie gross sind die Aktienmärkte wirklich? Wer setzt auf Einzelwerte, wer lieber auf Fonds und ETFs? Wo schlummern die gröt︣en Goldreserven? Wie sieht die Bilanz der Ära Angela Merkel aus? Wo wohnen die meisten Milliardärinnen? Wie entwickeln sich Zinsen über sehr lange Zeiträume? Wie...

The question why firms voluntarily forgo considerable portions of their debt capacity is puzzling financial economists. Across a wide range of industries and countries, empirically observed equity ratios are significantly higher as expected by classical capital structure theories. A potential...