This paper presents a model to analyze the consequences of competition in order-flow between a profit maximizing stock exchange and an alternative trading platform on the decisions concerning trading fees and listing requirements. Listing requirements, set by the exchange, provide public...

This paper examines Canadian and other foreign firms that have been involuntarily delisted from major U.S. exchanges. I find that, for most countries, less than 10% of firms get delisted from a U.S. exchange during my sample period. For Canada, more than 25% of firms listed in the United States...

We analyze the stock price impact of firms' U.S. cross-listing on home-market rival firms. Using an empirical event study approach we find negative cumulative average abnormal returns for the rival firms. The evidence suggests that the dominant effect is that investors see rivals as at a...

Political economists interested in discerning the effects of election outcomes on the economy have been hampered by the problem that economic outcomes also influence elections. We sidestep these problems by analyzing movements in economic indicators caused by clearly exogenous changes in...

The Nasdaq stock market provides information about buying and selling interest in what is called the Level II display. Using a bivariate VAR model of trades and quotes, I assess the effect of Level II prices and depths on short-run quote dynamics. I also determine the influence of individual...

Flüchtendes Schwarzgeld sowie aus Osteuropa und der Türkei zurückdrängende DM-Bestände können den Kursverfall des Euro maßgeblich erklären: Das von Hans-Werner Sinn und Frank Westermann formulierte Portfolio-Balance Modell unterscheidet nämlich im Gegensatz zu anderen Modellen dieser...

Flüchtendes Schwarzgeld sowie aus Osteuropa und der Türkei zurückdrängende DM-Bestände können den Kursverfall des Euro maßgeblich erklären: Das von Hans-Werner Sinn und Frank Westermann formulierte Portfolio-Balance Modell unterscheidet nämlich im Gegensatz zu anderen Modellen dieser...