Battilossi, Stefano; Houpt, Stefan Oliver - In: Financial history review : FHR 32 (2025) 3, pp. 245-278
We study the effect of democratization on stock market liquidity across Spanish political regimes between 1914 and 1936. We use press news related to mass mobilization in favor of political and redistributive reforms to build a monthly index of political uncertainty, and test its impact on...