Carole Comerton-Forde (UNSW)

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Carole Comerton-Forde


A seminar by Carole Comerton-Forde from the University of New South Wales

Title: Does Financial Market Structure Impact the Cost of Raising Capital?

Abstract: We provide direct evidence on nancial market structure and the cost of raising capital by examining major market structure changes in US equities markets. Only the Order Handling Rules (OHR), which transformed Nasdaq from a dealer-oriented over-the-counter market to a market where investors directly interact with each other, lowered the cost of raising capital. Using a dierence-in-dierence framework relative to the NYSE and exploiting the OHR's staggered implementation, we nd that the OHR reduced the implicit costs (underpricing) of seasoned equity oerings by one to two percentage points compared to a pre-OHR average of 3.6 percent. 

Start date:

11am Friday, 16 Aug 2019

End date:

12.30pm Friday, 16 Aug 2019




Carole Comerton-Forde

Updated:   5 August 2019 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team