The Global Stock Market Issuers, Investors, and Intermediaries in an Uneven World

• Empirical data and case studies from around the world
• Analytic focus on recent trends and future developments
• Introduces an alternative theory of stock market centres and their networks
• Clear description of how the global stock market works

Why do some companies stay out of stock markets? How crucial are stock markets for competition between financial centres? How can local information help investors outperform the market? 

Whilst mainstream financial economics treats stock markets as consisting of anonymous actors interacting in space, with no consideration of the friction caused by distance or geography, this book offers a comprehensive and up-to-date picture of the global stock market by focusing on the relationships between issuers, investors, and intermediaries, and how these relationships impact on the performance of stock markets and the economy of cities, countries, and the world.

The book uses rich data and global case studies to examine the rise of emerging markets, the impact of the global financial crisis, the revolution in the stock exchange business model, and the continued dominance of London and New York as stock market centres.

Drawing on economic geography, financial economics, sociology, history, and globalization studies, the book explores the geographical constitution and footprint of stock markets and contributes to the broader debate on the role of stock markets in the global economy. Its conclusions are relevant to investors, companies issuing stocks, exchanges, analysts, investment banks, and policy-makers.

Readership: Academics, researchers, and students in Business, Finance, and Economics; investors, companies issuing stocks, exchanges, analysts, investment banks; and policy-makers.