NCA paper at Finance conference

José Albuquerque de Sousa, PhD candidate at the Rotterdam School of Management, Netherlands presented an NCA-based paper on “Nascent markets: understanding the success and failure of new stock markets” at the European Finance Associaton (EFA) Annual Meeting in Oslo, Norway. The paper, co-authored with Thorsten Beck, Peter A.G. van Bergeijk, and Mathijs A. van Dijk, describes the success and failure of 40 newly established (“nascent”) stock markets since 1974 in their first 40 years of activity.They found that long-term success is mostly determined by early success, and in particular that high initial numbers of listings and trading activity are necessary, but not sufficient, conditions for success.