The Global Stock Market

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. I unreservedly recommend this text to all scholars of international finance who are drawn to the social sciences and humanities. Jonathan V. Beaverstock, Regional Studies1. Introduction to the Map of the Global Stock Markets ; 2. Biased Listings: Proximity in Domestic Primary Markets ; 3. The Footprint of Foreign Listings: the Pursuit of Issuers from Emerging Markets ; 4. Biased Investors: Proximity in Secondary Markets ; 5. Investors under Pressure: New York, London, and Hong Kong in 2008-2009 ; 6. Embedded Stock Exchanges: Between Real and Virtual Space ; 7. Towards Global Stock Exchange Groups: Ownership and Location ; 8. Global Stock Markets Re-drawn: Stock Market Centres and their Future