NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Twilight Zone: OTC Regulatory Regimes and Market Quality

Ulf Brüggemann, Aditya Kaul, Christian Leuz, Ingrid M. Werner

NBER Working Paper No. 19358
Issued in August 2013, Revised in October 2016

---- Acknowledgments ----

We thank the following individuals for helping us with or providing data: Juan Alcacer; Burch Kealey; Matthew Fuchs, Ed McCann and the OTC Markets Group; Frank Lovaglio and Standard & Poor’s; Pedro Saffi; Michael Strauss and Mergent; Aysem Tkacik and NASDAQ. We also thank two referees, the editor Itay Goldstein, Robert Bartlett, Chyhe Becker, John Cochrane, Alixe Cormick, Holger Daske, Michael Erkens, Jennifer Marietta-Westberg, Maria Weigel, Josh White as well as workshop participants at the University of Chicago, 2013 EAA Conference, 2014 EFA Conference, ETH Zürich, Goethe University Frankfurt, HEC Paris, Humboldt University of Berlin, Securities and Exchange Commission, VfS-Annual Conference 2015 and WHU for helpful discussions and comments. Samaar Haider, Maria Kamenetsky, Russell Ruch, and Yingdi Wang provided excellent research assistance. Christian Leuz gratefully acknowledges financial support by Chicago Booth’s Initiative on Global Markets and the Humboldt Research Award. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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