Changes in the Turnover Ratio and Liquidity in International Equity Markets

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dc.contributor.authorPenalva, Jose S.
dc.contributor.authorTapia Torres, Mikel
dc.contributor.funderAgencia Estatal de Investigación
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2026-07-17T14:48:47Z
dc.date.issued2026-06-30
dc.description.abstractWe examine global trading activity over 15 years and compare trends across countries. We find that European volume hasgrown, but less than in other countries, while turnover ratios have declined. However, the decline is exaggerated in standardvolume data, which focuses on primary market trading, and becomes comparable after adjusting North American data. Overall,we observe a universal decrease in primary market turnover ratios accompanied by declining stock volatility; the Europeandecline is significant, though smaller than in the United States. This decline has taken place in a context of low forward‐lookingvolatility and yield spreads, which mitigated the decline.
dc.description.peerreviewedYes
dc.description.sponsorshipThe research presented inthis paper received financial support from the PLATO partnership and relied on data concerning index membership from the S&P Dow Jones Indices. It also received financial support from the Spanish Ministerio de Ciencia, Innovación y Universidades under grant number PID2022‐143241OB‐I00. The analysis and conclusions presented in this research are those of the authors and do not indicate concurrence by the supporting institutions in any way. This research received funding from the Agencia Estatal de Investigación (Grant number:PID2022‐143241OB‐I00/AEI/10.13039/501100011033), the Comunidad de Madrid (Programa Excelencia para el Profesorado Universitario), and the PLATO partnership.
dc.description.statusPublished
dc.formatapplication/pdf
dc.identifier.citationPenalva, J. S., & Tapia, M. 2026. Changes in the Turnover Ratio and Liquidity in International Equity Markets. European Financial Management. https://doi.org/10.1111/eufm.70086
dc.identifier.doihttps://doi.org/10.1111/eufm.70086
dc.identifier.issn1354-7798
dc.identifier.officialurlhttps://onlinelibrary.wiley.com/doi/10.1111/eufm.70086
dc.identifier.urihttps://hdl.handle.net/20.500.14417/4428
dc.journal.titleEuropean Financial Management
dc.language.isoeng
dc.page.final12
dc.page.initial1
dc.page.total12
dc.publisherWiley
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.projectidGrant number:PID2022‐143241OB‐I00/AEI/10.13039/501100011033
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/
dc.subject.keywordsentrepreneurial activity
dc.subject.keywordsliquidity
dc.subject.keywordsvolatility
dc.subject.keywordsvolume
dc.subject.odsODS 8 - Trabajo decente y crecimiento económico
dc.subject.unesco53 Ciencias Económicas::5302 Econometría
dc.titleChanges in the Turnover Ratio and Liquidity in International Equity Markets
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/publishedVersion
dspace.entity.typePublication
relation.isAuthorOfPublicationb29aa447-5b3e-4fd0-9a4f-7e13e2cae9b0
relation.isAuthorOfPublication.latestForDiscoveryb29aa447-5b3e-4fd0-9a4f-7e13e2cae9b0

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