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 Studies *

Dariusz Wójcik's research focuses on economic geography, corporate governance, and finance; he has written papers for the Journal of Economic Geography, Economic Geography, Annals of the Association of American Geographers, and Regional Studies. His previous book, co-authored with Gordon L. Clark, The Geography of Finance (OUP 2007) documents the emerging global market for corporate governance and its impact on European economies. His research has been reported in The Financial Times and The Financial News. Prior to his appointment as Lecturer at the School of Geography and the Environment and Fellow of St. Peter's College Oxford, he lectured at the University College London, the London School of Economics and Political Science, and worked as a consultant for KPMG.