A CENTURY OF STOCK MARKET LIQUIDITY AND TRADING COSTS ...
From 1928 to 1961, I collect data on all 30 Dow Jones Industrial Average (DJIA) stocks. Focusing on the DJIA has several advantages. First, the index has a relatively small number of stocks, which makes data collection easier. Second, historically at least, it has closely tracked the performance of a broader value-weighted index of stocks. ................
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