This internet appendix presents additional details on the procedure followed to distinguish main markets versus non-main markets and on the filters imposed on the issuance data. It includes an overview table containing all SDC market names in our sample with corresponding issuance activity, Market Identifier Codes (MICs), Operating MICs, and classification as main or non-main market; a table on all filters imposed in retrieving the equity issues data; and a figure showing the level of market liquidity and the number of issues over time for France, Japan, the NYSE, and NASDAQ.

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Internet Appendix

accompanying the paper:

“Do firms issue more equity when markets become more liquid?”

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