Equity Market Fragmentation and Capital Investment Efficiency

The authors thank Xanthi Gkougkousi, the associate editor, two anonymous reviewers, Frank Zhou (discussant), Kurt Gee (discussant), and workshop participants at the 2022 Financial Accounting and Reporting Section Midyear Meeting, the 2022 Hawaii Accounting Research Conference, Louisiana State University, Southern Methodist University, the University of California, Berkeley, and the University of Technology Sydney for providing helpful comments and suggestions.