Stephen Stubben is a professor of accounting and associate dean for faculty and research at the David Eccles School of Business. His paper, co-authored with Wayne Landsman, and Jing Pan (one of our own Ph.D. student graduates!), “Equity Market Fragmentation and Capital Investment Efficiency, has been published Management Science, which is a is a scholarly journal with an analytical focus on scientific research on the theory and practice of management. The study examines how equity market fragmentation affects firms’ capital investment decisions. Recent empirical research finds that market fragmentation lowers trading costs and thus improves market quality. They examine whether this increase in market quality translates into greater revelatory price efficiency, where stock prices reveal with greater precision information to managers and/or creditors about firms’ investment opportunities. Consistent with this notion, their findings reveal that the association between capital investment and investment opportunities is increasing in market fragmentation.