Question 1 The paper by Brugler, Comerton-Forde, and Hendershott (2021) studies the effects of changes in financial market structure on the cost of raising capital. Which changes/events are subject of the study? What are the variables of interest? How are liquidity and institutional trading costs affected by the changes and how do these effects in turn affect the cost of raising capital? Provide an individual assessment of the papers contribution to the literature. (Word limit: 500)