IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_0987-3368_2006_num_82_1_4046.html
   My bibliography  Save this article

Démutualisation des Bourses : une condition préalable à une nouvelle capacité d’innovation ?

Author

Listed:
  • Andrew Sheng

Abstract

[eng] Stock exchange demutualization : a precondition for their capacity to innovate ? . Demutualization is a response of stock exchanges to face increasing competition from globalization and innovation. In theory, with greater competition and incentive to raise efficiency and innovate, demutualized exchanges should be more market focused and produce important innovations. So far, the evidence is not conclusive. Demutualization is a trade-off between profit motivation and the non-profit and public good of market development and regulation. Being important utilities, stock exchanges in smaller markets can easily become monopolies that may focus on profit and neglect their role as regulators. The key to innovation therefore depends on good corporate governance, proper oversight and the internal incentive structure. Some exchanges demonstrate capacity to change through internal restructuring without demutualizing. Hence, the case for demutualization is not definitive. This paper summarizes the various views on demutualization. . JEL classification : G2, G28 [fre] La démutualisation est une réponse des Bourses à la mondialisation et l’innovation. Sous l’effet d’une plus grande concurrence et d’une incitation à accroître son efficacité et à innover, les Bourses démutualisées devraient être plus attentives aux marchés et plus innovantes. Pour l’instant, cela n’est pas démontré. La démutualisation est un compromis entre la motivation du profit, le développement et la régulation du marché dans une optique non lucrative et de bien public. Parce qu’elles constituent d’importants services publics, sur de petits marchés les Bourses de valeurs pourraient facilement devenir des monopoles tournés vers le profit et négligeant leur rôle de régulateur. La clé de l’innovation réside donc dans une bonne gouvernance de l’entreprise, une surveillance adéquate et une bonne structure de rémunération interne. Le débat n’est donc pas encore tranché sur la démutualisation. Cet article résume les différentes opinions sur ce sujet. . Classification JEL : G2, G28

Suggested Citation

  • Andrew Sheng, 2006. "Démutualisation des Bourses : une condition préalable à une nouvelle capacité d’innovation ?," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 157-167.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_82_1_4046
    DOI: 10.3406/ecofi.2006.4046
    Note: DOI:10.3406/ecofi.2006.4046
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.2006.4046
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ecofi_0987-3368_2006_num_82_1_4046
    Download Restriction: no

    File URL: https://libkey.io/10.3406/ecofi.2006.4046?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(1), pages 193-194, February.
    2. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(2), pages 541-545, April.
    3. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(4), pages 1007-1017, August.
    4. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(6), pages 1461-1465, December.
    5. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(5), pages 1273-1289, October.
    6. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(3), pages 819-821, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Emmanuelle Dubocage & Valérie Revest, 2010. "Une analyse conventionnaliste du prix d’offre des start-up sur le Nouveau Marché français," Revue d'Économie Financière, Programme National Persée, vol. 96(1), pages 215-231.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Claudia García-García & Catalina B. García-García & Román Salmerón, 2021. "Confronting collinearity in environmental regression models: evidence from world data," Statistical Methods & Applications, Springer;Società Italiana di Statistica, vol. 30(3), pages 895-926, September.
    2. Cambier, Adrien & Chardy, Matthieu & Figueiredo, Rosa & Ouorou, Adam & Poss, Michael, 2022. "Optimizing subscriber migrations for a telecommunication operator in uncertain context," European Journal of Operational Research, Elsevier, vol. 298(1), pages 308-321.
    3. Libura, Marek, 2007. "On the adjustment problem for linear programs," European Journal of Operational Research, Elsevier, vol. 183(1), pages 125-134, November.
    4. Christophe Loussouarn & Carine Franc & Yann Videau & Julien Mousquès, 2021. "Can General Practitioners Be More Productive? The Impact of Teamwork and Cooperation with Nurses on GP Activities," Health Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 680-698, March.
    5. Tschakert, Petra, 2016. "Shifting Discourses of Vilification and the Taming of Unruly Mining Landscapes in Ghana," World Development, Elsevier, vol. 86(C), pages 123-132.
    6. María-Consuelo Casabán & Rafael Company & Lucas Jódar, 2020. "Non-Gaussian Quadrature Integral Transform Solution of Parabolic Models with a Finite Degree of Randomness," Mathematics, MDPI, vol. 8(7), pages 1-16, July.
    7. Isabelle Boutron & Peter John & David J. Torgerson, 2010. "Reporting Methodological Items in Randomized Experiments in Political Science," The ANNALS of the American Academy of Political and Social Science, , vol. 628(1), pages 112-131, March.
    8. Ben Slimane, Faten & Padilla Angulo, Laura, 2019. "Strategic change and corporate governance: Evidence from the stock exchange industry," Journal of Business Research, Elsevier, vol. 103(C), pages 206-218.
    9. Bossert, Walter & Derks, Jean & Peters, Hans, 2005. "Efficiency in uncertain cooperative games," Mathematical Social Sciences, Elsevier, vol. 50(1), pages 12-23, July.
    10. Weijun Xie & Yanfeng Ouyang & Sze Chun Wong, 2016. "Reliable Location-Routing Design Under Probabilistic Facility Disruptions," Transportation Science, INFORMS, vol. 50(3), pages 1128-1138, August.
    11. Sin-Yu Ho & N.M. Odhiambo, 2018. "Analysing the macroeconomic drivers of stock market development in the Philippines," Cogent Economics & Finance, Taylor & Francis Journals, vol. 6(1), pages 1451265-145, January.
    12. Natalia Nikolaevna Natocheeva* & Yuri Alexandrovich Rovensky & Yuri Yuryevich Rusanov & Tatiana Viktorovna Belyanchikova & Anna Anatolevna Staurskaya, 2018. "Optimizing Variability of Approaches to Regulatory Financing of Higher Education Services," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 221-227:3.
    13. Philip Arestis & Howard Stein, 2005. "An Institutional Perspective to Finance and Development as an Alternative to Financial Liberalisation," International Review of Applied Economics, Taylor & Francis Journals, vol. 19(4), pages 381-398.
    14. Sahar Validi & Arijit Bhattacharya & P. J. Byrne, 2020. "Sustainable distribution system design: a two-phase DoE-guided meta-heuristic solution approach for a three-echelon bi-objective AHP-integrated location-routing model," Annals of Operations Research, Springer, vol. 290(1), pages 191-222, July.
    15. Cabada, Alberto & Fernández-Gómez, Carlos, 2015. "Constant sign solutions of two-point fourth order problems," Applied Mathematics and Computation, Elsevier, vol. 263(C), pages 122-133.
    16. Andy Hall, 2005. "Capacity development for agricultural biotechnology in developing countries: an innovation systems view of what it is and how to develop it," Journal of International Development, John Wiley & Sons, Ltd., vol. 17(5), pages 611-630.
    17. Athinoula A. Kosti & Simon Colreavy-Donnelly & Fabio Caraffini & Zacharias A. Anastassi, 2020. "Efficient Computation of the Nonlinear Schrödinger Equation with Time-Dependent Coefficients," Mathematics, MDPI, vol. 8(3), pages 1-12, March.
    18. Bruno Frey, 2005. "Problems with Publishing: Existing State and Solutions," European Journal of Law and Economics, Springer, vol. 19(2), pages 173-190, April.
    19. Lan, Heng-you, 2021. "Approximation-solvability of population biology systems based on p-Laplacian elliptic inequalities with demicontinuous strongly pseudo-contractive operators," Chaos, Solitons & Fractals, Elsevier, vol. 150(C).
    20. D. F. M. Torres & G. Leitmann, 2008. "Contrasting Two Transformation-based Methods for Obtaining Absolute Extrema," Journal of Optimization Theory and Applications, Springer, vol. 137(1), pages 53-59, April.

    More about this item

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G2 - Financial Economics - - Financial Institutions and Services
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_82_1_4046. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecofi .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.