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Consolidation in the Exchange Industry: What are Exchanges Actually Worth? Some Evidence from a Crises Environment

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  • Maurizio Polato

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  • Josanco Floreani

    ()

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    Abstract

    It is generally acknowledged that the exchange industry shares the typical features of network industries, forcing exchanges to merge across countries. This process was first urged by the need to keep up with technological developments and increased competition from peers and new competitors. Starting 2005 and up to 2007 we observed significant cross border mergers within the securities industry leading to the creation of a few large groups with a diversified business model. It was questioned whether such mergers leaded to a stable equilibrium. Now, in the aftermath of the crisis a new wave of consolidation is taking place. The financial turmoil dramatically affected the market functioning delivering severe strains to the financial sector and modified the way of conducting business. We address the implications of the crisis on exchange’s values, investigating if expectations lying behind values have somewhat changed or compressed or reflect new opportunities. Copyright Springer-Verlag Wien 2012

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    File URL: http://hdl.handle.net/10.1007/s11300-012-0241-7
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    Bibliographic Info

    Article provided by Springer in its journal Transition Studies Review.

    Volume (Year): 19 (2012)
    Issue (Month): 2 (November)
    Pages: 195-203

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    Handle: RePEc:spr:trstrv:v:19:y:2012:i:2:p:195-203

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    Web page: http://www.springerlink.com/link.asp?id=112913

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    Related research

    Keywords: Stock exchanges; Mergers; Value; Liquidity; Cost synergies; Network economics; G21; G32; G34; G38;

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    1. Reena Aggarwal, 2002. "Demutualization And Corporate Governance Of Stock Exchanges," Journal of Applied Corporate Finance, Morgan Stanley, vol. 15(1), pages 105-113.
    2. Grossman, Sanford J & Hart, Oliver, 1985. "The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration," CEPR Discussion Papers 70, C.E.P.R. Discussion Papers.
    3. Serifsoy, Baris, 2007. "Stock exchange business models and their operative performance," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 2978-3012, October.
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