IDEAS home Printed from https://ideas.repec.org/p/zbw/bofrdp/rdp2002_004.html
   My bibliography  Save this paper

Technology, automation and productivity of stock exchanges: International evidence

Author

Listed:
  • Hasan, Iftekhar
  • Malkamäki, Markku
  • Schmiedel, Heiko

Abstract

The paper stresses on the importance of understanding the operational choices, strategies, and performances of stock exchanges as regular operating firms (Arnold et al (1999), and Pirrong (1999)) Using unbalanced panel data on 49 stock exchanges over the period 1989 1998, the paper traces the productivity of stock exchanges over time and across different types and groups of exchanges.We find significant variability in respect of the productivity revenue and cost efficiency across these exchanges.On average, North American exchanges are found to be most cost and revenue efficient.However, our findings also indicate that European exchanges have improved the most, in respect of cost efficiency, while exchanges in South America and Asia-Pacific regions are found to be lagging as regards both cost and revenue estimations.The evidence also indicates that investment in technology-related developments effectively influenced cost and revenue efficiency.Moreover, organisational structure and market competition are found to be significantly associated with both cost and revenue efficiency for the exchanges studied, whereas market size and quality are related only to revenue efficiency.

Suggested Citation

  • Hasan, Iftekhar & Malkamäki, Markku & Schmiedel, Heiko, 2002. "Technology, automation and productivity of stock exchanges: International evidence," Bank of Finland Research Discussion Papers 4/2002, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp2002_004
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/211908/1/bof-rdp2002-004.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    stock exchanges; technological progress; technical efficiency;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

    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:zbw:bofrdp:rdp2002_004. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/bofgvfi.html .

    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.