Changes In The Corporate Governance And Ownership Structure In Stock Markets: Demutualization Of Istanbul Stock Exchange
Stock exchanges around the world have experienced major changes with respect tocorporate governance beginning with the early 1990s. Until that time, almost all exchanges weremember-owned, organized as ‘non-profit‘ mutual organizations. Although there were no publiclytraded exchanges 15 years ago, today most of the stock exchanges are demutualized and many ofthem are public listed companies. In this paper, the concept of demutualization is presented withsome historical evolution of this process. The forces that might affect the stock exchanges arepointed out and the problems in the process of demutualization are emphasized. Besides, the keyissues for consideration of the demutualization of Istanbul Stock Exchange (ISE) are discussed indetail, and the impacts of demutualization to the capital markets of Turkey are extensively revealedin this paper. In the light of the evidence provided by the prior studies examining the effects ofdemutualization to the stock exchanges and the advantages of a successful process, demutualizationof ISE is recommended in this study. The successful act of demutualization of ISE will result inmany benefits to the Turkish Economy.
Volume (Year): 2 (2012)
Issue (Month): 14 ()
|Contact details of provider:|| |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Reena Aggarwal, 2002. "Demutualization And Corporate Governance Of Stock Exchanges," Journal of Applied Corporate Finance, Morgan Stanley, vol. 15(1), pages 105-113.
- Krishnamurti, Chandrasekhar & Sequeira, John M. & Fangjian, Fu, 2003. "Stock exchange governance and market quality," Journal of Banking & Finance, Elsevier, vol. 27(9), pages 1859-1878, September.
- Ozmucur, Suleyman, 2007. "Liberalization and concentration: Case of Turkey," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(5), pages 762-777, February.
When requesting a correction, please mention this item's handle: RePEc:alu:journl:v:2:y:2012:i:14:p:22. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dan-Constantin Danuletiu)
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.