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Stock exchange business models and their operative performance

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  • Serifsoy, Baris

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  • Serifsoy, Baris, 2007. "Stock exchange business models and their operative performance," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 2978-3012, October.
    • Handle: RePEc:eee:jbfina:v:31:y:2007:i:10:p:2978-3012
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    1. Pulley, Lawrence B & Humphrey, David B, 1993. "The Role of Fixed Costs and Cost Complementarities in Determining Scope Economies and the Cost of Narrow Banking Proposals," The Journal of Business, University of Chicago Press, vol. 66(3), pages 437-462, July.
    2. Pagano, Marco & Randl, Otto & Roell, Ailsa A. & Zechner, Josef, 2001. "What makes stock exchanges succeed? Evidence from cross-listing decisions," European Economic Review, Elsevier, vol. 45(4-6), pages 770-782, May.
    3. Berger, Allen N. & Humphrey, David B., 1997. "Efficiency of financial institutions: International survey and directions for future research," European Journal of Operational Research, Elsevier, vol. 98(2), pages 175-212, April.
    4. Fried, Harold O. & Lovell, C. A. Knox & Schmidt, Shelton S. (ed.), 1993. "The Measurement of Productive Efficiency: Techniques and Applications," OUP Catalogue, Oxford University Press, number 9780195072181, Decembrie.
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    7. Bénédicte Vidaillet & V. d'Estaintot & P. Abécassis, 2005. "Introduction," Post-Print hal-00287137, HAL.
    8. Caves, Douglas W & Christensen, Laurits R & Diewert, W Erwin, 1982. "The Economic Theory of Index Numbers and the Measurement of Input, Output, and Productivity," Econometrica, Econometric Society, vol. 50(6), pages 1393-1414, November.
    9. Schmiedel, Heiko & Malkamaki, Markku & Tarkka, Juha, 2006. "Economies of scale and technological development in securities depository and settlement systems," Journal of Banking & Finance, Elsevier, vol. 30(6), pages 1783-1806, June.
    10. Reena Aggarwal, 2002. "Demutualization And Corporate Governance Of Stock Exchanges," Journal of Applied Corporate Finance, Morgan Stanley, vol. 15(1), pages 105-113, March.
    11. Rajiv D. Banker, 1993. "Maximum Likelihood, Consistency and Data Envelopment Analysis: A Statistical Foundation," Management Science, INFORMS, vol. 39(10), pages 1265-1273, October.
    12. Tapking, Jens & Yang, Jing, 2006. "Horizontal and Vertical Integration in Securities Trading and Settlement," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(7), pages 1765-1795, October.
    13. Yakov Amihud & Baruch Lev, 1981. "Risk Reduction as a Managerial Motive for Conglomerate Mergers," Bell Journal of Economics, The RAND Corporation, vol. 12(2), pages 605-617, Autumn.
    14. Monnet, Cyril & Koeppl, Thorsten Volker, 2004. "Guess what: it's the settlements!," Working Paper Series 375, European Central Bank.
    15. repec:zbw:bofrdp:2001_021 is not listed on IDEAS
    16. Benn Steil, "undated". "Changes in the Ownership and Governance of Securities Exchanges: Causes and Consequences," Center for Financial Institutions Working Papers 02-15, Wharton School Center for Financial Institutions, University of Pennsylvania.
    17. repec:zbw:bofrdp:2002_011 is not listed on IDEAS
    18. Dusansky, Richard & Wilson, Paul W, 1994. "Technical Efficiency in the Decentralized Care of the Developmentally Disabled," The Review of Economics and Statistics, MIT Press, vol. 76(2), pages 340-345, May.
    19. WILSON, Paul & SIMAR, Leopold, 1995. "Bootstrap Estimation for Nonparametric Efficiency Estimates," LIDAM Discussion Papers CORE 1995071, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    20. A. Charnes & W. W. Cooper & E. Rhodes, 1981. "Evaluating Program and Managerial Efficiency: An Application of Data Envelopment Analysis to Program Follow Through," Management Science, INFORMS, vol. 27(6), pages 668-697, June.
    21. R. D. Banker & A. Charnes & W. W. Cooper, 1984. "Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis," Management Science, INFORMS, vol. 30(9), pages 1078-1092, September.
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    Cited by:

    1. Amélie Charles & Olivier Darné & Jae H. Kim & Etienne Redor, 2016. "Stock Exchange Mergers and Market," Post-Print hal-01238707, HAL.
    2. Lambert, Susan C. & Davidson, Robyn A., 2013. "Applications of the business model in studies of enterprise success, innovation and classification: An analysis of empirical research from 1996 to 2010," European Management Journal, Elsevier, vol. 31(6), pages 668-681.
    3. Lo, Shih-Fang, 2013. "Which stock exchanges are more attractive? The competition analysis of listing and trading performance," Economic Modelling, Elsevier, vol. 30(C), pages 501-509.
    4. Martin, Antoine & McAndrews, James, 2010. "A study of competing designs for a liquidity-saving mechanism," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1818-1826, August.
    5. Iftekhar Hasan & Heiko Schmiedel & Liang Song, 2012. "How Stock Exchange Mergers and Acquisitions Affect Competitors’ Shareholder Value: Global Evidence," Chapters, in: Geoffrey Poitras (ed.), Handbook of Research on Stock Market Globalization, chapter 8, Edward Elgar Publishing.
    6. Ephraim Clark & Zhuo Qiao, 2022. "Stock exchange efficiency and convergence: international evidence," Annals of Operations Research, Springer, vol. 313(2), pages 855-875, June.
    7. Am鬩e Charles & Olivier Darn頍 & Jae H. Kim & Etienne Redor, 2016. "Stock exchange mergers and market efficiency," Applied Economics, Taylor & Francis Journals, vol. 48(7), pages 576-589, February.
    8. Hasan, Iftekhar & Schmiedel, Heiko & Song, Liang, 2010. "Growth strategies and value creation: what works best for stock exchanges?," Bank of Finland Research Discussion Papers 2/2010, Bank of Finland.
    9. Marszk, Adam & Lechman, Ewa, 2021. "Reshaping financial systems: The role of ICT in the diffusion of financial innovations – Recent evidence from European countries," Technological Forecasting and Social Change, Elsevier, vol. 167(C).
    10. Merrouche, Ouarda & Schanz, Jochen, 2010. "Banks' intraday liquidity management during operational outages: Theory and evidence from the UK payment system," Journal of Banking & Finance, Elsevier, vol. 34(2), pages 314-323, February.
    11. repec:zbw:bofrdp:2010_002 is not listed on IDEAS
    12. Maurizio Polato & Josanco Floreani, 2012. "Consolidation in the Exchange Industry: What are Exchanges Actually Worth? Some Evidence from a Crises Environment," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 19(2), pages 195-203, November.
    13. Li, Shaofang & Marinč, Matej, 2018. "Economies of scale and scope in financial market infrastructures," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 53(C), pages 17-49.
    14. Seven Ipek & Cumhur Ekinci, 2022. "Cost efficiency in financial exchanges and post-trade infrastructures: a closer look at integration and product diversification," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 12(4), pages 705-743, December.
    15. Yi, Ronghua & Chang, Yu-Wei & Xing, Wen & Chen, Jun, 2019. "Comparing relative valuation efficiency between two stock markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 72(C), pages 159-167.
    16. Rapee PONGPANICH & Ke-Chung PENG & Kamonthip MAICHUM, 2017. "The performance measurement of listed companies of the agribusiness sector on the stock exchange of Thailand," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 63(5), pages 234-245.
    17. Bollen, Nicolas P.B. & Christie, William G., 2009. "Market microstructure of the Pink Sheets," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1326-1339, July.
    18. Josanco Floreani & Maurizio Polato, 2010. "Consolidation and Business Strategies in the Securities Industry: How Securities Exchanges Create Value?," Research in World Economy, Research in World Economy, Sciedu Press, vol. 1(1), pages 28-42, November.
    19. Iftekhar Hasan & Heiko Schmiedel & Liang Song, 2012. "Growth Strategies and Value Creation: What Works Best for Stock Exchanges?," The Financial Review, Eastern Finance Association, vol. 47(3), pages 469-499, August.
    20. Tao Xu & Jianxin You & Yilei Shao, 2020. "Efficiency of China’s Listed Securities Companies: Estimation through a DEA-Based Method," Mathematics, MDPI, vol. 8(4), pages 1-16, April.

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