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Demutualization, Outsider Ownership and Stock Exchange Performance - Empirical Evidence

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  • Baris Serifsoy

Abstract

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Suggested Citation

  • Baris Serifsoy, 2008. "Demutualization, Outsider Ownership and Stock Exchange Performance - Empirical Evidence," Working Paper Series: Finance and Accounting 157, Department of Finance, Goethe University Frankfurt am Main.
  • Handle: RePEc:fra:franaf:157
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    References listed on IDEAS

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    1. Puneet Handa, 2004. "The Economic Value of a Trading Floor: Evidence from the American Stock Exchange," The Journal of Business, University of Chicago Press, vol. 77(2), pages 331-356, April.
    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. Schmiedel, Heiko, 2001. "Technological development and concentration of stock exchanges in Europe," Research Discussion Papers 21/2001, Bank of Finland.
    4. Oulton,Nicholas & O'Mahony,Mary, 1994. "Productivity and Growth," Cambridge Books, Cambridge University Press, number 9780521453455, May.
    5. 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.
    6. Hart, Oliver & Moore, John, 1996. "The Governance of Exchanges: Members' Cooperatives versus Outside Ownership," Oxford Review of Economic Policy, Oxford University Press, vol. 12(4), pages 53-69, Winter.
    7. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
    8. 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.
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    Citations

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    Cited by:

    1. 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.
    2. Giovanna Zanotti, 2012. "Demutualization and the Globalization of Stock Markets," Chapters,in: Handbook of Research on Stock Market Globalization, chapter 7 Edward Elgar Publishing.
    3. Otchere, Isaac & Owusu-Antwi, George & Mohsni, Sana, 2013. "Why are stock exchange IPOs so underpriced and yet outperform in the long run?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 27(C), pages 76-98.

    More about this item

    Keywords

    exchanges; demutualization; effciency; DEA; Malmquist-Productivity; Tobit panel data regressions; bootstrapping;

    JEL classification:

    • F39 - International Economics - - International Finance - - - Other
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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