In recent years stock exchanges have been increasingly diversifying their operations into related business areas such as derivatives trading, post-trading services and software sales. This trend can be observed most notably among profit-oriented trading venues. While the pursuit for...

Academic contributions on the demutualization of stock exchanges so far have been predominantly devoted to social welfare issues, whereas there is scarce empirical literature referring to the impact of a governance change on the exchange itself. While there is consensus that the case for...

In the last few years, many of the world's largest financial exchanges have converted from mutual, not-for-profit organizations to publicly-traded, for-profit firms. In most cases, these exchanges have substantial responsibilities with respect to enforcing various regulations that protect...

Stock markets perform a creation function if the inflow of financial capital in the birth of new privately-held firms is stimulated by the promise of stock market liquidity at a later point in time. Junior stock market segments, characterized by lighter listing procedures and costs, may be...

The volatility of financial markets has attracted a lot of attention in recent years. However, while particular episodes, such as the bond market turbulence in 1994 and considerable exchange rate movements in 1995, may give the impression that markets have become more volatile, there appears to...

This paper investigates Day-of-the-Week Effect in stock returns in the primary equity market Karachi Stock Exchange (KSE) of Pakistan by employing OLS regression approach. Data consists of daily closing prices of KSE-100 Index from January 01, 2004 to December 30, 2011. A traditional method of...

World financial centers have an impact on the economies around the world. This particularly applies for the US equity market. Transactions which are performed on the US market define market trends in most of the world's financial markets, the only question that arises "is to what extent"....