We analyze the extent to which shares of German enterprises are traded at foreign stock exchanges over time. We find that – after a considerable initial trading activity – the flowback effects to Germany gain in importance. Secondary quotations at foreign stock exchanges should broaden the...

Traditionally, financial centres were held together be the need to be located in the proximity of physical exchanges. However, given the rise of information and communication technologies these quot;anchorsquot; have increasingly been lifted, with telling consequences for second-tier financial...

This article traces the location of foreign banks in Germany from 1949 to 2006. As suggested by New Economic Geography models, we find an inverted U -shaped concentration of foreign banks in Germany. Only after a competition between several cities, Frankfurt has emerged as the pre-eminent...

This paper explores the opportunities for existing Indian IT clusters to upgrade and undertake financial research activities. Wholesale financial activity and the accompanying financial research in banks are still highly concentrated in Western financial centers. Increasing competition in the...

Deregulation and increasing cross-border competition in the financial industry are affecting not only firms but also those organisations that provide markets, i.e., stock exchanges. The process of changing governance structures is exemplified in this paper by the case of Deutsche Börse AG, the...