In recent years, demutualized stock exchanges have been increasingly engaging in M&A and alliance activities. To examine the effect of these growth strategies on exchange shareholders’ value creation, we focus on 14 public stock exchanges and investigate their short-run share price responses...

The study finds that ENP policy documents and ENPI budgetary allocations are fairly well aligned with the strategic objectives of EU external policy, and that planned interventions are well aligned with partner countries' needs and development priorities. Regarding performance, although ENPI...