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Exchanges and other trading platforms are often vertically integrated to carry out trading, clearing and settlement as one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and settlement platforms to be realized. Independent of the...
Persistent link: https://www.econbiz.de/10009639429
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...
Persistent link: https://www.econbiz.de/10009640339
In this study we investigate the determinants of financing obstacles using survey data on a sample of around 5000 firms from the euro area countries. This completely new survey – started at the end of 2009 - gives us the opportunity to test whether firm characteristics such as size, age,...
Persistent link: https://www.econbiz.de/10009640626
The purpose of the evaluation is to provide a comprehensive and independent assessment of the European Union (EU)’s past and present cooperation in Ivory Coast, in order to draw key lessons and make recommendations for the future, including within the context of joint programming between the...
Persistent link: https://www.econbiz.de/10012036340
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The paper is an analysis of recent academic literature and of EP reports on the White Paper on European Governance …
Persistent link: https://www.econbiz.de/10009636044
Amsterdam, Nice and the Constitutional Treaty. However, the effectiveness of the EUu0092s governance is also endangered if the …-decisional phase. This study analyses the risks that this situation entails for the governance of the enlarged Union. It also proposes … necessary reforms to ensure the effectiveness of this governance in the future. …
Persistent link: https://www.econbiz.de/10009636844
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