Academic contributions on the demutualization of stock exchanges so far have been predominantly devoted to social … itself. While there is consensus that the case for demutualization is predominantly driven by the need to improve the …

demutualization of stock exchanges. Using panel data on 132 major stock exchanges in 114 countries from 1990 to 2003, we examine the … effect of demutualization on an exchange’s performance in its primary product markets: trading and listings. We document some … evidence that demutualization is associated with improved competitiveness in attracting trading volume. Results on listings …

As a part of the demutualization process, stock exchanges are transformed from a traditional membership (mutual …-profit type and as many as 40% are listed exchanges. But we cannot conclude that stock exchanges, after the demutualization …

As a part of the demutualization process, stock exchanges are transformed from a traditional membership (mutual …-profit type and as many as 40% are listed exchanges. But we cannot conclude that stock exchanges, after the demutualization …

, the trend of demutualization in Anglo-saxon countries and the new role of mutual benefit societies in changing welfare …