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 … protection, accounting standards and capital market development in the partner exchange’s country, the higher the merger and …

In recent years stock exchanges have been increasingly diversifying their operations into related business areas such … from the exchanges' perspective. Academic contributions so far analyzed different business models primarily from the social … panel data set of 28 stock exchanges for the years 1999-2003 we seek to shed light on this topic by comparing the factor …

Academic contributions on the demutualization of stock exchanges so far have been predominantly devoted to social … improve an exchange's competitiveness. By employing a panel data set of 28 stock exchanges for the years 1999-2003 we seek to … shed light on this topic by comparing the efficiency and productivity of exchanges with differing governance arrangements …

We consider taxation of exchanges among a set of agents where each agent owns one object. Agents may have different … valuations for the objects and they need to pay taxes for exchanges. We show that if a rule satisfies individual rationality … rule. For the latter rules, whenever any agent exchanges his object, he pays the same fixed tax (a lump sum payment which …

Burkina, a low-income country with a well-documented tradition of gift exchanges. The findings suggest that risk sharing is …