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 …

scale, and technological development in stock exchanges and securities settlement systems. Implications for future policy … innovation of a wide range of stock exchanges over recent years. There is evidence of considerable variability in the efficiency … of stock exchanges, both within Europe and world-wide. The evidence also indicates a positive relationship between the …

In two important health policy contexts – private plans in Medicare and the new state-run “Exchanges” created as part …

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

Two forces have reshaped global securities markets in the last decade: Exchanges operate at much faster speeds and the …, we study a framework that captures (i) exchanges’ incentives to invest in faster trading technologies and (ii) investors … number of exchanges, faster trading is in general socially desirable. Similarly, for a given trading speed, competition among …

Over the past decade, European exchanges have undertaken enormous reforms in their trading platforms and internal … intensified pressures for the consolidation of exchanges and systems. For this process to operate efficiently it is important that …