This paper empirically investigates the effects of exchange demutualization on listed firms around the world. In … particular, it examines how stock exchange demutualization affects stock liquidity and how the effect varies by exchange … operating performance and country-development level. We find that stock liquidity improves following exchange demutualization …

In the last few years, many of the world’s largest financial exchanges have converted from mutual, not … aggressively enforce these types of regulations. -- Demutualization ; Ownership Structure ; Regulation of Financial Institutions …

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 …

In the past decade, many of the world's largest financial exchanges have demutualized, i.e., converted from mutual, not …