The Economics of Demutualization

An Empirical Analysis of the Securities Exchange Industry

  • Authors
  • Felix¬†Treptow

Table of contents

  1. Front Matter
    Pages I-XIV
  2. Pages 1-9
  3. Back Matter
    Pages 108-111

About this book

Introduction

The securities exchange industry is in a state of flux. Exchanges constantly develop new revenue sources and products, try to expand their market share through fierce competition and pursue the consolidation of the industry. A prerequisite for this development was their transformation into market-oriented for-profit entities that are dominated by outside investors. This process is commonly referred to as demutualization.

In order to understand the current developments in the securities exchange industry, Felix Treptow examines the changing relationship between exchanges and issuers, analyses the micro- and macroeconomic drivers of the demutualization decision, and investigates its impact on market liquidity. He presents a detailed analysis of both the determinants as well as the consequences of the demutualization of securities exchanges.

Keywords

Ownership structures Securities trading Stock exchange capital markets liquidity

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-8350-9311-9
  • Copyright Information Deutscher Universit√§ts-Verlag | GWV Fachverlage GmbH, Wiesbaden 2006
  • Publisher Name DUV
  • eBook Packages Business and Economics
  • Print ISBN 978-3-8350-0469-6
  • Online ISBN 978-3-8350-9311-9
  • About this book