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Stock Exchanges (stock + exchanges)
Selected AbstractsSTOCK EXCHANGES: East AfricaAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 5 2009Article first published online: 3 JUL 200 No abstract is available for this article. [source] STOCK EXCHANGES: South AfricaAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 1 2009Article first published online: 9 MAR 200 No abstract is available for this article. [source] HOW FAST DO TOKYO AND NEW YORK STOCK EXCHANGES RESPOND TO EACH OTHER?THE JAPANESE ECONOMIC REVIEW, Issue 2 2010AN ANALYSIS WITH HIGH-FREQUENCY DATA This paper uses one-min returns on the TOPIX and S&P500 to examine the efficiency of the Tokyo and New York Stock Exchanges. Our major finding is that Tokyo completes reactions to New York within six min, but New York reacts within fourteen min. Dividing the sample period into three subperiods, we found that the response time has shortened and the magnitude of reaction has become larger over the period in both markets. The magnitude of response in New York to a fall in Tokyo is roughly double that of a rise. [source] Competition and Integration among Stock Exchanges in Europe: Network Effects, Implicit Mergers and Remote AccessEUROPEAN FINANCIAL MANAGEMENT, Issue 1 2001Carmine Di Noia The economic theory of network externalities and a simple-game theoretical framework are used to explore the issue of competition among stock exchanges and the possibility of consolidation in the European stock-exchange industry. The paper shows the existence of equilibria where exchanges may decide, even unilaterally, to achieve full compatibility through implicit mergers and remote access, specialising only in trading or listing services. Thus the consolidation of European exchanges into one may occur with a welfare-efficient outcome or with a lock-in to a Pareto-inferior equilibrium, due to the network externalities and the different starting points of the various exchanges. ,Implicit mergers' among exchanges together with remote access are always weakly (in half of the cases, strictly) more efficient than the actual competition. This finding also sheds light on the existence and efficacy, of ATS and rating agencies, which can be viewed respectfully as exchanges specialising in trading and listing services. [source] Geography and the Future of Stock Exchanges: Between Real and Virtual SpaceGROWTH AND CHANGE, Issue 2 2007DARIUSZ WÓJCIK ABSTRACT This paper aims to contribute to the debate on the future of stock exchanges and financial centres by focusing on two questions. First, whether, how, why, and which stock exchange activities are prone to concentration in financial centres? Second, are they prone to concentration in national or international financial centres? Through a detail-rich analysis of stock exchange activities, including trading system, as well as relationships with members, issuers, and investors, the paper suggests a framework for the geography of stock exchange activities based on two dimensions,proneness to concentration in a financial centre and proneness to international consolidation. With this framework, predictions are made about the future geography of stock exchange activities led by the argument that while significant geographical reconfigurations are likely to unfold, driven primarily by the development of international networks of stock market institutions, stock exchanges, and financial centres will remain crucially important for each other. [source] Measuring Productive Efficiency of Stock Exchanges using Price Adjustment CoefficientsINTERNATIONAL REVIEW OF FINANCE, Issue 1-2 2003Vijaya B. Marisetty A stock exchange's efficiency can be measured by its liquidity and price discovery mechanism. An exchange that provides price discovery will have high liquidity. By measuring the speed of stock price adjustment to its intrinsic value with the arrival of new information, we can understand the price discovery process and productive efficiency of a stock exchange. India has 23 stock exchanges, 20 of which have almost become dysfunctional due to negligible trading during the last five years. Measuring productive efficiency of the current active stock exchanges will help to understand the future direction of the Indian stock market. Using the corrected Damodaran (1993) model and a new model proposed in this paper, I found that information adjustment in the Indian market is very slow. Contrary to the developed markets, in the Indian stock market, stock prices overreact before adjusting to their intrinsic values. I also found that market-wide information adjusts faster than firm-specific information. [source] HOW FAST DO TOKYO AND NEW YORK STOCK EXCHANGES RESPOND TO EACH OTHER?THE JAPANESE ECONOMIC REVIEW, Issue 2 2010AN ANALYSIS WITH HIGH-FREQUENCY DATA This paper uses one-min returns on the TOPIX and S&P500 to examine the efficiency of the Tokyo and New York Stock Exchanges. Our major finding is that Tokyo completes reactions to New York within six min, but New York reacts within fourteen min. Dividing the sample period into three subperiods, we found that the response time has shortened and the magnitude of reaction has become larger over the period in both markets. The magnitude of response in New York to a fall in Tokyo is roughly double that of a rise. [source] Listing BRICs: Stock Issuers from Brazil, Russia, India, and China in New York, London, and LuxembourgECONOMIC GEOGRAPHY, Issue 3 2010Dariusz Wójcik abstract In the past decade, hundreds of companies from emerging markets have listed their shares on American and European stock markets. Brazil, Russia, India, and China (BRIC) are the main countries of origin of issuers, and stock exchanges in the United States, the United Kingdom, and Luxembourg are the main destinations involved in the process. We use a comprehensive data set for these home and host markets for the end of 2008 to explore the intensity of foreign listings, the subnational geography of cross-listed firms, and the destinations of foreign listings. Cross-listing firms tend to be relatively large and come from capital-intensive, export-oriented, and high-growth sectors. Trading links with and industrial specialization of the host markets affect the choice of destination markets. These patterns, however, are not universal across countries. There is a high concentration of cross-listed firms in the leading financial centers of the BRIC countries, particularly in Russia and Brazil. Firms outside of the leading centers rarely cross-list, and when they do, they enter second-tier host markets. While BRIC countries have a large potential for further foreign listings, the process remains politically sensitive. Our results highlight the shortcomings of the literature on cross-listing in economics and the significance of the cross-listing phenomenon to future research in financial geographies. [source] Competition and Integration among Stock Exchanges in Europe: Network Effects, Implicit Mergers and Remote AccessEUROPEAN FINANCIAL MANAGEMENT, Issue 1 2001Carmine Di Noia The economic theory of network externalities and a simple-game theoretical framework are used to explore the issue of competition among stock exchanges and the possibility of consolidation in the European stock-exchange industry. The paper shows the existence of equilibria where exchanges may decide, even unilaterally, to achieve full compatibility through implicit mergers and remote access, specialising only in trading or listing services. Thus the consolidation of European exchanges into one may occur with a welfare-efficient outcome or with a lock-in to a Pareto-inferior equilibrium, due to the network externalities and the different starting points of the various exchanges. ,Implicit mergers' among exchanges together with remote access are always weakly (in half of the cases, strictly) more efficient than the actual competition. This finding also sheds light on the existence and efficacy, of ATS and rating agencies, which can be viewed respectfully as exchanges specialising in trading and listing services. [source] Geography and the Future of Stock Exchanges: Between Real and Virtual SpaceGROWTH AND CHANGE, Issue 2 2007DARIUSZ WÓJCIK ABSTRACT This paper aims to contribute to the debate on the future of stock exchanges and financial centres by focusing on two questions. First, whether, how, why, and which stock exchange activities are prone to concentration in financial centres? Second, are they prone to concentration in national or international financial centres? Through a detail-rich analysis of stock exchange activities, including trading system, as well as relationships with members, issuers, and investors, the paper suggests a framework for the geography of stock exchange activities based on two dimensions,proneness to concentration in a financial centre and proneness to international consolidation. With this framework, predictions are made about the future geography of stock exchange activities led by the argument that while significant geographical reconfigurations are likely to unfold, driven primarily by the development of international networks of stock market institutions, stock exchanges, and financial centres will remain crucially important for each other. [source] The Impact of the Sarbanes-Oxley Act on the Audit Fees of Australian Listed FirmsINTERNATIONAL JOURNAL OF AUDITING, Issue 2 2009Fazlina Mohd Salman The Sarbanes-Oxley Act (2002) (SOX) was enacted to improve the corporate governance practices of US firms. Significantly, foreign registrants traded on US stock exchanges are also required to comply with SOX. This study assesses the impact of the SOX legislation on non-US firms by examining audit fees for Australian firms with foreign registrant status in the US from 2001 to 2005, compared with audit fees for other Australian firms. The findings indicate that Australian companies issuing American Depositary Receipts (ADRs) incurred substantial increases in audit fees and Australian firms subject to the full provisions of SOX incurred larger increases in audit fees. These findings provide a broader understanding of the compliance costs for non-US firms subject to SOX and therefore inform both policy-makers and firms. [source] Measuring Productive Efficiency of Stock Exchanges using Price Adjustment CoefficientsINTERNATIONAL REVIEW OF FINANCE, Issue 1-2 2003Vijaya B. Marisetty A stock exchange's efficiency can be measured by its liquidity and price discovery mechanism. An exchange that provides price discovery will have high liquidity. By measuring the speed of stock price adjustment to its intrinsic value with the arrival of new information, we can understand the price discovery process and productive efficiency of a stock exchange. India has 23 stock exchanges, 20 of which have almost become dysfunctional due to negligible trading during the last five years. Measuring productive efficiency of the current active stock exchanges will help to understand the future direction of the Indian stock market. Using the corrected Damodaran (1993) model and a new model proposed in this paper, I found that information adjustment in the Indian market is very slow. Contrary to the developed markets, in the Indian stock market, stock prices overreact before adjusting to their intrinsic values. I also found that market-wide information adjusts faster than firm-specific information. [source] RECENT DEVELOPMENTS IN GERMAN CAPITAL MARKETS AND CORPORATE GOVERNANCEJOURNAL OF APPLIED CORPORATE FINANCE, Issue 3 2001Eric Nowak Financial economists continue to point to Germany as a relatively successful model of a "bank-centered," as opposed to a market-based, economy. But few seem to recognize that, in the years leading up to World War I, German equity capital markets were among the most highly developed in the world. Although there are now only about 750 companies listed on German stock exchanges, in 1914 there were almost 1,200 (as compared to only about 600 stocks then listed on the New York Stock Exchange). Since German reunification in 1990, there have been signs of a possible restoration of the country's equity markets to something like their former prominence. The last 10 years have seen important legal and institutional developments that can be seen as preparing the way for larger and more active German equity markets, together with a more "shareholder-friendly" corporate governance system. In particular, the 1994 Securities Act, the Corporation Control and Transparency Act passed in 1998, and the just released Takeover Act and Fourth Financial Market Promotion Act all contain legal reforms that are essential conditions for well functioning equity markets. Such legal and regulatory changes have helped lay the groundwork for more visible and dramatic milestones, such as the Deutsche Telekom IPO in 1996, the opening of the Neuer Market in 1997, and, perhaps most important, the acquisition in 2000 of Mannesmann by Vodafone, the first successful hostile takeover of a German company. [source] Principal,Principal Conflict in the Governance of the Chinese Public CorporationMANAGEMENT AND ORGANIZATION REVIEW, Issue 1 2008Yiyi Su abstract By examining the level of ownership concentration across firms, we determine how principal,principal conflict, defined as the incongruence of ownership goals among shareholder groups in a corporation, impacts agency costs of Chinese boards of directors. Based on data from Chinese companies listed on the Shanghai and Shenzhen stock exchanges during 1999,2003, we found that ownership concentration had a U-shaped relationship with board compensation, board size and the presence of independent directors. These results provide corroborating evidence that principal,principal conflict can lead to high agency costs. [source] SWITCHING TO A TEMPORARY CALL AUCTION IN TIMES OF HIGH UNCERTAINTYTHE JOURNAL OF FINANCIAL RESEARCH, Issue 1 2010David Abad Abstract We evaluate a stock-specific circuit breaker implemented in several European stock exchanges, which consists of a short-lived call auction triggered by intraday stock-specific price limits. It differs from U.S. trading halts in that it is short-lived and nondiscretionary, and a trading mechanism (continuous or discrete) is always going. It differs from daily price limits in that trade prices are not restricted once the limit is hit. Intraday price ranges are smaller and adjusted to the recent volatility, so that limit hits are more frequent. We contribute to the debate about circuit breakers by enlarging the span of these mechanisms studied. [source] Financing Alternatives for Chinese Small and Medium Enterprises: The Case for a Small and Medium Enterprise Stock MarketCHINA AND WORLD ECONOMY, Issue 1 2007Hung-gay Fung Dr Y. S. Tsiang Professor Abstract Financing alternatives for small and medium enterprises in China are discussed in the present study. In particular, we analyze the significant changes and developments in China s "second board" stock market. China s extensive network of regional assets and equity exchanges, which were set up to facilitate private equity transfer, and non-performing loan transactions seem to partially fill the void for small and medium enterprises, which cannot easily obtain approval for listing on the stock exchanges. Foreign investors can identify investment opportunities in non-listed domestic state-owned and private businesses through these regional assets and equity exchanges. At the same time, foreign stock markets are now attracting the young Chinese enterprises to list their stocks on their exchanges. (Edited by Zhinan Zhang) [source] | |||||||||||||||||||||||||