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Stock exchange governance and stock liquidity: International evidence
| dc.rights.license | open | en_US |
| hal.structure.identifier | Bordeaux Sciences Economiques [BSE] | |
| dc.contributor.author | BOUSSETTA, Selma | |
| dc.date.accessioned | 2023-01-09T10:18:16Z | |
| dc.date.available | 2023-01-09T10:18:16Z | |
| dc.date.issued | 2022-12-01 | |
| dc.identifier.issn | 1042-444X | en_US |
| dc.identifier.uri | oai:crossref.org:10.1016/j.mulfin.2022.100759 | |
| dc.identifier.uri | https://oskar-bordeaux.fr/handle/20.500.12278/171616 | |
| dc.description.abstractEn | 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. Specifically, the effect is more evident among exchanges with stronger operating performance which tend to diversify their revenue, and which belong to developed countries. Furthermore, we identify an increase in the market share of exchanges in developed markets in response to exchange ownership conversion, which is mostly driven by domestic order flow. Overall, this paper highlights the importance of the exchange ownership structure strategy in enhancing financial market quality in international markets. | |
| dc.language.iso | EN | en_US |
| dc.source | crossref | |
| dc.subject.en | Stock exchange | |
| dc.subject.en | Conversion to for-profit firm strategy | |
| dc.subject.en | Liquidity | |
| dc.subject.en | Demutualization | |
| dc.subject.en | Cross-country | |
| dc.title.en | Stock exchange governance and stock liquidity: International evidence | |
| dc.type | Article de revue | en_US |
| dc.identifier.doi | 10.1016/j.mulfin.2022.100759 | en_US |
| dc.subject.hal | Sciences de l'Homme et Société/Economies et finances | en_US |
| dc.subject.jel | G - Financial Economics::G1 - General Financial Markets::G15 - International Financial Markets | en_US |
| dc.subject.jel | G - Financial Economics::G3 - Corporate Finance and Governance::G34 - Mergers; Acquisitions; Restructuring; Corporate Governance | en_US |
| bordeaux.journal | Journal of Multinational Financial Management | en_US |
| bordeaux.volume | 66 | en_US |
| bordeaux.hal.laboratories | Bordeaux Sciences Economiques / Bordeaux School of Economics (BSE) - UMR 6060 | en_US |
| bordeaux.institution | Université de Bordeaux | en_US |
| bordeaux.institution | CNRS | en_US |
| bordeaux.peerReviewed | oui | en_US |
| bordeaux.inpress | non | en_US |
| bordeaux.import.source | dissemin | |
| hal.identifier | hal-03930276 | |
| hal.version | 1 | |
| hal.date.transferred | 2023-01-09T10:18:18Z | |
| hal.export | true | |
| workflow.import.source | dissemin | |
| dc.rights.cc | CC BY | en_US |
| bordeaux.COinS | ctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.jtitle=Journal%20of%20Multinational%20Financial%20Management&rft.date=2022-12-01&rft.volume=66&rft.eissn=1042-444X&rft.issn=1042-444X&rft.au=BOUSSETTA,%20Selma&rft.genre=article |
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