Download or read book Contemporary Nature of Stock Exchange from the Perspective of Demutualization Process written by Alina Rydzewska and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: As a part of the demutualization process, stock exchanges are transformed from a traditional membership (mutual) structure into an entrepreneurial structure. Changes in the legal and organizational structure take place and they diversify their activities in order to meet the market needs. Statistical data confirm that two thirds of stock exchanges are of for-profit type and as many as 40% are listed exchanges. But we cannot conclude that stock exchanges, after the demutualization process and going public, operate more efficiently than the stock exchanges not subjected to these processes. On the other hand, analyzing the structure of the products on stock exchanges, it may be noticed that most of the exchanges have a diversified range of services. However, it should be emphasized that the activity of stock exchanges is partly seen as a public good even if they are managed by private people. But the efficiency increase of stock exchanges does not necessarily translate into the quality increase of their socio-economic functions and short-term pursuit for profits may pose a threat to the functioning of the economy and society.
Download or read book The Economics of Demutualization written by Felix Treptow and published by Springer Science & Business Media. This book was released on 2007-11-03 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Demutualization of Stock Exchanges written by Shamshad Akhtar and published by . This book was released on 2002 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This examination of the demutualization of stock exchanges outlines the process by which a nonprofit, member-owned mutual organization is transformed into a for-profit shareholder corporation. The general problems this process brings about and how they might be solved are detailed. In particular, this book looks at how regulatory oversight needs to be transferred to a government regulator.
Download or read book Evaluation of the Impact of the Demutualization Process on Stock Exchange Value written by Mohamed Hesham El Azza and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Demutualization of Securities Exchanges written by Ms.Jennifer A. Elliott and published by INTERNATIONAL MONETARY FUND. This book was released on 2002-07-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demutualization is a term used to describe the transition of a securities exchange from a mutual association of exchange members operating on a not-for-profit basis to a limited liability, for-profit company accountable to shareholders. Demutualization in its many forms has become a widespread phenomenon-one with increasing appeal in emerging market countries. Demutualization challenges the traditional approach to supervision of securities exchanges and raises issues regarding their role in the regulation and supervision of capital markets.
Download or read book Investment Behavior of Stock Exchanges and the Rationale for Demutualization Theory and Empirical Evidence written by Baris Serifsoy and published by . This book was released on 2006 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with two, potentially intertwined issues of stock exchange governance. First, we demonstrate in a static global games model that investment propensity will vary across different types of organizational forms and competition scenarios. Exchanges organized as mutuals are particularly ill-suited compared to trading venues owned by outside investors, when investments result in potential rents for only few of their members. These circumstances are likely when exchanges invest in related business activities such as derivatives trading, post-trading and software development services. Second, we explain in a dynamic overlapping-generations framework the rationale for the recent wave of demutualization, which describes the process of converting a mutual, not-for-profit stock exchange into an outsider-owned, commercial firm. Our model shows that a mutual exchange, facing competition from a for-profit, outsider-owned platform, can only survive by adopting a similar governance structure. Our paper will also provide empirical evidence for the two main predictions derived from the models. For that purpose, we employ bivariate probit regressions to simultaneously estimate the propensity to invest and to demutualize, thereby accounting for potential endogeneity issues. We show that competitive pressure indeed increases the likelihood of demutualization and that outsider-owned exchanges have a stronger propensity to invest into related business activities.
Download or read book Demutualization of Stock Exchanges written by Saadia Altaf and published by . This book was released on 2009 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stock Exchange Demutualization and Self Regulation written by Subhashish Saha and published by . This book was released on 2006 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article primarily discusses role of self regulation of stock exchanges in a demutualized environment. It has been argued that there are some genuine concerns about conflict of interest between the regulatory role of the stock exchange and its business interest as a corporate entity. Congruent with the business prudence of any corporate entity, it has been argued that argue that the effectiveness of self regulation is limited to the extent to which the exchange can internalize the cost of regulation. The conflict of interest underlying the activities of listing, supervision of market operation and business capacity planning has been exemplified and discussed in this article. Finally an attempt has been made to resolve the problem of conflict of interest in a generic manner.
Download or read book Markets On Trial written by Michael Lounsbury and published by Emerald Group Publishing. This book was released on 2010-07-07 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-20th century, organizational theorists have increasingly distanced themselves from the study of core societal power centers and important policy issues of the day. This title addresses the global financial crisis debates and struggles around how to organize economies and societies around the world.
Download or read book The Handbook of Electronic Trading written by Joseph Rosen and published by . This book was released on 2009-06-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive look at the challenges of keeping up with liquidity needs and technology advancements. It is also a sourcebook for understandable, practical solutions on trading and technology.
Download or read book Dark Pools written by Scott Patterson and published by Crown Currency. This book was released on 2012-06-12 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them. In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables. By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters. Dark Pools is the fascinating story of how global markets have been hijacked by trading robots--many so self-directed that humans can't predict what they'll do next.
Download or read book How the Stock Market Works written by Michael Becket and published by Kogan Page Publishers. This book was released on 2012-01-03 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now more than ever, people are being affected by the fluctuations in the global economy and by financial uncertainty - with major impacts on their savings, portfolios and pensions. Fully updated for this fourth edition, How the Stock Market Works tells investors what is being traded and how, who does what with whom, and how to evaluate a particular share or bond in light of rival claims from critics and admirers. From the practical consequences of being a shareholder to a basic coverage of the taxation regime, the book provides a wealth of information on individual product types as well as the key players themselves.
Download or read book Empirical Market Microstructure written by Joel Hasbrouck and published by Oxford University Press. This book was released on 2007-01-04 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The interactions that occur in securities markets are among the fastest, most information intensive, and most highly strategic of all economic phenomena. This book is about the institutions that have evolved to handle our trading needs, the economic forces that guide our strategies, and statistical methods of using and interpreting the vast amount of information that these markets produce. The book includes numerous exercises.
Download or read book Institutional Diversity in Banking written by Ewa Miklaszewska and published by Springer. This book was released on 2016-12-20 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a comparative analysis of how post-crisis restructuring has affected the evolution and prospects of small, locally-oriented banks. The discussion focuses specifically on “small” European countries; that is, countries with diversified banking systems, with a strong presence of cooperative and other forms of local banks. Such countries include highly developed economies like Italy and emerging European economies, such as Poland. The authors stress the unique importance of local banks in generating credit for both households and firms, and hence in contributing to overall economic growth. Chapters cohere around the argument that although smaller banks fared better than their larger counterparts the recent financial crisis, they have been directly and indirectly discriminated against in post-crisis restructuring schemes, and, as such, face many operational and strategic challenges today. The contributors are a distinguished group of researchers with expert knowledge of the competitive positions of and opportunities for locally oriented banks, who combine theoretical and empirical perspectives on these topics.
Download or read book The Origins and Development of Financial Markets and Institutions written by Jeremy Atack and published by Cambridge University Press. This book was released on 2009-03-16 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians.
Download or read book The Cooperative Business Movement 1950 to the Present written by Patrizia Battilani and published by Cambridge University Press. This book was released on 2012-08-27 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United Nations declared 2012 the year of cooperatives, emphasizing that there is an alternative to privately owned firms. While greed and mismanagement have caused world financial and economic crises, co-ops offer another type of business for economic activities that is less exposed to aggressive capitalism. This book provides a problem-oriented overview of the development of cooperatives over the last fifty years. The global study addresses the major challenges cooperatives face, such as the organizational innovations introduced to acquire necessary risk-capital and implement growth-related strategies, the wave of demutualization in developed nations and their ability to construct an original consumer politics. The contributors to this volume discuss the successes and failures of the cooperatives and ask whether they are an outdated model of enterprise. They document a wave of foundations of new co-ops, new forms of collaboration between them and a growing trend toward globalization.
Download or read book Barbados written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-02-12 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of the Financial System Stability Assessment Report on Barbados. Barbados has a relatively well-developed financial system, including a large offshore sector. The onshore system is dominated by large, regionally active banks. Banking services to the population are also provided by the credit union sector. With a deteriorating fiscal situation and weak growth prospects, Barbados faces considerable macroeconomic vulnerabilities. Although the financial system does not appear to be a source of immediate risk, its position appears to be deteriorating, with implications for systemic stability.
