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Demutualization Of Stock Exchanges
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Book Synopsis The Economics of Demutualization by : Felix Treptow
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.
Book Synopsis Demutualization of Stock Exchanges by : Shamshad Akhtar
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.
Book Synopsis Demutualization of Securities Exchanges by : Ms.Jennifer A. Elliott
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.
Book Synopsis The Effect of Stock Exchange Demutualization on Liquidity and Transparency of Listed Firms by : Shawn X. Huang
Download or read book The Effect of Stock Exchange Demutualization on Liquidity and Transparency of Listed Firms written by Shawn X. Huang and published by . This book was released on 2020 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the association between changes in the operating structure of stock exchanges in recent decades, from mutually owned (broker/dealer-owned) to demutualized (for-profit, shareholder-owned), and stock liquidity and transparency of listed firms. We focus on de facto demutualized exchanges, i.e., exchanges that went public and became owned by multiple shareholders following demutualization. For these exchanges, we find that liquidity improves post-demutualization, consistent with prior literature in finance. Next, we examine whether these improvements in liquidity are attributable to changes in the quality of listed firms and regulatory oversight, or whether they are more likely due to other causes (e.g., an increase in technological spending by the exchange). Our results indicate that reporting quality of listed firms declines post-demutualization, supporting the second explanation. In supplemental analyses focusing on new listings and trading suspensions, we find that the changes in reporting quality are driven primarily by already listed firms and not by new listings. Overall, our results point to declining reporting quality of listed firms after demutualization, which highlights the concern of market participants, academics, and regulators that the demutualization of stock exchanges may lead to a decline in regulatory oversight of listed firms.
Book Synopsis Investment Behavior of Stock Exchanges and the Rationale for Demutualization - Theory and Empirical Evidence by : Baris Serifsoy
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.
Book Synopsis Demutualization of Stock Exchanges by : Saadia Altaf
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:
Book Synopsis Demutualization of Stock Exchanges in Bangladesh by : Md. Awal Al Kabir
Download or read book Demutualization of Stock Exchanges in Bangladesh written by Md. Awal Al Kabir and published by . This book was released on 2013 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demutualization refers to the change in legal status of the exchange from a mutual association into a company limited by shares. Demutualization as a concept is neither a very new concept nor sophisticated. This paper analyses the demutualization of stock exchange as a mechanism to enhance the corporate governance, increased flexibility in decision-making, and responses to globalization and international alliances in the context of Bangladesh. The study also identifies few challenges in the way of demutualization such as conflicts of interests, ownership structure, regulatory issues, financial stability etc. An overall structure and a corporate structure are proposed in this paper to implement demutualization in Bangladesh. To face the challenges and make the demutualization viable a regulatory framework is necessary which will ensure appropriateness of organization structure, develop risk management strategy, corporate governance model to govern and managed the stock exchange efficiently and fairly.
Book Synopsis Demutualization and Stock Exchanges Performance by : Abdulwahid Sial
Download or read book Demutualization and Stock Exchanges Performance written by Abdulwahid Sial and published by LAP Lambert Academic Publishing. This book was released on 2014-05-14 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current study has academic importance as well as contribution in strategic decision regarding demutualization of the stock exchanges in developing countries like Pakistan. It also identifies the pros and cons of demutualization of the stock exchanges regarding the capital market growth and expansion. It confirm whether demutualization will be fruitful for the Pakistani's stock exchanges regarding the Financial performance and capital market stability issues by providing the empirical evidences from previous demutualize stock exchanges of Asian, European and American region.
Book Synopsis Demutualization and Corporatization of Stock Exchanges - Legal View by : Sibani Saxena
Download or read book Demutualization and Corporatization of Stock Exchanges - Legal View written by Sibani Saxena and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few years there has been a fundamental change in the functioning of most of the stock exchanges and their governance structure. The inadequacy of proper governance practices and standards of transparency in many exchanges had eroded the investor's confidence and as a result a demutualized structure has found favor. The growing competition among the stock exchanges, the presence of global companies in most of the important international bourses and the advent of new information technology warranted the world-wide move of demutualization. Since the management structure of most of the Indian stock exchanges was dominated by the brokers, the governance was a constant casualty. It was thus imperative for better governance that these exchanges were demutualized with corporate structure. However before demutualization the regional exchanges had to be consolidated. Demutualization and corporatization although alone do not provide solutions to all the existing problems, the new management structure with proper representation from the professionals with minimum control of the brokers on management are required to pave the way for better governance practices.
Book Synopsis Contemporary Nature of Stock Exchange from the Perspective of Demutualization Process by : Alina Rydzewska
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.
Book Synopsis Stock Exchange Demutualization and Self Regulation by : Subhashish Saha
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.
Book Synopsis Demutualization of Securities Exchanges by : Jennifer E. Elliott
Download or read book Demutualization of Securities Exchanges written by Jennifer E. Elliott and published by . This book was released on 2006 with total page 30 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.
Book Synopsis Demutualization and Conflict of Interests in European Stock Exchanges by :
Download or read book Demutualization and Conflict of Interests in European Stock Exchanges written by and published by . This book was released on 2006 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Conflicts of Interest in Self-regulation by : John W. Carson
Download or read book Conflicts of Interest in Self-regulation written by John W. Carson and published by World Bank Publications. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author examines the implications of demutualization of financial exchanges for their roles as self-regulatory organizations. Many regulators and exchanges believe that conflicts of interest increase when exchanges convert to for-profit businesses. Demutualization also changes the nature of an exchange's regulatory role as broker-dealers' ownership interests are reduced. These factors are leading to reduced regulatory roles for exchanges in many jurisdictions. The resulting changes have significant implications for regulation of financial markets, especially as exchanges are the only self-regulating organizations (SROs) in most countries. Major changes in the role of exchanges require a rethinking of the allocation of regulatory functions and the role of self-regulation, as well as stronger mechanisms to mitigate conflicts of interest. Carson looks at the views of both exchanges and regulators on these issues in Asian, European, and North American jurisdictions where major exchanges have converted to for-profit businesses. He finds that views on the conflicts of interest faced by demutualized exchanges vary widely. In addition, the tools and processes used by exchanges and regulators to manage conflicts also differ significantly across jurisdictions. The author concludes that new and greater conflicts result from demutualization and canvasses the regulatory responses in the jurisdictions examined.
Book Synopsis Discussion Paper on Stock Exchange Demutualization by : International Organization of Securities Commissions. Technical Committee
Download or read book Discussion Paper on Stock Exchange Demutualization written by International Organization of Securities Commissions. Technical Committee and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economics of the Global Stock Exchange Industry by : J. Floreani
Download or read book The Economics of the Global Stock Exchange Industry written by J. Floreani and published by Springer. This book was released on 2013-11-14 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic analysis of the stock exchange industry. The authors draw on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and the performance of stock exchanges.
Book Synopsis From Mutualized Exchange to Investor-Owned Demutualized Entity by : Saqib Sharif
Download or read book From Mutualized Exchange to Investor-Owned Demutualized Entity written by Saqib Sharif and published by . This book was released on 2019 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: This case study provides an overview of the Pakistan's stock exchange (PSX) journey from not-for-profit mutual company to for-profit demutualized self-listed entity. The wave of demutualization and public listing of stock markets around the globe is being witnessed for the last two decades. This study focus on three main areas. First, in 2012, the stock market stood corporatized and demutualized as a public company limited by shares. Prior to 2012, the PSX (formerly called Karachi stock exchange) was a member-owned company limited by Guarantee. The three national stock exchanges of Pakistan, i.e., Karachi, Lahore and Islamabad stock exchange merged together to form PSX in January 2016. Moreover, under enhanced cooperation between China and Pakistan in the form of CPEC, the 40% strategic ownership of PSX is transferred to the consortium of Chinese financial institutions following the competitive bidding process. However, the question arises: does this marriage between China and Pakistan makes the financial exchange of Pakistan as one of Asia's most modern capital markets? After the acquisition of PSX by China, the Pakistan stock market is listed on its own exchange from June 29, 2017 (self-listing) following the book-building and public subscription process. Besides, the Chinese representatives have been inducted on the board of directors and a separate small & medium enterprises counter is established to facilitate SMEs raising funds from capital markets. Second, this study links the conceptual framework with real life event by discussing the reasons for demutualization, such as investment in technological advancement, global competition, changes in corporate governance structure, regulatory challenges, and efficiency of demutualized stock market. Lastly, selected market efficiency indicators are compared before and after integration to assess the benefit of demutualization. On a positive note, so far, the market witnessed higher liquidity, less excessive volatility, and better returns for investors in the post-merger period compared to pre-merger period.
