© 2006

The Economics of Demutualization

An Empirical Analysis of the Securities Exchange Industry

  • Authors

Table of contents

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

About this book


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.


Ownership structures Securities trading Stock exchange capital markets liquidity

About the authors

Dr. Felix Treptow ist wissenschaftlicher Assistent von Prof. Dietmar Harhoff, Ph. D., am Institut für Innovationsforschung, Technologiemanagement und Entrepreneurship der Universität München.

Bibliographic information

  • Book Title The Economics of Demutualization
  • Book Subtitle An Empirical Analysis of the Securities Exchange Industry
  • Authors Felix Treptow
  • DOI
  • Copyright Information Deutscher Universitäts-Verlag | GWV Fachverlage GmbH, Wiesbaden 2006
  • Publisher Name DUV
  • eBook Packages Business and Economics Economics and Finance (R0)
  • Softcover ISBN 978-3-8350-0469-6
  • eBook ISBN 978-3-8350-9311-9
  • Edition Number 1
  • Number of Pages XIV, 113
  • Number of Illustrations 0 b/w illustrations, 0 illustrations in colour
  • Topics Finance, general
  • Buy this book on publisher's site
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