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The Economics of Demutualization

An Empirical Analysis of the Securities Exchange Industry

  • Book
  • © 2006

Overview

Authors:
  1. Felix Treptow
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Part of the book series: Innovation und Entrepreneurship (INNOV)

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Table of contents (4 chapters)

  1. Front Matter

    Pages I-XIV
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  2. Introduction

    Pages 1-9

  3. Stock Exchanges and Issuers: A Changing Relationship

    Pages 11-40

  4. The Determinants of Demutualization

    Pages 41-78

  5. The Impact of Demutualization

    Pages 79-111

  6. Back Matter

    Pages 108-111
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Keywords

About this book

Whenever an economic institution is being transformed, researchers have an unusual opportunity to study causes and effects of the transformation and to test the economic theory related to the institution itself. Over the course of the last decade the global securities exchange industry has undergone such a tremendous change. Stock exchanges have demutualized and have turned into for-profit entities. Securities exchanges play a crucial role in modern market economies. They provide market participants with financial instruments of all sorts, serve as mechanism for price discovery and are an important source for external financing. Despite their important role, research covering the demutualization of stock exchanges has been sparse. Felix Treptow seeks to fill this gap in the literature and presents in this book an in depth analysis of the demutualization phenomenon. In his thesis, he applies advanced econometric methods to data sets which were assem­ bled specifically for the purpose of his analysis. Each of the three self-contained chapters of this volume addresses different issues which are of importance to the various stake­ holders in this process. The analysis covers the micro- and macroeconomic causes of demutualization, its impact on market liquidity and the changing relationship between exchanges and issuers.

About the author

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

  • Series Title: Innovation und Entrepreneurship

  • DOI: https://doi.org/10.1007/978-3-8350-9311-9

  • Publisher: Deutscher Universitätsverlag Wiesbaden

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Gabler Verlag | Springer Fachmedien Wiesbaden GmbH, Wiesbaden 2006

  • Softcover ISBN: 978-3-8350-0469-6Published: 26 July 2006

  • eBook ISBN: 978-3-8350-9311-9Published: 03 November 2007

  • Series ISSN: 2627-1168

  • Series E-ISSN: 2627-1184

  • Edition Number: 1

  • Number of Pages: XIV, 113

  • Topics: Finance, general

  • Industry Sectors: Biotechnology, Finance, Business & Banking

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