The economic theory of network externalities provides the rationale for this paper, which investigates whether adoption of network strategies in European stock exchanges creates additional value in the provision of trading services. Usingunbalanced panel data from all major European exchanges...

This paper stresses the importance of understanding operational choices, strategies, and performances of stock exchanges as regular operating firms [J. Finance 52 (1999) 655; J. Financial Markets 2 (1999) 329]. Using unbalanced panel data on 49 stock exchanges over the period 1989-1998, the paper...

The paper stresses on the importance of understanding the operational choices, strategies, and performances of stock exchanges as regular operating firms (Arnold et al (1999), and Pirrong (1999)) Using unbalanced panel data on 49 stock exchanges over the period 1989-1998, the paper traces the...

This book provides a comprehensive review of the prospects for financial markets in the face of rapid technological development and international integration. It offers a revolutionary perspective, exploring the challenges for regulators and demonstrating a network economics approach to explain...

This paper examines the fundamental relationship between retail payments and the real economy. Using data from across 27 European markets over the period 1995-2009, the results confirm that migration to efficient electronic retail payments stimulates the overall economy, consumption and trade....