In recent years stock exchanges have been increasingly diversifying their operations into related business areas such … from the exchanges' perspective. Academic contributions so far analyzed different business models primarily from the social … panel data set of 28 stock exchanges for the years 1999-2003 we seek to shed light on this topic by comparing the factor …

In recent years stock exchanges have been increasingly diversifying their operations into related business areas such … from the exchanges' perspective. Academic contributions so far analyzed different business models primarily from the former … set of 28 stock exchanges for the years 1999-2003, we seek to shed light on this topic by comparing the technical …

Literature on the demutualization of stock exchanges has focused on social welfare and efficiency issues, whereas there … 20 demutualized stock exchanges during the period 1996–2008, we find that: (1) demutualization increases an exchange … is scarce empirical literature referring to the impact of a demutualization on the exchange financial performance. In …

As a part of the demutualization process, stock exchanges are transformed from a traditional membership (mutual …-profit type and as many as 40% are listed exchanges. But we cannot conclude that stock exchanges, after the demutualization … their activities in order to meet the market needs. Statistical data confirm that two thirds of stock exchanges are of for …