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Essays on stock exchange merger, competition and integration.

机译：关于证券交易所合并，竞争和整合的论文。

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The structure of stock exchanges has changed considerably in the last decade. As international capital markets have become more integrated, the interaction between stock exchanges has become more profound. These series of essays analyse the impact of increased integration and interaction of stock exchanges on various financial outcomes of the firms that list on these exchanges.;The first chapter explores the interdependence of the Nordic and Baltic stock markets in light of increased merger activity of stock exchanges in the region over the sample period, 1996--2006. Co-movements of national stock indices are analyzed and the results show surprisingly little interdependence between the Nordic and Baltic stock indices. In the short run, the response of each market to a shock in another is insignificant. In the longer term there is limited evidence of integration and only weak indication of convergence within the sample period.;The second chapter investigates the effects of the Euronext stock exchange merger on listed firms, i.e. the merger of stock exchanges in Amsterdam, Brussels, Lisbon and Paris. Specifically, it examines how exchange consolidation has affected stock liquidity and how the effect varies with firm type, i.e. what types of firms benefit the most in terms of stock liquidity. The results show asymmetric liquidity gains from the Euronext merger, where the positive effects are concentrated among big firms and firms with foreign sales. There is not a significant increase in stock liquidity of small or medium sized firms, nor of firms that only operate domestically.;The third and last chapter examines competition among international capital markets in light of the apparent outperformance of the moderately regulated Alternative Investment Market (AIM), which is a growth market governed by the London Stock Exchange. This chapter is a response to recent discussion on (i) whether the U.S. capital markets may be losing their competitive edge and (ii) whether financial markets should be more (or less) regulated. Recent literature indicates that the relatively more regulated U.S. stock exchanges still stand strong and any potentially outperforming exchanges---such as the London AIM market---primarily attract small firms. This study, however, shows that these small firms listing on the relatively less regulated AIM market are of similar quality level as firms listing in the U.S. and in continental Europe. Consistent with this result, the failure rate among AIM listed firms is found to be relatively low. They also raise relatively more capital and have a higher market valuation. Overall, even though regulation standards may affect investor sentiment, the paper questions whether a strict regulation environment will necessarily facilitate stock market prosperity.
机译：在过去十年中，证券交易所的结构发生了很大变化。随着国际资本市场变得更加一体化，证券交易所之间的相互作用也越来越深刻。这些系列文章分析了股票交易所整合和互动的增加对在这些交易所上市的公司的各种财务结果的影响。第一章根据股票合并活动的增加，探讨了北欧和波罗的海股票市场的相互依赖性。 1996--2006年样本期内该地区的交易所。对国家股票指数的共同变动进行了分析，结果表明，北欧和波罗的海股票指数之间几乎没有相互依存关系。在短期内，每个市场对另一个市场的冲击的反应都是微不足道的。从长远来看，只有极少的证据表明存在整合，而在样本期内只有很少的趋同迹象。第二章研究泛欧证券交易所合并对上市公司的影响，即阿姆斯特丹，布鲁塞尔，里斯本的证券交易所合并和巴黎。具体来说，它研究了交易所合并如何影响股票流动性以及其影响如何随公司类型而变化，即哪种类型的公司在股票流动性方面受益最大。结果表明，泛欧交易所集团合并带来的流动性不对称，其积极影响集中在大公司和有海外销售业务的公司之间。中小型公司或仅在国内经营的公司的股票流动性没有显着增加。第三章和最后一章考察了受到适度监管的另类投资市场表现明显优于国际资本市场之间的竞争（ AIM），这是由伦敦证券交易所管理的成长型市场。本章是对最近关于（i）美国资本市场是否可能失去竞争优势以及（ii）金融市场是否应受到更多（或更少）监管的讨论的回应。最近的文献表明，监管相对较严格的美国证券交易所仍然保持强劲势头，任何潜在表现领先的交易所-例如伦敦AIM市场-都主要吸引小型公司。然而，这项研究表明，这些在相对不那么受监管的AIM市场上市的小公司的质量水平与在美国和欧洲大陆上市的公司的质量水平相似。与此结果一致，发现AIM上市公司的失败率相对较低。他们还筹集了相对更多的资金，并具有更高的市场估值。总体而言，尽管监管标准可能会影响投资者的情绪，但本文质疑严格的监管环境是否一定会促进股市繁荣。

著录项

  • 作者

    Nielsson, Ulf.;

  • 作者单位

    Columbia University.;

  • 授予单位 Columbia University.;
  • 学科 Economics General.;Economics Finance.
  • 学位 Ph.D.
  • 年度 2009
  • 页码 170 p.
  • 总页数 170
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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