Networks and equity market integration: European evidence

International Review of Financial Analysis

Volumn 13, Issue 5 SPEC.ISS., 2004, Pages 601-619

  Hasan, Iftekhar ^a,b   Schmiedel, Heiko ^b,c,d  

^a RENSSELAER POLYTECHNIC INSTITUTE   (United States)

^b BANK OF FINLAND   (Finland)

^c Hamburgisches Welt Wirtschafts Archiv   (Germany)

^d EUROPEAN CENTRAL BANK   (Germany)

Author keywords

Europe; Network externalities; Remote access; Stock exchanges

Indexed keywords

EID: 8844244028     PISSN: 10575219     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.irfa.2004.02.015     Document Type: Article

References (32)

1. Annual Reports (1996-2000). Annual reports of 24 stock and derivative exchanges.
2. Arnold T. Hersch P. Mulherin J.H. Netter J. Merging markets Journal of Finance 52 1999 655-681
3. Blass A. Yafeh Y. Vagabond shoes longing to stray: Why foreign firms list in the United States Journal of Banking and Finance 25 2001 555-572
4. Chaplinsky S. Ramchand L. The impact of global equity offerings Journal of Finance 55 6 2000 2767-2789
5. Center for International Financial Analysis and Research, Inc. International Accounting and Auditing Trends, vol. 1, 4th edition. CIFAR Publications, Inc., Princeton, NJ.
6. Cybo-Ottone, A., Di Noia, C., & Murgia, M. (2000). Recent development in the structure of securities markets, Brookings-Wharton Papers on Financial Services.
7. Di Noia C. The stock-exchange industry: Network effects, implicit mergers, and remote access European Financial Management 7 1 2001 39-72
8. Domowitz I. Electronic derivatives exchanges: Implicit mergers, network externalities and standardization The Quarterly Review of Economics and Finance 35 2 1995 163-175
9. Domowitz I. Glen J. Madhavan A. International cross-listing and order flow migration: Evidence from an emerging market Journal of Finance 53 1998 2001-2027
10. Domowitz, I., & Steil, B. (1999). Automation, trading costs, and the structure of the trading services industry, Brookings-Wharton Papers on Financial Services, pp.1-52.
11. Economides N. Network economics with application to finance Financial Markets, Institutions and Instruments 2 5 1993 89-97
12. Economides N. How to enhance market liquidity Schwartz R. (Ed.) Global equity markets 1995 Irwin Professional New York Chapter. 6
13. Economides N. The economics of networks International Journal of Industrial Organization 16 4 1996 675-699
14. Elkins/Mc Sherry (1995-2001). Global trading cost analysis. New York.
15. Foerster S. Karolyi A. Multimarket trading and liquidity: A transaction data analysis of Canada-U.S. interlistings Journal of International Financial Markets, Institutions and Money 8 1998 393-412
16. Hasan I. Malkamäki M. Are expansions cost effective for stock exchanges? A global perspective Journal of Banking and Finance 25 12 2001, December 2339 2366
17. Hasan I. Malkamäki M. Schmiedel H. Technology, automation, and productivity of stock exchanges: International evidence Journal of Banking and Finance 27 2003 1743-1773
18. International Federation of Stock Exchanges (FIBV). (1996-2000). Annual Reports 1996-2000, Paris.
19. International Monetary Fund, various issues, International Financial Statistics. Washington.
20. Karolyi A. Why do companies list shares abroad? A survey of the evidence and its managerial implications Financial Markets, Institutions and Instruments 7 1 1998 1-60
21. La Porta R. Lopez-de-Silanes F. Shleifer A. Vishny R.W. Legal determinants of external finance Journal of Finance 52 1997 1131-1150
22. La Porta R. Lopez-de-Silanes F. Shleifer A. Vishny R.W. Law and finance Journal of Political Economy 106 1998 1113-1155
23. Lee R. What is an exchange: The automation, management and regulation of financial markets 1998 Oxford University Press New York
24. Licht, A. N. (1998). Regional Stock Market Integration in Europe, Harvard Institute for International Development, Consulting Assistance on Economic Reform II Discussion Papers, No 15.
25. MSCI (1995-2000). Handbook of world stock, derivative, and commodity exchanges. Mondo Visione, UK.
26. Pagano M. Randl O. Röell A. Zechner J. What makes stock exchanges succeed? Evidence from cross-listing decisions European Economic Review 45 2001 770-782
27. Pagano, M., Röell, A. & Zechner, J. (2003). The geography of equity listing: Why do companies list abroad? Centre for Studies in Economics and Finance (Working Paper No. 28). Journal of Finance (forthcoming).
28. Pirrong C. The organization of financial exchange markets: Theory and evidence Journal of Financial Markets 2 1999 329-357
29. Schmiedel, H. (2001). Technological development and concentration of stock exchanges in Europe. Bank of Finland Discussion Paper Series, 21/2001.
30. Shapiro C. Varian H.R. Information rules. A strategic guide to the network economy 1999 Harvard Business School Press Boston, MA
31. Shy O. The economics of network industries 2001 Cambridge University Press New York
32. Shy, O. & Tarkka, J. (2001). Stock exchange alliances, access fees and competition. Bank of Finland Discussion Paper Series, 22/2001.