Growth strategies and value creation : what works best for stock exchanges?

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dc.contributor Bank of Finland
dc.contributor.author Hasan, Iftekhar
dc.contributor.author Schmiedel, Heiko
dc.contributor.author Song, Liang
dc.date.accessioned 2014-09-22T07:58:14Z
dc.date.available 2014-09-22T07:58:14Z
dc.date.issued 2010
dc.identifier.isbn 978-952-462-570-8
dc.identifier.isbn 978-952-462-571-5
dc.identifier.issn 1456-6184
dc.identifier.uri https://helda.helsinki.fi/bof/handle/123456789/7560
dc.description Ilmestynyt myös ECP WP 1201 v. 2010 sekä FINANCIAL REVIEW 2012 ; 34 ; 7.
dc.description.abstract In recent years, demutualized stock exchanges have increasingly engaged in M&A and alliance activities. To shed light on this topic, we investigate short-run share price responses to the formation of 110 stock exchange M&As and alliances in the period 2000 2008. Our ?ndings show that the average stock-price responses to a stock-exchange M&A or alliance is positive. Stock exchange M&As create more value than alliances. For alliances, joint ventures generate more value than non-equity alliances. More value is created when the integration is horizontal and cross-border than when it is vertical and domestic. Evidence is also found for learning-by-doing effects in stock exchange integration activities. Finally, we find that the better the shareholder protection, accounting standards and degree of capital market development in the partnering exchange s country, the higher the merger and alliance premium. These patterns also obtain when we examine long-run performance measures such as the three-year buy-and-hold abnormal return, change in ROA (ROE), change in liquidity, and change in market capitalization of IPO between years t-2 and t+2.
dc.format.extent 48 s.
dc.language.iso eng
dc.rights https://helda.helsinki.fi/bof/copyright
dc.subject mittarit
dc.subject oppiminen
dc.subject pörssit
dc.subject fuusiot
dc.subject vaikutukset
dc.subject hinnat
dc.subject osakemarkkinat
dc.subject osakkeet
dc.subject integraatio
dc.subject kansainvälinen
dc.subject tuotot
dc.subject SP
dc.subject RP
dc.subject liittoutumat
dc.subject IPO
dc.subject arvostukset
dc.title Growth strategies and value creation : what works best for stock exchanges?
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-20140807339
dc.series.name Bank of Finland Research Discussion Papers
dc.series.year 2010
dc.series.number 2/2010
dc.series.sortingnumber 0002
dc.date.publication 5.1.2010
dc.identifier.doi 10.1111/j.1540-6288.2012.00337.x
dc.description.publication Published in Financial Review, Volume 47, Issue 3, August 2012: 469-499

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