Are expansions cost effective for stock exchanges? : A global perspective

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Title: Are expansions cost effective for stock exchanges? : A global perspective
Author: Hasan, Iftekhar ; Malkamäki, Markku
Organization: Suomen Pankki
Department / Unit: Research Department
Series: Suomen Pankin keskustelualoitteita; Bank of Finland. Discussion papers
Series number: 20/2000
Year of publication: 2000
Publication date: 18.12.2000
Pages: 34 s.
Keywords: kansainvälinen; pörssit; integraatio; fuusiot; kustannukset; tehokkuus; skaalatuotot; keskittyminen
Abstract: This paper investigates the existence and extent of economies of scale and scope among stock exchanges.Evidence from 38 exchanges in 32 countries and 4 continents around the world for the years 1989-1998 indicates the existence of significant economies of scale and scope.The degree of such economies however differs by size of exchange and region.The largest stock exchanges show an increasing trend of cost effectiveness.Exchanges in North America and Europe report substantially larger economies of scale than those in the Asia-Pacific regions. Keywords: stock exchanges, mergers, regional alliances, economies of scale
Note: Ilmestynyt myös Journal of Banking and Finance 2001 ; 25 ; 12

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