Stock exchange alliances, access fees and competition

This paper investigates the market consequences of alliance formation among stock exchanges. These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers to maintain memberships in foreign stock exchanges. We sort out the conditions under which alliance formation increases profits for stock exchanges and brokers, and how changes in fee structures affect investors’ participation rates and welfare. Finally, we examine several methods for implementing access fees and their welfare implications.stock exchange alliances; access fees; competition among stock exchanges

The consolidation of European stock exchanges

With the growing appeal of cross-border trading in Europe, efforts are under way to establish consolidated exchanges that offer trading in stocks from many European countries. An analysis of these evolving pan-European exchanges suggests that consolidation could reduce the costs and complications of cross-border trading through such enhancements as a standardization of trading platforms. Yet regulatory, legal, and economic barriers to the creation of these exchanges may delay any benefits of consolidation.Stock exchanges ; International finance ; Consolidation and merger of corporations

The baby boom, the housing market and the stock market

Housing ; Stock exchanges ; Population

Letter to the Department of Stock List, New York Stock Exchange, Regarding Ptrovisions for Federal Taxes Based on Income, Being Shown on Quarterly or Other Interim Financial Statements of Income or Profit and Loss, July 10, 1941

https://egrove.olemiss.edu/aicpa_guides/2454/thumbnail.jp

The Study of Interdependence between Capital and Currency Markets Using Multivariate GARCH Models

In the article an attempt was made to investigate the interaction among the various stock exchanges as well as various exchange rates and then to determine the direction of information flow between capital and currency markets. Tools used in this study are Multivariate GARCH models. Presented results developed an earlier study of World Stock Exchange classification. These stock exchanges will be further analysed according to their interaction.Multivariate GARCH Model, independence analysis, stock exchange, exchange rate.

Romanian Hotel Groups Listed at Bucharest Stock Exchange a Survey

Hotel industry is an important component of travel and tourism (T&T) sector. However, less studies are dedicated to hotel industry than to the T&T sector as a hole. Even less studies are available on hotel companies or groups listed on stock exchanges around the world. The present study will focus on Romanian hotel groups listed at Bucharest Stock Exchange, compared with the situation in Europe.hotel industry,travel and tourism,stock exchanges,hotel groups.

Are markets really efficient?

Rational expectations (Economic theory) ; Speculation ; Stock exchanges ; Keynesian economics

Relational Enforcement of Stock Exchange Rules

Stock exchanges, as regulating entities supervised by the Securities and Exchange Commission (SEC), have wielded their rulemaking power on various corporate governance issues, ranging from the independent board committee requirement adopted in 2003 to the board diversity requirement approved in 2021. Simultaneously, as for-profit corporate entities, major stock exchanges have been competing against each other to attract and retain more companies. This dual status of stock exchanges — as regulators and as profit driven entities — brings into question the stock exchanges\u27 incentive to enforce their own rules against listed companies. What happens if a listed company violates stock exchange rules? As the first study that offers an analysis of original hand collected data on 838 enforcement actions by stock exchanges in 2019, this Article finds that (1) stock exchanges\u27 detection of noncompliance is mostly on the failure to meet mechanical criteria, such as the $1.00 minimum stock price requirement; (2) listed companies tend to self-report violations of corporate governance requirements before the stock exchanges detect them; and (3) even after noncompliance is detected, stock exchanges tend to extend cure periods and rarely impose the only substantive sanction for stock exchange rule violations: delisting. Focusing on stock exchanges\u27 corporate governance requirements for listed companies, our analysis of S&P 1500 companies\u27 board composition data shows that most companies diligently comply with the stock exchanges\u27 requirements despite this low likelihood of detection and enforcement. This Article argues that this curious coexistence of lax enforcement and diligent compliance can be explained as an extension of the relational contract theory to the relationship between a regulator and a regulated. Competition among stock exchanges makes a long-term, interactive relationship between stock exchanges and their listed companies valuable to both sides. The fact that the stock exchanges\u27 enforcement mechanism relies on a single, drastic measure of terminating the relationship (i.e., delisting) and that listed companies\u27 noncompliance rarely triggers delisting incentivize cooperative compliance between the regulator and the regulated. Such relational enforcement of stock exchange rules indicates that where there is an extended regulatory relationship that offers a substantial benefit to the regulated entity, diligent compliance can be regulated entity, diligent compliance can be expected even in the absence of rigorous, formal policing