Title: Networks and equity market integration: European evidence
Abstract: Deregulation, globalization, and technological developments have altered the business strategies of stock exchanges around the world. We investigate whether the adoption of network strategies by stock exchanges creates additional value in the provision of trading services. Using unbalanced panel data from all major European exchanges over the period 1996–2000, we examine the consequences of network cooperation on a number of stock market performance measures. We show that adopting a network strategy is associated with higher market capitalization, lower transaction costs, higher growth, and enhanced international stock market integration.
Publication Year: 2004
Publication Date: 2004-01-01
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 35
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