TY - BOOK ID - 212924 TI - The economics of demutualization : an empirical analysis of the securities exchange industry PY - 2006 SN - 3835093118 3835004697 PB - Wiesbaden : Deutscher Universitats-Verlag, DB - UniCat KW - Banks and banking. KW - Economics. KW - Stock exchanges. KW - Bulls and bears KW - Commercial corners KW - Corners, Commercial KW - Equity markets KW - Exchanges, Securities KW - Exchanges, Stock KW - Securities exchanges KW - Stock-exchange KW - Stock markets KW - Capital market KW - Efficient market theory KW - Speculation KW - Economic theory KW - Political economy KW - Social sciences KW - Economic man KW - Agricultural banks KW - Banking KW - Banking industry KW - Commercial banks KW - Depository institutions KW - Finance KW - Financial institutions KW - Money KW - Finance. KW - Finance, general. KW - Funding KW - Funds KW - Economics KW - Currency question UR - https://www.unicat.be/uniCat?func=search&query=sysid:212924 AB - The securities exchange industry is in a state of flux. Exchanges constantly develop new revenue sources and products, try to expand their market share through fierce competition and pursue the consolidation of the industry. A prerequisite for this development was their transformation into market-oriented for-profit entities that are dominated by outside investors. This process is commonly referred to as demutualization. In order to understand the current developments in the securities exchange industry, Felix Treptow examines the changing relationship between exchanges and issuers, analyses the micro- and macroeconomic drivers of the demutualization decision, and investigates its impact on market liquidity. He presents a detailed analysis of both the determinants as well as the consequences of the demutualization of securities exchanges. ER -