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| Content Provider | Springer Nature Link |
|---|---|
| Author | Serifsoy, Baris |
| Copyright Year | 2007 |
| Abstract | We employ a balanced panel data set of 28 stock exchanges to disentangle the effects of demutualization and outsider ownership on the operative performance of stock exchanges. For this purpose we calculate in a first step individual efficiency and factor productivity values via Data Envelopment Analysis. In a second step we regress the derived values on variables that—amongst others—represent the different governance regimes of exchanges in order to examine technical efficiency and factor productivity differences between (1) mutuals, (2) demutualized but customer-owned exchanges, and (3) publicly listed and thus at least partly outsider-owned exchanges. We find evidence that demutualized exchanges exhibit higher technical efficiency than mutuals. However, they perform relatively poor as far as productivity growth is concerned. Furthermore, we find no evidence that publicly listed exchanges possess higher efficiency and productivity values than demutualized exchanges with a customer-dominated structure. |
| Starting Page | 305 |
| Ending Page | 339 |
| Page Count | 35 |
| File Format | |
| ISSN | 14356104 |
| Journal | Economics of Governance |
| Volume Number | 9 |
| Issue Number | 4 |
| e-ISSN | 14358131 |
| Language | English |
| Publisher | Springer-Verlag |
| Publisher Date | 2007-04-19 |
| Publisher Place | Berlin, Heidelberg |
| Access Restriction | One Nation One Subscription (ONOS) |
| Subject Keyword | Exchanges Demutualization Efficiency DEA Malmquist-productivity Tobit panel data regressions Bootstrapping Political Science Public Finance & Economics Economics general |
| Content Type | Text |
| Resource Type | Article |
| Subject | Business and International Management Economics, Econometrics and Finance |
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