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http://hdl.handle.net/10419/23423
  

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dc.contributor.authorSerifsoy, Barisen_US
dc.coverage.temporal1999-2003en_US
dc.date.accessioned2009-01-29T16:05:33Z-
dc.date.available2009-01-29T16:05:33Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/23423-
dc.description.abstractIn recent years stock exchanges have been increasingly diversifying their operations into related business areas such as derivatives trading, post-trading services and software sales. This trend can be observed most notably among profit-oriented trading venues. While the pursuit for diversification is likely to be driven by the attractiveness of these investment opportunities, it is yet an open question whether certain integration activities are also efficient, both from a social welfare and from the exchanges' perspective. Academic contributions so far analyzed different business models primarily from the social welfare perspective, whereas there is only little literature considering their impact on the exchange itself. By employing a panel data set of 28 stock exchanges for the years 1999-2003 we seek to shed light on this topic by comparing the factor productivity of exchanges with different business models. Our findings suggest three conclusions: (1) Integration activity comes at the cost of increased operational complexity which in some cases outweigh the potential synergies between related activities and therefore leads to technical inefficiencies and lower productivity growth. (2) We find no evidence that vertical integration is more efficient and productive than other business models. This finding could contribute to the ongoing discussion about the merits of vertical integration from a social welfare perspective. (3) The existence of a strong in-house IT-competence seems to be beneficial to overcome lower productivity growth associated with complex business models.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesWorking paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting 158en_US
dc.subject.jelC61en_US
dc.subject.jelC24en_US
dc.subject.jelF39en_US
dc.subject.jelC23en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordexchangesen_US
dc.subject.keyworddemutualizationen_US
dc.subject.keywordpost-tradingen_US
dc.subject.keywordderivativesen_US
dc.subject.keywordsoftwareen_US
dc.subject.keywordDEAen_US
dc.subject.keywordMalmquist-Productivityen_US
dc.subject.keywordbootstrappingen_US
dc.subject.stwWertpapierbörseen_US
dc.subject.stwDiversifikationen_US
dc.subject.stwGeschäftsmodellen_US
dc.subject.stwWirtschaftliche Effizienzen_US
dc.subject.stwSchätzungen_US
dc.subject.stwWelten_US
dc.titleBusiness Models and Stock Exchange Performance - Empirical Evidenceen_US
dc.typeWorking Paperen_US
dc.identifier.ppn498452964en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Working Paper Series: Finance and Accounting, Universität Frankfurt a. M.

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