Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/23423
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dc.contributor.authorSerifsoy, Barisen_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 operationsinto related business areas such as derivatives trading, post-trading services andsoftware sales. This trend can be observed most notably among profit-orientedtrading venues. While the pursuit for diversification is likely to be driven by theattractiveness of these investment opportunities, it is yet an open question whethercertain integration activities are also efficient, both from a social welfare and fromthe exchanges' perspective. Academic contributions so far analyzed different businessmodels primarily from the social welfare perspective, whereas there is only littleliterature considering their impact on the exchange itself. By employing a panel dataset of 28 stock exchanges for the years 1999-2003 we seek to shed light on this topicby comparing the factor productivity of exchanges with different business models.Our findings suggest three conclusions: (1) Integration activity comes at the cost ofincreased operational complexity which in some cases outweigh the potentialsynergies between related activities and therefore leads to technical inefficiencies andlower productivity growth. (2) We find no evidence that vertical integration is moreefficient and productive than other business models. This finding could contribute tothe ongoing discussion about the merits of vertical integration from a social welfareperspective. (3) The existence of a strong in-house IT-competence seems to bebeneficial to overcome lower productivity growth associated with complex businessmodels.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseries|aWorking paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting |x158en_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-

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