EconStor >
Federal Reserve Bank of New York >
Staff Reports, Federal Reserve Bank of New York >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/60915
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorCetorelli, Nicolaen_US
dc.contributor.authorPeristiani, Stavrosen_US
dc.date.accessioned2010-05-06en_US
dc.date.accessioned2012-08-17T14:37:28Z-
dc.date.available2012-08-17T14:37:28Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/60915-
dc.description.abstractIn this paper, we use methods from social network analysis to assess the relative importance of financial centers around the world. Using data from virtually the entire universe of global equity activity, we present two sets of complete rankings for up to forty-five separate locations for the 1990-2006 period. The first phase of our analysis evaluates international stock exchanges based on their ability to attract global initial public offerings (IPOs). The second phase compares the capacity of these exchanges to provide an efficient trading platform for cross-listed companies. U.S. exchanges are effectively the unique hosts for cross-border equity activity originating from many other locations. Moreover, they are the destination of choice for most companies coming from locations with highly prestigious exchanges. We find that, despite a diminished ability to attract cross-border IPOs, U.S. exchanges have maintained an undisputable lead in global equity activity throughout the entire sample period. We do find evidence of the rising importance of competing exchanges - in particular, the London Stock Exchange, the Deutsche Börse, and the Hong Kong Stock Exchange - and also of an expanding role for a number of emerging market stock exchanges. However, this rising pattern reflects improved competitive conditions in a growing global market rather than a sudden decline in the activity of U.S. exchanges.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 384en_US
dc.subject.jelG15en_US
dc.subject.jelF39en_US
dc.subject.jelG19en_US
dc.subject.ddc330en_US
dc.subject.keywordNetwork analysisen_US
dc.subject.keywordstock exchangesen_US
dc.subject.keywordglobal equity activityen_US
dc.titlePrestigious stock exchanges: A network analysis of international financial centersen_US
dc.typeWorking Paperen_US
dc.identifier.ppn622766341en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

Files in This Item:
File Description SizeFormat
622766341.pdf395.95 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.