Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/211899 
Autor:innen: 
Erscheinungsjahr: 
2001
Schriftenreihe/Nr.: 
Bank of Finland Discussion Papers No. 21/2001
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
This paper provides an explanation of technical inefficiencies of financial exchanges in Europe as well as an empirical analysis of their existence and extent.A single-stage stochastic cost frontier approach is employed, which generates exchange inefficiency scores based on a unique unbalanced panel data set for all major European financial exchanges over the period 1985-1999.Overall cost inefficiency scores reveal that European exchanges operate at 20-25% above the efficiency benchmark.The results also affirm that size of exchange; market concentration and quality; structural reorganisations of exchange governance; diversification in trading service activities; and adoption of automated trading systems significantly influence the efficient provision of trading services in Europe.Over the sample period, European exchanges notably improved their ability to efficiently manage their production and input resources.
Schlagwörter: 
Europe
financial exchanges
panel data
technical efficiency
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
951-686-749-9
Dokumentart: 
Working Paper

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