Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/219637
Authors: 
Rydzewska, Alina
Year of Publication: 
2015
Series/Report no.: 
Institute of Economic Research Working Papers No. 21/2015
Abstract: 
As a part of the demutualization process, stock exchanges are transformed from a traditional membership (mutual) structure into an entrepreneurial structure. Changes in the legal and organizational structure take place and they diversify their activities in order to meet the market needs. Statistical data confirm that two thirds of stock exchanges are of for-profit type and as many as 40% are listed exchanges. But we cannot conclude that stock exchanges, after the demutualization process and going public, operate more efficiently than the stock exchanges not subjected to these processes. On the other hand, analyzing the structure of the products on stock exchanges, it may be noticed that most of the exchanges have a diversified range of services. However, it should be emphasized that the activity of stock exchanges is partly seen as a public good even if they are managed by private people. But the efficiency increase of stock exchanges does not necessarily translate into the quality increase of their socio-economic functions and short-term pursuit for profits may pose a threat to the functioning of the economy and society.
Subjects: 
demutualization
stock exchange
company
government
society
JEL: 
G15
L21
L31
Creative Commons License: 
https://creativecommons.org/licenses/by/3.0/
Document Type: 
Working Paper

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