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|dc.description.abstract||Academic contributions on the demutualization of stock exchanges so far have beenpredominantly devoted to social welfare issues, whereas there is scarce empiricalliterature referring to the impact of a governance change on the exchange itself.While there is consensus that the case for demutualization is predominantly drivenby the need to improve the exchange's competitiveness in a changing businessenvironment, it remains unclear how different governance regimes actually affectstock exchange performance. Some authors propose that a public listing is the bestsuited governance arrangement to improve an exchange's competitiveness. Byemploying a panel data set of 28 stock exchanges for the years 1999-2003 we seek toshed light on this topic by comparing the efficiency and productivity of exchangeswith differing governance arrangements. For this purpose we calculate in a first stepindividual efficiency and productivity values via DEA. In a second step we regressthe derived values against variables that - amongst others - map the institutionalarrangement of the exchanges in order to determine efficiency and productivitydifferences between (1) mutuals (2) demutualized but customer-owned exchangesand (3) publicly listed and thus at least partly outsider-owned exchanges. We findevidence that demutualized exchanges exhibit higher technical efficiency thanmutuals. However, they perform relatively poor as far as productivity growth isconcerned. Furthermore, we find no evidence that publicly listed exchanges possesshigher efficiency and productivity values than demutualized exchanges with acustomer-dominated structure. We conclude that the merits of outside ownership liepossibly in other areas such as solving conflicts of interest between too heterogeneousmembers.||en_US|
|dc.relation.ispartofseries|||aWorking paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting |x157||en_US|
|dc.subject.keyword||Tobit panel data regressions||en_US|
|dc.title||Demutualization, Outsider Ownership and Stock Exchange Performance - Empirical Evidence||en_US|
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