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| Author: | Majnoni, G. Massa, M. |
| Title: | Stock exchange reforms and market efficiency: the Italian experience |
| Journal: | European Financial Management
2001 : MAR, VOL. 7:1, p. 93-115 |
| Index terms: | MARKET EFFICIENCY STOCK MARKETS ITALY |
| Freeterms: | REFORM TRADING SYSTEMS |
| Language: | eng |
| Abstract: | This paper examines whether the reforms introduced by the Italian Stock Exchange from 1991 to 1994 (creation of specialised intermediaries, obligation to trade on the official markets, screen-based trading and cash settlement) did increase market efficiency. The joint analysis of daily and intraday data on prices and volumes validates the hypothesis that most of the reforms have increased market efficiency over the sample period, except for cash settlement, which appears to have substantially reduced it. |
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