haku: @author Hasan, I. / yhteensä: 9
viite: 6 / 9
| Tekijä: | Hasan, I. Malkamäki, M. Schmiedel, H. |
| Otsikko: | Technology, automation, and productivity of stock exchanges: International evidence |
| Lehti: | Journal of Banking and Finance
2003 : SEP, VOL. 27:9, p. 1743-1773 |
| Asiasana: | Stock markets Stock exchanges Technology International |
| Kieli: | eng |
| Tiivistelmä: | This paper stresses the importance of understanding operational choices, strategies, and performances of stock exchanges as regular operating firms [in J. Finance (1999), 52, 655 and in J. Financial Markets (1999), 2, 329]. Using panel data on 49 stock exchanges over the period 19891998, the paper traces the productivity of stock exchanges over time and across different types and groups of exchanges. The paper finds significant variability in productivity revenue and cost efficiency across these exchanges. On average, North American exchanges are found to be most cost and revenue efficient. However, these findings also indicate that European exchanges have improved the most, in respect of cost efficiency, while exchanges in South America and Asia-Pacific are found to be lagging as regards both cost and revenue estimations. Evidence also indicates that investment in technology-related developments effectively influenced cost and revenue efficiency. |
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