Merging Corporatized Financial Markets__臺灣人文及社會科學引文索引資料庫

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題名：	Merging Corporatized Financial Markets
書刊名：	財務金融學刊
作者：	Abukari, Kobana／Otchere, Isaac
出版日期：	2016
卷期：	24:3
頁次：	頁1-44
主題關鍵詞：	證券交易所合併；產品市場效果；買賣價差；Stock exchange mergers；Product market effects；Bid-ask spread
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:1 共同引用:0 點閱:6

因科技進步加劇同業間競爭，已使許多證券交易所以併購做為生存策略。本文探討財務市場的證券交易所合併之股票市場效果與產品市場效果，發現相同地理位置與相同發展程度之證券交易所或證券交易所合併皆使其股東產生正向股價異常報酬。更進一步發現證券交易所合併增加其市場占有率，而敵對證券交易所則面臨買賣價差增加。

以文找文

Increased competition in the stock exchange industry, exacerbated by technological advancements, has motivated many exchanges to engage in mergers and acquisitions as a strategic choice for stemming the competition tide. We examine the stock and product markets effects of financial exchange mergers and find among others that shareholders of competing exchanges from the same geographical region and competitors at the same stage of development realize significantly positive abnormal returns as those involved in the merger. We also find that the merging exchanges increase their market share and experience significant reductions in bid-ask spreads at the expense of rival exchanges.

以文找文

期刊論文
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6.	Binder, John(1985)。On the use of multivariate regression model in event studies。Journal of Accounting Research，23，370-383。
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8.	Devos, Erik、Kadapakkam, Palani-Rajan、Krishnamurthy, Srinivasan(2009)。How do mergers create value? A comparison of taxes, market power, and efficiency improvements as explanations for synergies。Review of Financial Studies，22，1179-1211。
9.	Di Noia, Carmine(1999)。The stock-exchange industry: Network effects, implicit mergers, and corporate governance。Quaderni de Finanza，33，1-78。
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11.	Faulconbridge, James、Engelen, Ewald、Hoyler, Michael、Beaverstock, Jonathan(2007)。Analyzing the changing landscape of European financial centers: The role of financial products and the case of Amsterdam。Growth and Change，38，279-303。
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24.	Nielsson, Ulf(2009)。Stock exchange merger and liquidity: The case of Euronext。Journal of Financial Markets，12，229-267。
25.	Oldford, Erin、Otchere, Isaac(2011)。Can commercialization improve the performance of stock exchanges even without corporatization?。Financial Review，46，67-87。
26.	Otchere, Isaac(2006)。Stock exchange self-listing and value effects。Journal of Corporate Finance，12，926-953。
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34.	Solomon, David H.、Soltes, Eugene、Sosyura, Denis(2014)。Winners in the spotlight: Media coverage of fund holdings as a driver of flows。Journal of Financial Economics，113(1)，53-72。
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研究報告
1.	Pagano, Marco、Padilla, Jorge(2005)。Efficiency gains from the integration of stock exchanges: Lessons from the Euronext "natural experiment"。

其他
1.	(2012)。Deutsche Boerse-NYSE takeover vetoed by European Commission，http://www.bloomberg.com/news/2012-02-01/europeancommission-blocks-proposed-deutsche-boerse-nyse-euronext-merger.html。
2.	(2014)。Euronext detaches from ICE through 2 billion IPO，http://www.bloomberg.com/news/2014-06-19.html。
3.	(2012)。Deutsche Börse and NYSE Euronext: Why the marriage failed，http://www.economist.com/blogs/freeexchange/2012/02/deutsche-b%C3%B6rse-and-nyse-euronext。
4.	European Commission(2012)。Mergers: Commission blocks proposed merger between Deutsche Börse and NYSE Euronext, Press Release，http://europa.eu/rapid/press-release_IP-12-94_en.htm?locale=en。
5.	(2012)。Ten questions raised by ICE-NYSE merger，http://www.efinancialnews.com/story/2012-12-20/ten-questions-raised-by-ice-nyse-merger-talks。
6.	NYSE Group(2006)。NYSE Group and Euronext announce merger，http://www.nyse.com/about/publication/1145959806931.html。
7.	World Federation of Exchanges(2014)。WFE Monthly Statistics，http://www.world-exchanges.org/statistics/monthly-reports。
8.	(2013)。NYSE Euronext takeover poses tough challenges for ICE boss，http://www.ft.com/cms/s/0/1b2c1e94-4b12-11e3-ac3d-00144feabdc0.html#axzz35xcvk5hv。

圖書論文
1.	Domowitz, Ian、Steil, Benn(2001)。Automation, trading costs, and the structure of the securities trading industry。Institutional Investors。London：MIT Press。

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