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Maurizio Polato Josanco Floreani Andrea Paltrinieri Flavio Pichler 《Journal of Management and Governance》2016,20(3):591-623
Based on a dataset of 31 conventional and Islamic stock exchanges we compare financial performance across these two groups for 2007–2011 period. Our results suggest that CEs and IEs are differently exposed to institutional constraints and have different drivers of profitability. Islamic stock exchanges’ performances are essentially driven by traditional listing and trading services and are affected by institutional factors such as the degree of foreign trading openness of their economies and measures of society development. Furthermore, they ensure greater stability during crisis, although Shari’ah compliant investments don’t affect their revenue generation. Conventional stock exchanges have higher trading intensity, higher level of revenues’ diversification and high capital investments, as they operate with different business models. Our results could have relevant business and strategic implications for further convergence between the two groups. Moreover our analysis could be significant for firms wishing to list their shares into Shari’ah Compliant Stock Exchanges or into Conventional ones and traders choosing the most convenient trading venue. 相似文献
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The investment in illiquid financial products introduces multiple profiles of criticality related to the perception of the
effective profiles of risk and to the intermediaries’ distributive policies. However, the notion of illiquid product could
be affected by some misunderstanding such as the tendency (which constitutes a simplification) to identify it to the trading venue, for which are illiquid only those products negotiated over the counter. In actual fact, it is necessary to estimate an instrument
on the base of its characteristics, those of the issuer and the eventual market of negotiation. From a substantial point of
view, this has some important implications regarding the regulatory profiles of investor’s protection. The Mifid in Europe
set conduct rules to align the behavior of the intermediary regarding the objective to best serve the investor. The harmonization
of the conduct rules passes from the implementation of level 3 measures. This paper examines the problem to the light of the
implementation of level 3 measures in Italy. 相似文献
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The provision of investment services (and the correlated ancillary services) and collective investment services forms part
of the main functions carried out by the securities industry. From an industrial point of view, all the activities defining
the securities industry represent subsequent stages of the production process of the industry. The financial exchange sensu
stricto uses the orders originating from the investment decisions produced in the asset allocation stages as input for the
production process and, in turn, is divided into the order capture, order execution and order processing stages. The presence
of banking intermediaries characterizes all the stages of the production process of the securities industry. This, of course,
has implications in terms of profitability of the banking groups and affects their competitive strategies. 相似文献
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It is generally acknowledged that the exchange industry shares the typical features of network industries, forcing exchanges to merge across countries. This process was first urged by the need to keep up with technological developments and increased competition from peers and new competitors. Starting 2005 and up to 2007 we observed significant cross border mergers within the securities industry leading to the creation of a few large groups with a diversified business model. It was questioned whether such mergers leaded to a stable equilibrium. Now, in the aftermath of the crisis a new wave of consolidation is taking place. The financial turmoil dramatically affected the market functioning delivering severe strains to the financial sector and modified the way of conducting business. We address the implications of the crisis on exchange??s values, investigating if expectations lying behind values have somewhat changed or compressed or reflect new opportunities. 相似文献
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The growth strategies of the listed exchanges affect the morphology of the securities industry as they are focused on the
consolidation of trading infrastructures and, on the other hand, on the diversification of the business model. New “conglomeral
exchanges” are characterized by a far-reaching production function. Since they integrate product-service lines which are complementary,
they potentially herald competitive distorsions limiting the investor’s freedom of choice and prejudicing the interest for
the best result from the investment.
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Josanco FloreaniEmail: |
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