Amsterdam Stock Exchange Research Papers

Amsterdam Stock Exchange Research Papers-15
Mensah (2005) argued that the slow pace of demutualization in emerging markets such as Africa may be due to the fact that African governments are reluctant to undertake the process as long as they are satisfied with the performance of their mutual exchanges in terms of meeting their national objectives.

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Visit for more related articles at International Journal of Economics & Management Sciences This paper evaluates the impact of ownership structure on stock exchange performance using data from 50 stock exchanges for the period 1990 to 2011.

The study adopts the Least Squares Dummy Variable (LSDV) regression model to examine the nature and significance of the relationship between stock exchange ownership structure and performance.

Steil [12] added an interesting dimension to the discussion as he argued that the change in governance structure of an exchange is not important as demutualized exchanges can still provide the same services and accrue the same benefits as in mutual exchanges.

Kongden (1998) also found that mutual exchanges are able to maximize the interests of both parties concerned as opposed to demutualized entities.

The findings indicate that demutualized exchanges tend to perform better than mutual exchanges in terms of value of trades, market capitalization, and listings.

Surprisingly, the study reveals that while combining demutualization and automation has a positive effect on market capitalization, automation is associated with reduced trading volumes and listings, ostensibly due to information efficiency effects of automation.

While the general trend globally has been that automation precedes demutualization, Zimbabwe has plans to automate and demutualize its stock exchange around the same time.

Given the clearly negative effect of automation on listings and volumes of trades, questions are raised regarding the efficacy of the model that Zimbabwe has adopted to boost domestic and foreign investor participation on its bourse.

Received Date: January 29, 2014; Accepted Date: February 01, 2014; Published Date: February 10, 2014 Citation: Nyangara D, Musikavanhu TP (2014) An Empirical Analysis of the Impact of Demutualization on Stock Exchange Performance: Lessons for Zimbabwe. doi:10.4172/2162-6359.1000161 Copyright: © 2014 Nyangara D, et al.

This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.


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