Topic
Stock exchange
About: Stock exchange is a research topic. Over the lifetime, 39566 publications have been published within this topic receiving 612044 citations.
Papers published on a yearly basis
Papers
More filters
TL;DR: The market behaviour of unseasoned new issues of common stock at the time of initial listing and during the period following initial listing on the Sydney Stock Exchange is investigated in this article.
Abstract: The market behaviour of unseasoned new issues of common stock at the time of initial listing and during the period following initial listing on the Sydney Stock Exchange is investigated. The results indicate large and widespread initial returns to the new issue-cum-listing process. The average aftermarket performance was negative but was not statistically significant. We suggest that the joint process of initial issue-cum-listing in Australia, the listing requirements of the Australian Associated Stock Exchanges and the vesting of allocation rights to the issue in the broker, together with barriers to entry to stockbroking in Australia, provided the market structure which facilitated underpricing of the new issues.
137 citations
Patent•
24 Jan 2001
TL;DR: In this article, a computerized trading system with multiple affiliates at the local level, each in a different country, that act as either introducing or executing agents, is described, with the local affiliates and the global hub being arranged in a hub-and-spoke arrangement.
Abstract: A computerized trading system permits trading across international boundaries. The system preferably includes multiple affiliates at the local level, each in a different country, that act as either introducing or executing agents. Between these local affiliates there is a global hub, with the local affiliates and the global hub being arranged in a hub-and-spoke arrangement. Introducing affiliates are responsible for handling customer accounts and information, and accepting transaction orders. Executing affiliates are responsible for executing the transaction orders for, e.g., equity trades in a local stock exchange. The global hub is responsible for routing orders and handling associated foreign exchange transactions to convert one currency into another.
137 citations
Book•
01 Jan 1987TL;DR: The London Stock Exchange and the British Securities Market as discussed by the authors is a well-known example of a stock market that has a long history in the UK and the world, which dates back to the early 19th century.
Abstract: Part 1: London 1. The London Stock Exchange and the British Securities Market 2. The London Stock Exchange and the International Securities Market I 3. The London Stock Exchange and the International Securities Market II 4. The London Stock Exchange and the Capital Market 5. The London Stock Exchange and the Money Market Part 2: New York 6. The New York Stock Exchange and the Securities Market I 7. The New York Stock Exchange and the Securities Market II 8. The New York Stock Exchange and the US Economy
137 citations
TL;DR: This article examined factors that influence firms' choices of foreign stock exchanges and found strong evidence that foreign listing locations are significantly influenced by financial disclosure levels and the level of exports to a given foreign country.
Abstract: This study aims to enhance our understanding of multiple listings by addressing the where question related to foreign listings. It examines factors that influence firms' choices of foreign stock exchanges. Based on a sample of 459 internationally traded MNCs, with at least one foreign listing on one of nine major stock exchanges (in eight countries) at year-end 1992, we find strong evidence that foreign listing locations are significantly influenced by 1) financial disclosure levels, and 2) the level of exports to a given foreign country.
137 citations
TL;DR: In this paper, the authors present an empirical analysis of firms that are delisted from a major stock exchange and the stock price movements surrounding delisting are analyzed, showing that for firms with prior announcements, equity values decline by approximately 8.5 percent on announcement day.
Abstract: This paper presents an empirical analysis of firms that are delisted from a major stock exchange. The delisting process is described and stock price movements surrounding delisting are analyzed. For firms with prior announcements, equity values decline by approx? imately 8.5 percent on announcement day. For firms without prior announcements, a sim? ilar adjustment takes place between the last day of trading in the initial market and the close of the first day of trading in the new market. Four hypotheses concerning the decline in firm value are examined. These are the liquidity hypothesis, the management signalling hypothesis, the exchange certification hypothesis, and the downward sloping demand curve hypothesis. Evidence consistent with the liquidity hypothesis is presented in the paper. Unlike evidence on stock exchange listings, returns in the post-delisting period do not appear to be anomalous.
137 citations