Merging Corporatized Financial Markets

財務市場之公司化合併

10.6545/JFS.2016.24(3).1

Kobana Abukari；Isaac Otchere

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

財務金融學刊

24卷3期（2016 / 09 / 30）

1 - 44

英文

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。

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.

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