Europos vertybinių popierių biržų tinklų efektyvumo vertinimas

Abstract

Straipsnyje nagrinėjamas ekonominių tinklų tarp Europos vertybinių popierių biržų formavimasis ir šios proceso pasekoje vykstantys pasikeitimai biržų veikloje (efektyvumas). Darbe pateikiami atlikto tyrimo rezultatai, kurie rodo teigiamą ir statistiškai reikšmingą tinklų formavimosi efektyvumą

In recent decade the cooperation among stock exchanges was very intense and significant: the wave of mergers and acquisitions, mergers of trading platforms, creation of various indexes, etc. All this caused the formation of various types of economic links and networks among exchanges. Since then economic networks became a topic of different research. One of first research on this topic was published in 2001 by C. Di Noia. She proposed the model of mergers of exchanges and the way to calculate the benefits or loss of the merger. Other researchers took this example and aimed to calculate and evaluate the results of network formation, its impact on exchanges‘ activities and their results. One of the main shortages of these research is insufficient assessment of networks. Only I. Hasan and H. Schmiedel (2003) calculated and included networking results into their model. All the rest leaves network formation in a background of their research. One more problem is that most of previous research ends in 2002 – 2003. And that is the starting point of a very intensive network formation in European stock exchange industry. So this paper aims to assess the efficiency of network formation in European stock exchange industry during 2000 – 2008. [...]