A Study of the NYSE-Euronext Merger 公开
Moore, Jessica Lydia (2012)
Published
Abstract
Access to stock markets greatly affects a company's ability to
grow and be productive in any
market place. Until recently, however, stock exchanges were not
analyzed as firms competing
and producing goods in their own market. The budding discussion
became even more
complicated as exchanges began engaging in mergers, in an attempt
to increase profitability. We
conduct an empirical analysis of the effects of one of these
mergers on the stocks traded on the
exchanges involved, and the marketplaces in which the exchanges
compete. Our results show
that stocks on both exchanges experienced lower liquidity during
the time of the merger's
announcement. They also indicate that stocks traded on the New York
Stock Exchange (NYSE)
experienced higher liquidity during the time of the merger, whereas
stocks traded on Euronext
saw lower liquidity. Moreover, we show that while the market shares
of both participating
exchanges increased, the level of market concentration remained
relatively stable. Such stability
of market concentration comes from both the statistic's previously
high levels and tradeoffs
between the market shares of the dominant exchanges. Our study adds
to a growing body of
research regarding transatlantic exchange mergers, which we predict
will become increasingly
common in the near future. Ours is one of the first to conduct an
empirical analysis of a merger
of this variety. We hope it will contribute to future research and
policymaking regarding the
appropriate mechanisms for regulating exchange merger.
Table of Contents
Introduction 1
Background 2
Literature Review 5
Empirical Strategy 10
Results 14
Discussion 21
Conclusion 25
Appendix 28
Bibliography 50
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