Handbook Of Research On Stock Market Globalization

The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently under way and previous periods of stock market globalization. This seminal volume fills that gap.

The chapters in the first section examine previous globalization periods through the lens of the corporate economy, valuing equities and managed funds. Further chapters address current issues such as the social closure of the exchange, demutualization and mergers and acquisitions as well as cross-listing and liquidity. The final chapters consider the regulatory challenges posed by stock market globalization. These include the pressures on regulators from rent-seeking stock market participants, the demise of exchange trading floors and Latin America’s stock market.

Timely, multi-disciplinary and practical, this informative Handbook will be an essential reference for students and scholars of economics, finance and accounting, finance professionals and security market regulators.

Contents:

Prologue: Events from February to July 2011

Introduction: Stock Market Globalization, Past and Present
Geoffrey Poitras

PART I: HISTORICAL PERSPECTIVES ON STOCK MARKET GLOBALIZATION
1. Capitals of Capital
Youssef Cassis

2. The Stock Market and the Corporate Economy: A Historical Overview
Ranald Michie

3. From the Renaissance Exchanges to Cyberspace: A History of Stock Market Globalization
Geoffrey Poitras

4. Valuing Equities in the UK and the US: Fashions and Trends
Janette Rutterford

5. The Evolution of the Managed Funds Industry: Investment Trusts in Nineteenth-century Britain
Elaine Hutson

PART II: STUDIES OF CURRENT STOCK MARKET GLOBALIZATION
6. The Social Closure of the Stock Exchange
Alexandru Preda

7. Demutualization and the Globalization of Stock Markets
Giovanna Zanotti

8. How Stock Exchange Mergers and Acquisitions Affect Competitors’ Shareholder Value: Global Evidence
Iftekhar Hasan, Heiko Schmiedel and Liang Song

9. Cross-listing and the Evolution of Global Stock Market Liquidity
Manuela Geranio

PART III: EVALUATING STOCK MARKET GLOBALIZATION
10. Latin American Stock Markets: Recent History and Prospects
Augusto de la Torre and Sergio L. Schmukler

11. What Happened on 6 May 2010? Anatomy of the Flash Crash
Geoffrey Poitras

12. The Impact of Electronic Communication Networks on Exchange Trading Floors and Derivatives Regulation
Jerry W. Markham and Daniel J. Harty

Index