| 講演者 Speaker |
Angelo Riva 氏 (Private Professor, Finance, European Business School, France) Profile (Please click here) |
|---|---|
| 日時 Date & Time |
Monday, May 16, 2016, 13:00-14:30 |
| 会場 Venue |
Rm. 1111 on the 11th floor, Building #11, Waseda University |
| 主旨 Outline |
We study the causes and the consequences of changes in regulation affecting the degree of competition among stock exchanges. The debate on the virtues of fragmentation vs. consolidation of securities markets has recently been reopened by the Mifid directive of the European Union and NMS regulations in USA. Empirical assessments of these two options are rare because few substantial changes do occur at this level. The history of the Paris exchanges provides an interesting empirical test, since two changes in opposite directions occurred in the late 19th century, when Paris was the second financial center in the world. In 1893, the competition between the two Parisian markets was sharpened by a fiscal law eliminating the monopoly of the official market; in 1898, another law brought it back and provided fiscal tools for their enforcement which lacked before 1893. We analyze the impact of these two changes on the competition between the exchanges in terms of securities listed, traded volumes, spreads and co-integration. We find that consolidation reduced significantly transaction costs for investors without harming other dimensions of effectiveness. |
| プログラム Schedule |
13：00 Opening Remarks （Hideaki Miyajima (Waseda University)） 13：05 Presentation 14：05 Question-and-answer session 14：25 Concluding Remarks（Hideaki Miyajima (Waseda University)） |
| 対 象 Prospected Audience |
Faculty and staff members of a university, grad students, the general publics |
| 主 催 Organizer |
Research Institute of Business Administration,Waseda University Waseda Institute for Advanced Study,Waseda University |
| 申込み Registration |
Advance reservations not required |
WIAS Research Project Seminar Series
Waseda Organizational and Financial Economics Seminar
“Waseda Organizational and Financial Economics Seminar Experiments in Stock Exchange Industry Regulation: The Paris Bourse, 1893-1898”
by Dr. Angelo Riva（Private Professor, Finance, European Business School, France） (5/16)
Dates
-
0516
MON
2016
쀻 Place
Rm. 1111 on the 11th floor, Building #11, Waseda University
쀣 Tags
Posted
Mon, 16 May 2016
