| 講演者 Speaker |
Angelo Riva 氏 (Private Professor, Finance, European Business School, France) 講演者のプロフィールはこちら |
|---|---|
| 日時 Date & Time |
2016年5月16日（月）13:00～14:30 / Monday, May 16, 2016, 13:00-14:30 |
| 会場 Venue |
早稲田大学 早稲田キャンパス11号館11階 1111号室 |
| 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 開会の挨拶（宮島英昭 早稲田大学高等研究所 所長／商学学術院 教授） 13：05 講演 14：05 質疑応答 14：25 閉会の挨拶（宮島英昭） |
| 対象 | 学部生・大学院生・研究者・教職員 等 |
| 主催 | 早稲田大学産業経営研究所 早稲田大学高等研究所 |
| 申込み | 事前申し込み不要です。直接会場にお越しください。 |
