| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11604 |
| DP11604 Nascent markets: Understanding the success and failure of new stock markets | |
| Thorsten Beck; José Albuquerque de Sousa; Mathijs Van Dijk; Peter A.G. van Bergeijk | |
| 发表日期 | 2016-11-04 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We study the success and failure of 59 newly established (“nascent”) stock markets since 1975 in their first 40 years of activity. Nascent markets differ markedly in their success, as measured by number of listings, market capitalisation, and trading activity. Long-term success is in part determined by early success: a high initial number of listings and trading activity are necessary, though not sufficient, conditions for long-term success. Banking sector development at the time of establishment and development of national savings over the life of the stock market are the other two most reliable predictors of success. We find little evidence that structural factors such as country size or legal and political institutions matter. Rather, our results point to an important role of banks, demand factors, and initial success in fostering long-term stock market development. |
| 主题 | Financial Economics |
| 关键词 | Stock exchanges Financial development |
| URL | https://cepr.org/publications/dp11604 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540418 |
| 推荐引用方式 GB/T 7714 | Thorsten Beck,José Albuquerque de Sousa,Mathijs Van Dijk,et al. DP11604 Nascent markets: Understanding the success and failure of new stock markets. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
