SPILLOVER EFFECTS OF DEMUTUALIZATION ON STOCK EXCHANGES: A REGIONAL COMPARISON

Abdul Wahid, Kamran Azam, Iftikhar Hussain Adil, Syed Asghar Abass Naqvi

Abstract


Demutualization is the process whereby a shareholder enjoys
proprietary rights and it is well taken wherever it has been practiced.
This study empirically investigates the impact of demutualization on
stock market growth. A stratified sample of thirteen stock exchanges
comprising five stock exchanges from Asian, five from European, and
three from American region were analyzed. Results indicated strategic
change in stock exchanges in Asian and European region appears to
be more fruitful than American in terms of financial performance, but
American stock exchanges seem to be more progressive in terms of
stock market performance than Asian and European stock exchanges.


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