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Baris Serifsoy 《Economics of Governance》2008,9(4):305-339
We employ a balanced panel data set of 28 stock exchanges to disentangle the effects of demutualization and outsider ownership
on the operative performance of stock exchanges. For this purpose we calculate in a first step individual efficiency and factor
productivity values via Data Envelopment Analysis. In a second step we regress the derived values on variables that—amongst
others—represent the different governance regimes of exchanges in order to examine technical efficiency and factor productivity
differences between (1) mutuals, (2) demutualized but customer-owned exchanges, and (3) publicly listed and thus at least
partly outsider-owned exchanges. We find evidence that demutualized exchanges exhibit higher technical efficiency than mutuals.
However, they perform relatively poor as far as productivity growth is concerned. Furthermore, we find no evidence that publicly
listed exchanges possess higher efficiency and productivity values than demutualized exchanges with a customer-dominated structure.
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