What Makes Exchanges Succeed –Empirical Study of Stock Exchanges in Shanghai, Hong Kong, Singapore and Taiwan
Date Issued
2008
Date
2008
Author(s)
Chen, Tung-Yen
Abstract
Abstractith the spread of globalization, developing and developed countries have a strong growth in the stock market for the decade. So, it is more and more important to define what makes exchanges succeed. In 2004, there were more than 700 listed companies in Taiwan Stock Exchange, and 633 listed companied in Singapore Exchange. In 2007, however, Taiwan Stock Exchange had more one listed company than it did before three years, but Singapore exchange had actually 762 listed companies. At the same period, the difference of capitalization between these two exchanges had diminished. Obviously, these changes stand out the importance of finding the factors which make exchanges succeed. On the other hand, globalization makes firms have more choice to finance. Thus, the paper tries to find the factors make exchanges succeed and discuss how Taiwan Stock Exchange to attract foreign investors.his paper first discusses relationship between capital market and stock exchanges. In chapter three, we explain the empirical method in which the quantitative aspect of selected exchanges for a general performance and the qualitative data published by IMD. In chapter four, we use the empirical results to analyze the factors make exchanges succeed. In chapter five, we introduce the rule of exchanges, illustrate the general performance, and discuss their development. Finally, in chapter six, this paper concludes three implications which help authorities to constitute policies.
Subjects
Stock exchange
Capital market
Type
thesis
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