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Property Structure of Stock Exchanges and Market Quality: A Study of the Bovespa Demutualisation

International Journal of Banking and Finance, 2016-03, Vol.12 (1), p.31 [Peer Reviewed Journal]

2016. This work is published under https://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1675-722X ;ISSN: 2811-3799 ;EISSN: 2590-423X ;EISSN: 1675-722X

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  • Title:
    Property Structure of Stock Exchanges and Market Quality: A Study of the Bovespa Demutualisation
  • Author: Kawamto, Carlos Tadao ; Coulter Wright, James Terence
  • Subjects: Bid-Ask Spread ; Demutualisation ; New Institutional Economics ; Not-For-Profit Organisations ; Stock Exchange ; Stock exchanges
  • Is Part Of: International Journal of Banking and Finance, 2016-03, Vol.12 (1), p.31
  • Description: This article investigates the hypothesis that the property structure of organisations is related to the quality of the products and services that they supply. The analysis is accomplished through the study of the Brazilian stock exchange (Bovespa), which modified its property structure through demutualisation and capital opening at the end of 2007. According to the New Institutional Economics (NIE), the modification of property structures could result either in the deterioration of quality, due the need of for-profit firms to increase profits and cut costs, or improvement in quality, due to increases in efficiency. This question is evaluated through Lumsdaine and Papell’s (1997) endogenous two structural break test applied on the average bid-ask spread of all stocks traded on the Bovespa. The result indicates that there is a significant break in the series trend during the demutualisation process, suggesting that the property structure change led to an improvement in market quality.
  • Publisher: Kedah: Universiti Utara Malaysia
  • Language: English;Malay
  • Identifier: ISSN: 1675-722X
    ISSN: 2811-3799
    EISSN: 2590-423X
    EISSN: 1675-722X
  • Source: ProQuest Central
    DOAJ Directory of Open Access Journals
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