Effects of Horizontal M&As on Trading Volume of Stock Exchanges
Burc Ulengin and
M. Banu Yobas
Istanbul Stock Exchange Review, 2013, vol. 13, issue 52, 38-58
The ever increasing competition in the capital markets and globalization necessitated that structural changes taking place in stock exchanges, particularly M&As among them being watched closely by securities markets throughout the world. In this study effects of macroeconomic variables on trading volumes of 20 equity exchanges are examined by taking into account M&As that took place in the last 15 years. The exchanges include both the developed (eg. USA, UK, Japan) and developing (eg. Mexico, Korea, Poland) countries. The monthly data for period 1995-2010 is analysed using regression, taking the proper precautions for autocorrelation and heteroscedasticity problems, frequently encountered in time series data sets. The effects of macroeconomic variables on trading volume is observed though with a changing degree and results show that some of the M&As had positive effects on trading volume, whereas some did not.
Keywords: Stock exchanges trading volume; M&As (search for similar items in EconPapers)
JEL-codes: C58 E44 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bor:iserev:v:13:y:2013:i:52:p:38-58
Access Statistics for this article
More articles in Istanbul Stock Exchange Review from Research and Business Development Department, Borsa Istanbul Contact information at EDIRC.
Bibliographic data for series maintained by Ahmet Palu ().