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Prestigious stock exchanges: A network analysis of international financial centers

Nicola Cetorelli () and Stavros Peristiani ()

Journal of Banking & Finance, 2013, vol. 37, issue 5, 1543-1551

Abstract: In this paper, we use methods from social network analysis to assess the relative importance of financial centers around the world. Using data from virtually the entire universe of global equity activity, we present complete rankings for 45 separate locations for the period 1990–2006. Our analysis constructs a network measure of prestige based on their ability to attract global IPOs. U.S. exchanges are effectively the unique hosts for cross-border equity activity from many other locations. Moreover, they are the destination of choice for most companies coming from locations with highly prestigious exchanges. We also document the emergence of several competing stock exchanges from developed and emerging market economies. The ascent of these stock markets, however, might reflect improved conditions in a growing global market rather than a decline in the competitiveness of U.S. exchanges.

Keywords: Network analysis; Stock exchanges; Global equity issuance (search for similar items in EconPapers)
JEL-codes: G15 F3 (search for similar items in EconPapers)
Date: 2013
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Working Paper: Prestigious stock exchanges: a network analysis of international financial centers (2009) Downloads
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Handle: RePEc:eee:jbfina:v:37:y:2013:i:5:p:1543-1551