The Neuer Markt is Dead. Long Live the Neuer Markt!

John Sell

International Advances in Economic Research, 2006, vol. 12, issue 2, 202 pages

Abstract: News reports of the potential consolidation of financial markets in Europe and the United States invite an analysis of the economic impact of such mergers. Yet, most scholarly discussion of these issues has revolved around a view of markets as efficient providers of capital and has ignored the issue of information transmission which Hayek argues is more important. Germany's Neuer Markt closed at the end of 2002 and the resulting transfer of securities to the larger Frankfurt exchange provides a unique opportunity to examine the informational impact of market consolidation. The results suggest that the closure of the Neuer Markt has resulted in a loss in the pricing transparency of Neuer Markt securities which has implications for the current debate. Copyright Springer Science+Business Media, Inc. 2006

Keywords: G10; D40; L10 (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1007/s11294-006-9003-9

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