The Future of Stock Exchanges in Europe

Jochen Möbert and Harald Deubener

No 162, Darmstadt Discussion Papers in Economics from Darmstadt University of Technology, Department of Law and Economics

Abstract: We survey the future development of stock exchanges in Europe. Experts and non-experts evaluated several scenarios regarding who would survives as an independent as well as alliances, mergers and acquisitions. Nearly all respondents agreed that the landscape will undergo change. However, on average the respondents did not assign high probabilities to one particular future scenario. We also asked for important microeconomic and macroeconomic variables which might have an impact on the success of a stock exchange. The results indicate that while both types of variables have a relatively small influence on the different scenarios, the respondents think macroeconomic variables are less important than microeconomic variables. The uncertainty of a specific future scenario is also expressed in the economical and statistical significance of characteristics exhibited by the interviewees.

Keywords: stock exchanges; financial integration; alliances; acquisitions (search for similar items in EconPapers)
JEL-codes: F36 G29 (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:darddp:dar_36778

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