This website uses cookies to help us give you the best experience when you visit our website. By continuing to use this website, you consent to our use of these cookies.
Read more
Recently there has been a dramatic change in the organizational structure of exchanges as they have demutualized and converted into for-profit entities. This has been accompanied by a public listing of shares on the exchange itself. These changes have been driven by technological and competitive forces and have resulted in a new paradigm for the governance of exchanges.
The new organizational structure has raised several regulatory issues. At the same time that exchanges have themselves become public companies, there have also been major changes in the governance requirements of listed companies that trade on exchanges. Many of these changes have been prompted by the Sarbanes-Oxley legislation, new exchange regulations, and changes mandated by the SEC. The new requirements have impacted the capital raising process globally and the choice of listing venue. These developments have in turn intensified competition among exchanges and may lead to a wave of cross-border consolidations. Globalization of exchanges will create challenges for nation-based regulation and we offer some suggestions for resolving the regulatory impediments.
Alibaba, the e-commerce giant that completed a record-breaking IPO in the United States in 2014 and in mid-2020 was valued at over $500 billion, is one of...
This article examines the economic underpinnings of the concept of corporate purpose, which has gained increasing attention from business academics,...