Stock Exchange Alliances in Organization of Islamic Conferences (Oic) Countries

NFI Working Paper No. 2007-WP-18

30 Pages Posted: 23 Jul 2007

See all articles by M. Kabir Hassan

M. Kabir Hassan

University of New Orleans - College of Business Administration - Department of Economics and Finance

Jung-Suk Yu

School of Urban Planning & Real Estate Studies, Dankook University

Multiple version iconThere are 2 versions of this paper

Date Written: July 2007

Abstract

This paper examines the feasibility and economic benefits of stock exchanges alliances among OIC countries. Despite common Islamic culture, OIC local capital market conditions are heterogeneous depending on legal jurisdictions, income level and the maturity of stock market development. Therefore, in this paper, we suggest a set of internationally acceptable standards that aim to provide guidance for the development and implementation of policy irrespective of local differences so that they can form the basis for the development of sound stock exchanges in OIC countries. For the future development of OIC stock exchanges, we propose a bifurcated or two-tier system for blue-chips and small / medium-sized firms. That is, although small and locally operating firms will list shares at local exchanges, larger firms will rely on regional financial centers within Asian, Europe and MENA regions in the long term or a pan-OIC exchange irrespective of where this market will be located in OIC countries.

Keywords: Stock exchanges alliances, OIC capital markets, cross-border merger

JEL Classification: F36, G15, G38

Suggested Citation

Hassan, M. Kabir and Yu, Jung-Suk, Stock Exchange Alliances in Organization of Islamic Conferences (Oic) Countries (July 2007). NFI Working Paper No. 2007-WP-18, Available at SSRN: https://ssrn.com/abstract=1001716 or http://dx.doi.org/10.2139/ssrn.1001716

M. Kabir Hassan

University of New Orleans - College of Business Administration - Department of Economics and Finance ( email )

2000 Lakeshore Drive
New Orleans, LA 70148
United States

Jung-Suk Yu (Contact Author)

School of Urban Planning & Real Estate Studies, Dankook University ( email )

152, Jukjeon-ro, Suji-gu, Yongin-si
Gyeonggi-do, 16890
Korea, Republic of (South Korea)

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