Choice, Confusion and Competition in the Market for Markets: Aiming for Aim in Three Junior Asian Stock Exchanges

29 Pages Posted: 17 Jan 2009

See all articles by Mitsuru Mizuno

Mitsuru Mizuno

Nihon University - Graduate School of Business

Isaac T. Tabner

University of Stirling - Accounting and Finance Division

Abstract

A review of literature on the theory of stock exchange competition provides the basis for a template model of a successful stock exchange. Three junior stock exchanges in East Asia which stated their ambitions to become a regional exchange for emerging firms are compared with the template and with the AIM section of the London Stock Exchange; the Tokyo Stock Exchange Mothers, Hong Kong Stock Exchange Growth Enterprise Market and the Singapore Exchange Catalist. Our analysis indicates that the AIM and Catalist markets have the closest fit to our template model, while the GEM and Mothers show material departures from it.

Suggested Citation

Mizuno, Mitsuru and Tabner, Isaac T., Choice, Confusion and Competition in the Market for Markets: Aiming for Aim in Three Junior Asian Stock Exchanges. Pacific Economic Review, Vol. 13, Issue 5, pp. 575-603, December 2008. Available at SSRN: https://ssrn.com/abstract=1327449 or http://dx.doi.org/10.1111/j.1468-0106.2008.00419.x

Mitsuru Mizuno (Contact Author)

Nihon University - Graduate School of Business ( email )

Kudanminami 4-8-24
Chiyoda-ku
Tokyo 102-8275
Japan

Isaac T. Tabner

University of Stirling - Accounting and Finance Division ( email )

Accounting and Finance Division
University of Stirling
Stirling FK9 4LA, Scotland
United Kingdom
44 (0) 1786 467305 (Phone)
44 (0) 1786 467308 (Fax)

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