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CHOICE, CONFUSION AND COMPETITION IN THE MARKET FOR MARKETS: AIMING FOR AIM IN THREE JUNIOR ASIAN STOCK EXCHANGES
Author(s) -
Mizuno Mitsuru,
Tabner Isaac T.
Publication year - 2008
Publication title -
pacific economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.34
H-Index - 33
eISSN - 1468-0106
pISSN - 1361-374X
DOI - 10.1111/j.1468-0106.2008.00419.x
Subject(s) - stock exchange , confusion , stock (firearms) , stock market , market maker , economics , financial economics , business , monetary economics , finance , geography , psychology , context (archaeology) , archaeology , psychoanalysis
. 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.