Lucarelli, Caterina
[VerfasserIn]
;
Molyneux, Philip
[Sonstige Person, Familie und Körperschaft];
Vitali, Stefania
[Sonstige Person, Familie und Körperschaft]
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 11, 2012 erstellt
Beschreibung:
Consider a stock which is simultaneously traded on two venues either because its company cross-lists or because regulations allow multi-trading. We suggest that these venues represent an indirect network. Using trading volume data for nearly 22,000 equities between 2005 and 2009 we compare traditional (isolated) with network (degree) measures of centrality. The birth of European ATVs eroded the isolated-centrality of certain Stock Exchanges (SEs). In contrast, degree-centrality significantly increased for the majority of the SEs analyzed. ATVs did not act as substitutes to secondary market cross-listing and for medium sized European SEs trading in cross-listed stock Granger-caused ATV multi-trading