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Two essays on regulation and transparency

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Title
Two essays on regulation and transparency
Name (type = personal)
NamePart (type = family)
Serrano
NamePart (type = given)
Alejandro
NamePart (type = date)
1977-
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Alejandro Serrano
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author
Name (type = personal)
NamePart (type = family)
Weaver
NamePart (type = given)
Daniel G.
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Daniel G. Weaver
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Advisory Committee
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chair
Name (type = personal)
NamePart (type = family)
Bicksler
NamePart (type = given)
James L.
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James L. Bicksler
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Advisory Committee
Role
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internal member
Name (type = personal)
NamePart (type = family)
Sopranzetti
NamePart (type = given)
Ben J.
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Ben J. Sopranzetti
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Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Kedia
NamePart (type = given)
Simi
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Simi Kedia
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Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Anand
NamePart (type = given)
Amber
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Amber Anand
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
outside member
Name (type = corporate)
NamePart
Rutgers University
Role
RoleTerm (authority = RULIB)
degree grantor
Name (type = corporate)
NamePart
Graduate School - Newark
Role
RoleTerm (authority = RULIB)
school
TypeOfResource
Text
Genre (authority = marcgt)
theses
OriginInfo
DateCreated (qualifier = exact)
2013
DateOther (qualifier = exact); (type = degree)
2013-10
Place
PlaceTerm (type = code)
xx
Language
LanguageTerm (authority = ISO639-2b); (type = code)
eng
Abstract (type = abstract)
This dissertation includes two essays. The first essay analyses the effect of demutualization on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX). Exchanges have undergone significant transformations due to increased competition but some changes have created conflicts of interest, particularly when deciding which firms to delist. On the NYSE, delisting is an autonomous decision whereas on the TSX, external regulators have a larger role. After collecting data from involuntarily delisted firms that continue to trade on smaller listing markets between 2002 and 2009, I create a sample of 195 NYSE and 39 TSX firms. I calculate the percentage spreads on firms from both exchanges and find that spreads are larger and more volatile on the NYSE than on the TSX. These results are stronger after 2006, when the NYSE went public. Similar results are obtained when I look at firms that were delisted for trading below minimum quantitative standards. The second essay studies the effect of post-transparency on the NASDAQ. Transparency has been promoted by the SEC as a measure that can reduce transaction costs and increase liquidity. However, empirical studies have shown that the benefits of transparency have not been entirely positive across different markets. This paper contributes to the transparency literature by measuring the effects on transaction costs after the implementation of the National Market System NMS. The paper looks at a sample of 2,882 firms that have trading information 60 days before and after NMS and were incorporated to the NMS between 1982 and 1989. The paper shows that spreads decrease by 5 percent and spreads of a matching sample also decrease but at a smaller magnitude. Another effect of transparency is a reduction of 41 percent in the volatility of returns after firms start trading on the NMS. This paper also shows that the effects of transparency are much stronger after removing firms that are already trading at very low spreads prior to NMS.
Subject (authority = RUETD)
Topic
Management
RelatedItem (type = host)
TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier (type = RULIB)
ETD
Identifier
ETD_5075
PhysicalDescription
Form (authority = gmd)
electronic resource
InternetMediaType
application/pdf
InternetMediaType
text/xml
Extent
x, 176 p. : ill.
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Note (type = vita)
Includes vita
Note (type = statement of responsibility)
by Alejandro Serrano
Subject (authority = ETD-LCSH)
Topic
Stock exchanges--Law and legislation
Subject (authority = ETD-LCSH)
Topic
Trade regulation
Subject
Name (authority = LC-NAF)
NamePart (type = corporate)
New York Stock Exchange
Subject
Name (authority = LC-NAF)
NamePart (type = corporate)
Toronto Stock Exchange
Subject
Name (authority = LC-NAF)
NamePart (type = corporate)
Nasdaq Stock Market
RelatedItem (type = host)
TitleInfo
Title
Graduate School - Newark Electronic Theses and Dissertations
Identifier (type = local)
rucore10002600001
Location
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NjNbRU
Identifier (type = doi)
doi:10.7282/T3GM859S
Genre (authority = ExL-Esploro)
ETD doctoral
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Rights

RightsDeclaration (ID = rulibRdec0006)
The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Serrano
GivenName
Alejandro
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2013-09-28 00:18:26
AssociatedEntity
Name
Alejandro Serrano
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - Newark
AssociatedObject
Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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ETD
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windows xp
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