Stock Exchange Competition and the Nasdaq Bargain in Europe

Elliot Posner

in The State of the European Union Vol. 7

Published in print August 2005 | ISBN: 9780199283958
Published online February 2006 | e-ISBN: 9780191603297 | DOI:
Stock Exchange Competition and the Nasdaq Bargain in Europe

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Small capitalization markets like the US Nasdaq have proliferated in Europe in recent years as part of a broad but uneven process of financial reforms. Though often seen as a fairly direct response to financial globalization and market forces, they are, in fact, the product of supranational entrepreneurship and intra-European national rivalries. Nationally-based stock markets suddenly created small-cap markets not because of widely-perceived market pressures, but in response to moves by the European Commission that threatened to replace national markets with European ones.

Keywords: finance; stock markets; Nasdaq; venture capital; European Commission; supranational entrepreneurship

Chapter.  10624 words.  Illustrated.

Subjects: European Union

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