{"title":"技术进步对发展中金融市场的影响:以约翰内斯堡证券交易所为例","authors":"Mehmet F. Dicle , John Levendis","doi":"10.1016/j.rdf.2013.09.001","DOIUrl":null,"url":null,"abstract":"<div><p>Can a significant technological improvement make an economically justifiable contribution to a financial market's development? The Johannesburg Stock Exchange (JSE) incorporated the SETS system from the London Stock Exchange in 2002. It is certain that SETS is a technologically efficient trading system, and it would undoubtedly improve trading in the JSE. We test whether SETS represents a structural break by examining whether there was an increase in the JSE's liquidity, market efficiency and international integration after the introduction of SETS. While SETS is certainly a technological improvement with increased liquidity, it is not a sufficient factor to render it efficient. After the incorporation of SETS, the JSE has become more independent and it now offers better diversification opportunities for international investors.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"3 4","pages":"Pages 204-213"},"PeriodicalIF":0.7000,"publicationDate":"2013-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2013.09.001","citationCount":"9","resultStr":"{\"title\":\"The impact of technological improvements on developing financial markets: The case of the Johannesburg Stock Exchange\",\"authors\":\"Mehmet F. Dicle , John Levendis\",\"doi\":\"10.1016/j.rdf.2013.09.001\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Can a significant technological improvement make an economically justifiable contribution to a financial market's development? The Johannesburg Stock Exchange (JSE) incorporated the SETS system from the London Stock Exchange in 2002. It is certain that SETS is a technologically efficient trading system, and it would undoubtedly improve trading in the JSE. We test whether SETS represents a structural break by examining whether there was an increase in the JSE's liquidity, market efficiency and international integration after the introduction of SETS. While SETS is certainly a technological improvement with increased liquidity, it is not a sufficient factor to render it efficient. After the incorporation of SETS, the JSE has become more independent and it now offers better diversification opportunities for international investors.</p></div>\",\"PeriodicalId\":39052,\"journal\":{\"name\":\"Review of Development Finance\",\"volume\":\"3 4\",\"pages\":\"Pages 204-213\"},\"PeriodicalIF\":0.7000,\"publicationDate\":\"2013-07-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1016/j.rdf.2013.09.001\",\"citationCount\":\"9\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Development Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1879933713000390\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Development Finance","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1879933713000390","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The impact of technological improvements on developing financial markets: The case of the Johannesburg Stock Exchange
Can a significant technological improvement make an economically justifiable contribution to a financial market's development? The Johannesburg Stock Exchange (JSE) incorporated the SETS system from the London Stock Exchange in 2002. It is certain that SETS is a technologically efficient trading system, and it would undoubtedly improve trading in the JSE. We test whether SETS represents a structural break by examining whether there was an increase in the JSE's liquidity, market efficiency and international integration after the introduction of SETS. While SETS is certainly a technological improvement with increased liquidity, it is not a sufficient factor to render it efficient. After the incorporation of SETS, the JSE has become more independent and it now offers better diversification opportunities for international investors.
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