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Private GovernanceCreating Order in Economic and Social Life$
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Edward Peter Stringham

Print publication date: 2015

Print ISBN-13: 9780199365166

Published to Oxford Scholarship Online: August 2015

DOI: 10.1093/acprof:oso/9780199365166.001.0001

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Markets Creating Transparency

Markets Creating Transparency

Competing Listing and Disclosure Requirements from the Big Board in New York to the Alternative Investment Market in London

(p.79) chapter 6 Markets Creating Transparency
Private Governance

Edward Peter Stringham

Oxford University Press

In addition to adopting rules of conduct between members, stock exchanges started adopting requirements for companies that wanted to be listed. By the mid-nineteenth century, the New York Stock Exchange had various requirements if a firm wanted to be listed on the Big Board. Such disclosure requirements were not costless, but they were valuable to investors, so the exchange benefited companies and investors by adopting the rules. In modern times, stock exchanges compete and help put a stamp of approval on listed firms. From the strictest requirements of the New York Stock Exchange to the more flexible requirements of the Alternative Investment Market in London, stock exchanges compete to offer sets of rules that investors prefer.

Keywords:   private certification, exchange as regulator, asymmetric information, stock exchange, Alternative Investment Market

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