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Research Collection Lee Kong Chian School of Business (Open Access) 1-2003 Lee Kong Chian School of Business

Stock Exchange Governance and Market Quality

Fangjian FU

Singapore Management University, fjfu@smu.edu.sg

Chandrasekhar Krishnamurti

NTU

John Sequeira

NUS

Follow this and additional works at: http://ink.library.smu.edu.sg/lkcsb_research Part of the Finance and Financial Management Commons Citation

FU, Fangjian; Krishnamurti, Chandrasekhar; and Sequeira, John, "Stock Exchange Governance and Market Quality" (2003). Research Collection Lee Kong Chian School of Business (Open Access). Paper 633. http://ink.library.smu.edu.sg/lkcsb_research/633

This Journal Article is brought to you for free and open access by the Lee Kong Chian School of Business at Institutional Knowledge at Singapore Management University. It has been accepted for inclusion in Research Collection Lee Kong Chian School of Business (Open Access) by an authorized administrator of Institutional Knowledge at Singapore Management University. For more information, please email libIR@smu.edu.sg.

Journal of Banking & Finance 27 (2003) 1859–1878 www.elsevier.com/locate/econbase

Stock exchange governance and market quality

Chandrasekhar Krishnamurti a,*, John M. Sequeira b, Fu Fangjian c

a b

Division of Banking and Finance, Nanyang Business School, Nanyang Technological University, S3-B1-B-76 Nanyang Avenue, Singapore 639798, Singapore Department of Finance and Accounting, NUS Business School, National University of Singapore, 1 Business Link, BIZ1 Building, Singapore 117592, Singapore c William E. Simon School of Business, University of Rochester, Rochester, NY 14627, USA

Abstract We show that organization structure of a stock exchange matters by utilizing the unique setting prevailing in India. India has two major stock markets, the Bombay Stock Exchange (BSE) and the...