On competition for listings
We construct a model whereby stock exchanges take a new role as an information intermediary, notably absent in their roles. We show that exchanges differentiate themselves at subgame perfect equilibrium and will not race to the top or to the bottom.
Hamid Beladi, Reza Oladi, Nicholas S.P. Tay “On competition for listings” Economics Letters, Volume 114, Issue 3, March 2012, Pages 315–318