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"Securities Listing United Arab Emirates"
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Stock exchange industry in UAE
Purpose - The purpose of this paper is to give an overview of UAE Stock Exchange industry. In particular this paper aims to assess a potential merger between Dubai Financial Markets-Nasdaq-Dubai and Abu Dhabi Securities Exchange, evaluating risks, rewards, policy and business implications. Design/methodology/approach - The paper presents a theoretical framework and a literature review of M & As in financial sector. It then carries out a case study on a potential merger between the UAE Stock Exchanges and a discussion on the implications for the actors involved. Findings - The contraction both in market capitalization and in trading value in the three UAE Stock Exchanges caused by subprime financial crisis and market fragmentation could be a key factors in implementing a merger between them. Because of high-fixed costs and trading platform, a single consolidated stock exchange may benefit from significant economies of scale, particularly network effects, and economies of scope. Practical implications - This paper could be useful to Security and Commodity Authority, in order to support a merger between Dubai and Abu Dhabi Stock Exchange. Given that UAE capital market regulator has tried to improve efficiency in UAE stock market over the last years, a merger between UAE Stock Exchanges could have positive effects on overall efficiency. Originality/value - It is the first paper that analyze UAE Stock Exchange industry. It is the first study that focusses on a potential merger between emerging markets' stock exchanges. It is one of the first contributions that relates stock exchanges belonging to emerging and developed countries.
Journal Article
Corporate boards and voluntary implementation of best disclosure practices in emerging markets: Evidence from the UAE listed companies in the Middle East
An empirical study was conducted to investigate the corporate board variables that are related to the practice of voluntary disclosure in listed companies in the Middle East, with a particular focus on the United Arab Emirates (UAE), given its unique corporate governance environment. A multiple regression analysis was conducted on the whole population of listed companies in the UAE. The empirical results suggest a model of factors that could be of greatest relevance to the determination of the dynamic forces that lie behind the voluntary implementation of best practice in disclosure in emerging markets that have economic characteristics similar to those of the UAE. The empirical results suggest in particular that the main factors that increase the effectiveness of a corporate board in voluntarily promoting good practice in disclosure are its size, its composition and the selection of experienced directors.
Journal Article