Handbook of Research on Stock Market Globalization
The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently under way and previous periods of stock market globalization. This seminal volume fills that gap.
The Functions and Economics of Exchange Markets
The business of an equity stock exchange can be easily understood by observing its value chain. Primary activities include listing, trading, post-trading services, data sales and IT services. Support activities involve the exchange infrastructure and regulation, human resource management, technology infrastructure and risk management. The competitive analysis framework can be applied to each of the above-mentioned primary activities, to examine competitors, suppliers, buyers, substitutes and potential new entrants in order to comprehend the competitive forces that interact in the industry. For some of the main players, examples of value chains are constructed in this chapter. Their comparison shows the prevalence of vertical integration when possible and wide diversification of products and services. Data on the breakdown of average revenues confirm this trend: trading activity represents less than half of revenues, while post-trading services and data sales are rapidly gaining ground. The prospective offered by industrial economics helps shed light on the transformations in the field, highlighting the fundamental role of network externalities in the stock exchange industry and illustrating the structural change produced by advances in information technology and telecommunications.
FATIGUE AND THE DIAGONAL STRIDE IN CROSS-COUNTRY SKIING
Within the last decade, cross-country skiing has distinguished itself as a popular recreational pastime, method of aerobic conditioning and lifetime sport. The increased participation o f individuals of all ages at a variety of skill levels, has generated interest in cross-country technique. However, a review of the literature reveals a limited amount of cross-country ski technique research, the majority of which was conducted with highly skilled male and female cross-country ski racers. Since the findings and conclusions reported from these studies cannot be assumed to be applicable to a less skilled, high school age skier, there existed a need for a study of this age group. Thus, this research was designed to determine the effects of fatigue on the biomechanical characteristics of the diagonal stride technique demonstrated by male, high school age skiers.