Theoretical and Empirical Aspects of Strategic Decision Making - The case of the lithuanian stock exchange
Theoretical and Empirical Aspects of Strategic Decision Making - The case of the lithuanian stock exchange

Summary/Abstract: This paper investigates the integration strategies for the National Stock Exchange of Lithuania (NSEL) in the European area using criteria of the stock market integration degree. The study analyses the determinants of stock markets in this area, investigating the development of stock exchanges and the integration degree between them in comparison with the market indexes’ correlations. It also provides an overview of recent trends in the consolidation of exchanges worldwide and links among the European exchanges. The authors draw possible implications for the future of the Stock Exchange in Lithuania; analyse and evaluate possible co-operation or integration alternatives of the NSEL with other Exchanges. Regardless the formal decision to choose OMHEX as a strategic partner in the privatisation of NSEL, the authors suggest evaluating other possible perspectives and directions of the integration strategies for small stock exchanges. This paper allows to make a conclusion that the Lithuanian and Copenhagen Stock Exchange indexes as well the Central and Eastern European ones have strongly correlated among themselves in a chosen time-period; i.e. these stock exchanges are getting more financially integrated with each other.

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