Competition between exchange platforms.

Summary This thesis is composed of three separate chapters. Each of these chapters examines a specific impact of competition between exchanges on financial markets. Chapter 2 proposes a theoretical model to analyze the effect of competition on the certification role offered by exchanges. The results show that overestimating the quality of a project is an equilibrium despite the presence of reputation costs. Chapter 3 analyzes the effects of the organizational structure conversion phenomenon of mutual-to-quote exchanges on performance and market quality. The results suggest that, although this conversion improves the financial performance of the exchanges, it may nevertheless harm market quality. Chapter 4 is an empirical study of the impact of the pre-opening period on price discovery and liquidity formation in the primary market and on competing platforms. The results show that the indicative prices of the pre-opening period participate in price discovery and also contain information particularly at the beginning of the pre-opening.