{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,31]],"date-time":"2026-01-31T08:22:50Z","timestamp":1769847770577,"version":"3.49.0"},"reference-count":97,"publisher":"MDPI AG","issue":"20","license":[{"start":{"date-parts":[[2020,10,16]],"date-time":"2020-10-16T00:00:00Z","timestamp":1602806400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100002920","name":"Research Grants Council, University Grants Committee","doi-asserted-by":"publisher","award":["12500915"],"award-info":[{"award-number":["12500915"]}],"id":[{"id":"10.13039\/501100002920","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100004663","name":"Ministry of Science and Technology, Taiwan","doi-asserted-by":"publisher","award":["106-2410-H-468-002 and 107-2410-H-468-002-MY3"],"award-info":[{"award-number":["106-2410-H-468-002 and 107-2410-H-468-002-MY3"]}],"id":[{"id":"10.13039\/501100004663","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Sustainability"],"abstract":"<jats:p>This study investigates whether the merger of NASDAQ and OMX could reduce the portfolio diversification possibilities for stock market investors and whether it is necessary to implement national policies and international treaties for the sustainable development of financial markets. Our study is very important because some players in the stock markets have not yet realized that stock exchanges, during the last decades, have moved from government-owned or mutually-owned organizations to private companies, and, with several mergers having occurred, the market is tending gradually to behave like a monopoly. From our analysis, we conclude that increased volatility and reduced diversification opportunities are the results of an increase in the long-run comovement between each pair of indices in Nordic and Baltic stock markets (Denmark, Sweden, Finland, Estonia, Latvia, and Lithuania) and NASDAQ after the merger. We also find that the merger tends to improve the error-correction mechanism for NASDAQ so that it Granger-causes OMX, but OMX loses predictive power on NASDAQ after the merger. We conclude that the merger of NASDAQ and OMX reduces the diversification possibilities for stock market investors and our findings provide evidence to support the argument that it is important to implement national policies and international treaties for the sustainable development of financial markets.<\/jats:p>","DOI":"10.3390\/su12208581","type":"journal-article","created":{"date-parts":[[2020,10,16]],"date-time":"2020-10-16T08:56:48Z","timestamp":1602838608000},"page":"8581","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Could Mergers Become More Sustainable? A Study of the Stock Exchange Mergers of NASDAQ and OMX"],"prefix":"10.3390","volume":"12","author":[{"given":"Wenjing","family":"Xie","sequence":"first","affiliation":[{"name":"School of Economics and Finance, Shanghai International Studies University, Shanghai 200083, China"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0899-4930","authenticated-orcid":false,"given":"Jo\u00e3o","family":"Paulo Vieito","sequence":"additional","affiliation":[{"name":"Escola Superior de Ci\u00eancias Empresraiais, Instituto Polit\u00e9cnico de Viana do Castelo, 4930-600 Valen\u00e7a, Portugal"}]},{"given":"Ephraim","family":"Clark","sequence":"additional","affiliation":[{"name":"Department of Accounting and Finance, Middlesex University London, London NW4 4BT, UK"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-6755-572X","authenticated-orcid":false,"given":"Wing-Keung","family":"Wong","sequence":"additional","affiliation":[{"name":"Department of Finance, Fintech Center, and Big Data Research Center, Asia University, Taichung City 41354, Taiwan"},{"name":"Department of Medical Research, China Medical University, Taichung City 40402, Taiwan"},{"name":"Department of Economics and Finance, The Hang Seng University of Hong Kong, Hong Kong 999077, China"}]}],"member":"1968","published-online":{"date-parts":[[2020,10,16]]},"reference":[{"key":"ref_1","first-page":"1","article-title":"The consolidation of european stock exchanges","volume":"8","author":"McAndrews","year":"2002","journal-title":"Curr. 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