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Which of the following terms refers to the process of converting a not-for-profit stock exchange owned by its members to a for-profit organization with publicly-traded stocks that are owned by outside shareholders?

a. Privatization
b. Flotation
c. Consolidation
d. Diversification
e. Demutualization

User Gatorreina
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Answer and Explanation:

e. Demutualization

User Jignatius
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