The Historical Dynamics of US Financial Exchanges

Bjørn N. Jørgensen*, Kenneth A. Kavajecz*, Scott N. Swisher IV*

*Corresponding author af dette arbejde

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

Abstrakt

The historical dynamics of entry and exit in the financial exchange industry are analyzed for a panel of 327 US exchanges from 1855 through 2012. We focus on economic, technological and regulatory factors. Using novel panel data evidence, we empirically test whether these factors are consistent with existing financial theories. We find that US exchanges are more likely to exit per year after the passage of the Securities Exchange Act. The telephone, literacy and regulation are robust predictors of financial exchange dynamics, whereby an upward trend in literacy is an important driver of exchange entry.
OriginalsprogEngelsk
TidsskriftFinancial History Review
Vol/bind28
Udgave nummer2
Sider (fra-til)153-174
Antal sider22
ISSN0968-5650
DOI
StatusUdgivet - aug. 2021

Bibliografisk note

Published online: 14. July 2021

Emneord

  • Financial exchange
  • Entry
  • Exit
  • Mergers

Citationsformater