The historical dynamics of US financial exchanges

IF 0.4 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review Pub Date : 2021-07-14 DOI:10.1017/S0968565021000081

B. Jorgensen, Kenneth A. Kavajecz, S. Swisher

引用次数: 0

Abstract

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.

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美国金融交流的历史动态

本文分析了从1855年到2012年美国327家交易所进入和退出金融交易所行业的历史动态。我们关注经济、技术和监管因素。采用新颖的面板数据证据，我们实证检验这些因素是否与现有的金融理论一致。我们发现，在《证券交易法》通过后，美国交易所每年退出的可能性更大。电话、识字率和监管是金融交易动态的有力预测指标，识字率的上升趋势是交易所进入的重要驱动因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial History Review HISTORY OF SOCIAL SCIENCES-

CiteScore

1.00

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0.00%

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期刊介绍： Financial History Review is the international forum for all scholars with interests in the development of banking, finance, and monetary matters. Its editors deliberately seek to embrace the broadest approach to publishing research findings within this growing historical specialism. Articles address all aspects of financial and monetary history, including technical and theoretical approaches, those derived from cultural and social perspectives and the interrelations between politics and finance. These presentations of current research are complemented by somewhat shorter pieces, specifically conceived as aids to research. Each issue contains a substantial review section, and every complete volume contains an annual bibliography.