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- Title
The historical dynamics of US financial exchanges.
- Authors
Jørgensen, Bjørn N.; Kavajecz, Kenneth A.; Swisher IV, Scott N.
- 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.
- Subjects
FORECASTING; PANEL analysis; FINANCIAL markets; STOCK exchanges; FINANCIAL services industry; FINANCIAL literacy
- Publication
Financial History Review, 2021, Vol 28, Issue 2, p153
- ISSN
0968-5650
- Publication type
Article
- DOI
10.1017/S0968565021000081