The historical dynamics of US financial exchanges

Bibliographic Data

ID21604930
AuthorsBjørn Jorgensen (0000-0001-6634-8593, Copenhagen Business School, corresponding author), Bjørn N Jørgensen, Kenneth A Kavajecz (0000-0002-5838-8189, Edgewood College, corresponding author), Scott N Swisher (Copenhagen Business School, corresponding author)
Year2021
Volume28
Issue2
Pages153-174
Publication date2021-08-01
Open AccessYes
TypeARTICLE
VenueFinancial History Review (JOURNAL)
Journal identifiersISSN: 0968-5650 • E-ISSN: 1474-0052
PublisherCambridge University Press (CUP) (PUBLISHER)
DOI10.1017/s0968565021000081
OpenAlexW3185880040
LanguageEN
References cited21

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

Business · Econometrics · Economics · Financial literacy · Financial system · Labour economics · Panel data · Panel Study of Income Dynamics · Sociology · Banking stability, regulation, efficiency · Corporate Finance and Governance · Financial Markets and Investment Strategies · Finance

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