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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w11556 |
来源ID | Working Paper 11556 |
The Highest Price Ever: The Great NYSE Seat Sale of 1928-1929 and Capacity Constraints | |
Lance E. Davis; Larry Neal; Eugene N. White | |
发表日期 | 2005-08-15 |
出版年 | 2005 |
语种 | 英语 |
摘要 | A surge in orders during the stock market boom of the late 1920s collided against the constraint created by the fixed number of brokers on the New York Stock Exchange. Estimates of the determinants of individual stock bid-ask spreads from panel data reveal that spreads jumped when volume spiked, confirming contemporary observers complaints that there were insufficient counterparties. When the position of the NYSE as the dominant exchange became threatened, the management of the exchange proposed a 25 percent increase in the number of seats in February 1929 by issuing a quarter-seat dividend to all members. While such a "stock split" would be expected to leave the aggregate value of the NYSE unchanged, an event study reveals that its value rose in anticipation of increased efficiency. These expectations were justified as bid-ask spreads became less sensitive to peak volume days after the increase in seats. |
主题 | History ; Financial History ; Financial Economics ; Financial Institutions |
URL | https://www.nber.org/papers/w11556 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569200 |
推荐引用方式 GB/T 7714 | Lance E. Davis,Larry Neal,Eugene N. White. The Highest Price Ever: The Great NYSE Seat Sale of 1928-1929 and Capacity Constraints. 2005. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w11556.pdf(214KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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