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来源类型Working Paper
规范类型报告
DOI10.3386/w11556
来源IDWorking 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
URLhttps://www.nber.org/papers/w11556
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/569200
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Lance E. Davis,Larry Neal,Eugene N. White. The Highest Price Ever: The Great NYSE Seat Sale of 1928-1929 and Capacity Constraints. 2005.
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