| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18712 |
| 来源ID | Working Paper 18712 |
| Competition Among the Exchanges before the SEC: Was the NYSE a Natural Hegemon? | |
| Eugene N. White | |
| 发表日期 | 2013-01-17 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Improved information technology and higher volume should drive orders to be concentrated in one market, lowering the costs of transactions. However, the opposite occurred during the bull market of the 1920s when rapid technological change spawned a flood of new issues. This paper employs newly recovered data for 1900-1933 on the volume and seat prices of regional exchanges to examine how these rivals successfully competed with the NYSE, leading to its relative decline at the zenith of the market. The history of U.S. exchanges reveals that the tendency towards concentration of trading is periodically reversed when new industries, whose technologies are risky and unfamiliar, are more easily accommodated by existing or new rivals to the dominant exchange |
| 主题 | Financial Economics ; Financial Markets ; History ; Financial History |
| URL | https://www.nber.org/papers/w18712 |
| 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/576386 |
| 推荐引用方式 GB/T 7714 | Eugene N. White. Competition Among the Exchanges before the SEC: Was the NYSE a Natural Hegemon?. 2013. |
| 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 | ||
| w18712.pdf（465KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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