Competition among the exchanges before the SEC: was the NYSE a natural hegemon?

Autor:	Eugene N. White
Rok vydání:	2013
Předmět:	History Hegemony Flood myth business.industry Technological change Information technology Market microstructure International economics Natural (archaeology) jel:N21 Competition (economics) Stock exchange jel:G18 jel:N22 Business Finance
Zdroj:	Financial History Review. 20:29-48
ISSN:	1474-0052 0968-5650
DOI:	10.1017/s0968565013000024
Popis:	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 article employs newly recovered data for 1900-33 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 US 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.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::3c194d9e841d60e1f98bc89c76d33d67 https://doi.org/10.1017/s0968565013000024 Zobrazit plný text záznamu