Competition among the exchanges before the SEC: was the NYSE a natural hegemon?
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
(This abstract was borrowed from another version of this item.)
Volume (Year): 20 (2013)
Issue (Month): 01 (April)
|Contact details of provider:|| Postal: |
Web page: http://journals.cambridge.org/jid_FHR
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Anat R. Admati, Paul Pfleiderer, 1988. "A Theory of Intraday Patterns: Volume and Price Variability," Review of Financial Studies, Society for Financial Studies, vol. 1(1), pages 3-40.
- Pagano, Marco, 1989.
"Trading Volume and Asset Liquidity,"
The Quarterly Journal of Economics,
MIT Press, vol. 104(2), pages 255-74, May.
- Schwert, G. William, 1977. "Stock exchange seats as capital assets," Journal of Financial Economics, Elsevier, vol. 4(1), pages 51-78, January.
- Lance E. Davis & Larry Neal & Eugene N. White, 2005.
"The Highest Price Ever: The Great NYSE Seat Sale of 1928-1929 and Capacity Constraints,"
NBER Working Papers
11556, National Bureau of Economic Research, Inc.
- Davis, Lance E. & Neal, Larry & White, Eugene, 2007. "The Highest Price Ever: The Great NYSE Seat Sale of 1928 1929 and Capacity Constraints," The Journal of Economic History, Cambridge University Press, vol. 67(03), pages 705-739, September.
- Kyle, Albert S, 1985. "Continuous Auctions and Insider Trading," Econometrica, Econometric Society, vol. 53(6), pages 1315-35, November.
- John S. Hughes & Steven Huddart & Markus K Brunnermeier, 1998.
"Disclosure Requirements and Stock Exchange Listing Choice in an International Context,"
FMG Discussion Papers
dp282, Financial Markets Group.
- Huddart, Steven & Hughes, John S. & Brunnermeier, Markus, 1999. "Disclosure requirements and stock exchange listing choice in an international context," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 237-269, January.
- George Garvy, 1944. "Rivals and Interlopers in the History of the New York Security Market," Journal of Political Economy, University of Chicago Press, vol. 52, pages 128.
When requesting a correction, please mention this item's handle: RePEc:cup:fihrev:v:20:y:2013:i:01:p:29-48_00. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.