The historical dynamics of entry and exit in the financial exchange industry are analyzed for a panel of 327 US exchanges from 1855 through 2012. We focus on economic, technological and regulatory factors. Using novel panel data evidence, we empirically test whether these factors are consistent with existing financial theories. We find that US exchanges are more likely to exit per year after the passage of the Securities Exchange Act. The telephone, literacy and regulation are robust predictors of financial exchange dynamics, whereby an upward trend in literacy is an important driver of exchange entry.

中文翻译：

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美国金融交易所的历史动态

从 1855 年到 2012 年，对 327 家美国交易所组成的小组分析了金融交易所行业进入和退出的历史动态。我们专注于经济、技术和监管因素。使用新的面板数据证据，我们凭经验检验这些因素是否与现有的金融理论一致。我们发现，在《证券交易法》通过后，美国交易所更有可能每年退出。电话、识字率和监管是金融交易动态的有力预测因素，因此识字率的上升趋势是交易进入的重要驱动力。