GFD Eliminates the Exchange Bias

Global Financial Data has eliminated the exchange bias.

Other stock databases limit themselves to providing data from the national exchanges, ignoring thousands of local companies that investors in the past would have considered when making their investments.  Just as analysts and researchers want to avoid the survivorship bias of ignoring companies that have delisted, researchers and analysts should also avoid the exchange bias of ignoring the thousands of companies that listed on the regional, but not the national exchanges.

Global Financial Data has added extensive price data from regional stock exchanges to its U.S. Stocks Database.  GFD now has the most extensive historical data on regional US Stock Exchanges available anywhere in the world.  We have combined numerous sources to provide continuous monthly data from all the major historical regional stock exchanges in the United States up to 1972 when the NASDAQ came into existence.

Data from the regional exchanges covers not only smaller, local companies that listed exclusively on a regional exchange, but also many companies that listed on a regional exchange as a first step before moving to the New York Stock Exchange or New York Curb/American Stock Exchange.  Companies that listed on the regional exchanges included not only local manufacturing companies, but local banks, utilities, resource and transportation companies.

Monthly price data are now available in the US Stocks Database for the following exchanges:

  • Baltimore –1803-1862, 1878-1949.  In 1949, the Baltimore Stock Exchange merged into the Philadelphia Stock Exchange and ceased to exist.
  • Boston—1789-1972. Boston was one of the premier stock exchanges up until World War I. Many New England manufacturing companies listed exclusively on the Boston SE.
  • Chicago—1889-1949. Chicago provided listings for many local companies which went on to list on the New York Stock Exchange and New York Curb and was one of the largest exchanges in the US before World War II. The Chicago SE merged with several other stock exchanges in 1949 to form the Midwest Stock Exchange.
  • Cincinnati—1912-1941. This was one of the smaller, regional exchanges.
  • Cleveland—1912-1949. The Cleveland Stock Exchange merged into the Midwest Stock Exchange in 1949.
  • Detroit—1926-1972. Many companies related to the auto industry listed on the Detroit SE.
  • Los Angeles—1924-1956.  Many local oil and mining companies listed on the Los Angeles SE. It merged into the Pacific Stock Exchange in 1956.
  • Midwest Stock Exchange—1949-1972. This was the successor to the Chicago, Cleveland, New Orleans and St. Louis Stock Exchanges.
  • New Orleans Stock Exchange—1810-1858, 1912-1931. This was a small, regional exchange that merged into the Midwest Stock Exchange in 1949.
  • Pacific Stock Exchange—1956-1972. This was the successor to the Los Angeles and San Francisco Stock Exchanges. The exchange was acquired by Archipelago in 2005.
  • Philadelphia Stock Exchange—1786-1850, 1878-1972. In the early 1800s, the Philadelphia SE was larger than the New York SE. Along with the New York and Boston SE, it remained one of the premier exchanges in the United States throughout the 1800s. It absorbed the Baltimore SE in 1949, the Washington SE in 1954 and the Pittsburgh SE in 1970.
  • Pittsburgh Stock Exchange—1908-1970. A small regional exchange with many companies in the steel industry. It merged into the Philadelphia SE in 1970.
  • San Francisco Stock Exchange—1905-1956. The San Francisco SE provided data on many local utility, oil and mining companies, and merged into the Pacific SE in 1956.
  • St. Louis Stock Exchange—1912-1941. The St. Louis SE listed a number of apparel companies and merged into the Midwest SE in 1949.
  • Washington Stock Exchange—1900-1931.  This is a smaller regional exchange which merged into the Philadelphia SE in 1954.

If you would like more information on the United States Stock Database, please feel free to contact one of our sales representatives.

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