‘‘Does Opening a Stock Exchange Increase Economic Growth?’’ Journal of International Money and Fi-nance April 2004: 311–331.. ‘‘Are National Stock Markets Linked?’’ Federal Reserve Bank
Trang 1Siegel, Jeremy J Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies, 3rd ed New York: McGraw-Hill, 2002
Sobel, Robert A History of the New York Stock Exchange, 1935–1975 New York: Weybright and Talley, 1975
——— The Big Board: A History of the New York Stock Market New York: Free Press, 1965
——— The Great Bull Market: Wall Street in the 1920s New York: WW Norton, 1968
Teweles, Richard J., and Edward S Bradley The Stock Market, 5th ed New York: John Wiley, 1987
Western, David L Booms, Bubbles and Busts in US Stock Markets London: Rout-ledge, 2004
Wigmore, Barry A The Crash and Its Aftermath: A History of Securities Markets in the United States, 1929–1933 Westport, CT: Greenwood Press, 1985
ARTICLES
Allen, Franklin, and Richard Herring ‘‘Banking Regulation versus Securities Market Regulation.’’ The Wharton School Financial Institutions Center, Working paper 01–29 (2001)
Baier, Scott L., Gerald P Dwyer, Jr., and Robert Tamura ‘‘Does Opening a Stock Exchange Increase Economic Growth?’’ Journal of International Money and Fi-nance (April 2004): 311–331
Dwyer, Gerald P., Jr., and R.W Hafer ‘‘Are National Stock Markets Linked?’’ Federal Reserve Bank of St Louis Review (November/December 1988): 3–14 Claessens, Stijn, Daniel A Klingebiel, and Sergio L Schmulker ‘‘The Future of Stock Exchanges in Emerging Economies: Evolution and Prospects.’’ Brookings-Wharton Papers on Financial Services (2002): 167–202
Greenspan, Alan ‘‘The Challenge of Central Banking in a Democratic Society.’’ Remarks delivered at the Annual Dinner and Francis Boyer Lecture of the American Enterprise Institute for Public Policy Research, Washington, D.C., December 5, 1996 Available at www.federalreserve.gov/boarddocs/speeches/ 1996
Greenwald, Bruce, and Jeremy Stein ‘‘The Task Force Report: The Reasoning behind the Recommendations.’’ Journal of Economic Perspectives 2, no 3 (Summer 1998): 3–23
Haddock, David D ‘‘The Swiftness of Divine Retribution and its Tendency to Mistake its Target: An Analysis of the Brady Report.’’ In The Stock Market: Bubbles, Volatility, and Chaos, eds Dwyer and Hafer, 179–195 Boston: Kluwer, 1990:
Hall, Robert ‘‘Struggling to Understand the Stock Market.’’ American Economic Review 91, no 2 (2001): 1–11
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Trang 2Ho, Ron Yiu-wah, Roger Strange, and Jenifer Piesse ‘‘The Structural and Insti-tutional Features of the Hong Kong Stock Market: Implications for Asset Pric-ing.’’ The Management Centre Research Papers, King’s College, London 2004 Jorgenson, Dale W ‘‘Information Technology and the U.S Economy.’’ American Economic Review 91, no 1 (2001): 1–32
Levine, Ross, and Sara Zervos ‘‘Stock Markets, Banks and Economic Growth.’’ American Economic Review 88, no 3 (1998): 537–558
Macey, Johnathan R ‘‘Regulation and Disaster: Some Observations in the Context
of Systemic Risk.’’ Brookings-Wharton Papers on Financial Services (1998) Parry, Robert T ‘‘The October ’87 Crash Ten Years Later.’’ Federal Reserve Bank
of San Francisco Economic Letter 96–332 (1997)
ONLINE RESOURCES
US Stock Exchanges (Indexes)
American Stock Exchange (AMEX), http://www.amex.com
Dow Jones Industrial Average (DJIA), http://www.djindexes.com/mdsidx National Association of Securities Dealers Automated Quotations (NASDAQ), http://www.nasdaq.com
New York Stock Exchange (NYSE), http://www.nyse.com
Russell Index, http://www.russell.com/us/indexes/us
Wilshire Index, http://www.wilshire.com/Indexes
Related Exchanges
Chicago Board of Trade, http://www.cbot.com
Chicago Mercantile Exchange, http://www.cme.com
International Stock Exchanges (Indexes)
Euronext (Euronext 100), http://www.euronext.com
Frankfurt (DAX), http://deutsche-boerse.com
Hong Kong (Hang Seng), http://www.hkex.com.hk
London Stock Exchange (FTSE 100), http://www.londonstockexchange.com Tokyo Stock Exchange (Nikkei 225), http://www.tse.or.jp/english
Toronto (TSE), http://www.tsx.com
Financial Press
Barron’s, http://online.barrons.com
Bloomberg, http://www.bloomberg.com
Bibliography 135
Trang 3The Economist, http://www.economist.com.
Financial Times, http://www.ft.com/home/us
Investor’s Business Daily, http://www.investors.com
TheWall Street Journal, http://online.wsj.com
Financial Data
Hoover’s, http://www.hoovers.com
Moody’s, http://www.moodys.com
Standard & Poor’s, http://www.standardandpoors.com
Government Agencies; Professional Organizations
Association of Investment Management and Research (CFA Institute), http:// www.cfainstitute.org
Federal Reserve System, http://www.federalreserveonline.org
Financial Accounting Standards Board, http://www.fasb.org
Futures Industry Association, http://www.futuresindustry.org
International Swaps and Derivatives Association, http://www.isda.org
National Association of Securities Dealers, http://www.nasd.com
Public Company Accounting Oversight Board, http://www.pcaobus.org
Securities and Exchange Commission, http://www.sec.gov
Securities Industry Association, http://www.sia.com
General Information for Investors
Investorguide.com, http://www.investorguide.com
Investorwords.com, http://www.investorwords.com
136 Bibliography
Trang 4American Depository Receipts (ADRs),
75–76, 127
American Stock Exchange (AMX),
4, 18, 57, 75, 98
Archipelago, 56, 111
Asian Crisis, 32
Asymmetric information, 86, 96, 120
At-the-money call option, 82, 127
Balanced fund, 68, 127
Banking Act of 1933, 23, 89, 127
Bank run, 86, 127
Bear market, 29, 47–48, 127
Behavioral finance, 64–65
Berkshire Hathaway, 43–45, 58
Big Bang, 104
Black Friday (1870), 13
Black Monday (1929), 22
Black Monday (1987), 27, 29
Black Tuesday (1929), 22
Blue chip stock, 22, 50, 58, 108
Boesky, Ivan, 24–25
Bond fund, 69, 127
Bonds, 42, 45, 127
Brady, Nicholas F., 92
Brady Report, 93–94, 97
Broker, 39, 63, 127
Buffet, Warren, 43
Bull market, 32, 33, 49, 94, 127 Bush, George W., 95
Buttonwood Agreement, 10–11 Buy and hold, 49, 50
Call options, 81–82, 127 Capital gain, 43, 45 CATS, 109
C Corporation, 127 Chicago Board of Trade (CBOT), 78
Chicago Board Options Exchange (CBOE), 83
Chicago Mercantile Exchange (CME),
26, 27, 78, 93 Circuit breaker, 93–94, 128 Closed-end fund discount, 128 Closed-end fund premium, 128 Closed-end funds, 71–72, 128 Common stock, 41, 45, 46, 128; options contracts, 82
Contagion, 86, 128 Corporate board of directors,
37, 128 Coupon payment, 42, 43
DAX, 108 Dealer, 39, 128
Trang 5Deposit insurance, 86
Dilution of ownership, 40
Diversification, 48, 49, 83, 128
Diversification risk, 128
Diversified portfolio, 46, 47
Dividends, 41, 128; capital gains,
43–45; investment strategies, 52;
mutual funds, 70
Douglas, William O., 96
Dow Jones Industrial Average (DJIA),
2, 57–59; circuit breaker, 93,
com-panies in, 124–26; Crash of 1929, 19;
Crash of 1987, 24; Crash of 2000, 30;
ETF, 74
Drexel, Burnham Lambert, 89; Michael
Milken, 25
Dynamic hedging/portfolio insurance,
26, 128
Earnings, 128
EDGAR, 99
Efficient markets, 62, 128; behavioral
finance, 64
Electronic trading, 2, 109, 121
Enron, 34, 46, 82, 87, 95
Equity fund, 69, 128
Euronext, 102, 110
Exchange regulation, 128
Exchange-traded funds, 74–75, 128
Exercise price, 128; options contract,
81–83
Expectations, 62–63
Expense ratio, 71
Expiration date, 81–82
Federal Reserve Bank (System), 129;
Crash of 1929, 20–21; Crash of 1987,
24, 28, 94
Financial Accounting Standards Board
(FASB), 97
Financial intermediary, 69
Fisher, Irving, 21, 22
401K programs (403B, for public
entities), 127
Frankfurt stock exchange, 102, 107–8 FTSE, 4, 60, 112
Fundamental market analysis, 65, 129 Futures contracts, 77–78, 129 See also Single stock futures contract; Stock index futures contract
Global Crossing, 34 Going long, 72 Going short, 72 Gould, Jay, 13 Great Crash (1929), 21, 23 Greenspan, Alan, 26, 28 See also Irrational exuberance
Growth stock, 44, 52, 129 Growth strategy, 52
Hall, Robert, 31 Hamilton, Alexander, 10 Hang Seng Index, 107 Harriman, Edward, 16 Hedge fund, 72–74, 129 Heinze, F Augustus, 16 HEKx, 106
Hong Kong Exchange, 102, 105–7 Hoover, Herbert, 19
Income stock, 44 Index mutual fund, 129 Initial public offering (IPO), 38–39, 129
Insider selling/insider stock sales,
34, 129 Insider trading, 120; foreign exchanges,
87, 108; Securities and Exchange Act, 91
In-the-money call option contract,
81, 129 Investment Advisors Act of 1940, 91, 97 Investment Company Act of 1940,
91, 97 Investment grade bond, 129 Irrational exuberance, 29; behavioral finance, 64
138 Index
Trang 6January effect, 64
Junk bond, 25
Kennedy, Joseph P., 96
Knickerbocker Trust, 16
Landis: James, 96; Judge Kennesaw
Mountain, 15
Large cap, 50–51, 129
Lender of last resort, 28, 94
Leveraged buyout, 25, 129
Levitt, Arthur, 33
Liquidity, 28, 129; private stock versus
public, 40
Listing requirement, 57
Load fund, 70, 129
London Exchange, 104–5, 112, 121
Long position, 79, 80, 81, 129
Long-Term Capital Management
(LTCM), 32, 73
Margin, 129
Margin call, 23
Margin investing, 19–20, 130
Margin requirement, 20; futures
contract, 78, 79
Market capitalization, 50, 59,
102, 130
Market crash, 130
Market specialist, 121
Market timing, 49–50
Microsoft, 4, 44, 51
Milken, Michael, 25
Mini stock index futures contracts,
79, 130
Morgan, J P., 17, 125
Morse, Samuel F B., 11
Mutual fund, 69–70, 130 See also
Closed-end funds; Exchange
traded funds; Open-ended mutual
funds
National Association of Securities
Dealers Automated Quotation
(NASDAQ), 3, 9, 57; NASDAQ index, 59–60
Net asset value, 70; ETF, 74 New York Stock and Exchange Board, 11
New York Stock Exchange (NYSE), 56–57; history, 9–35; IPO, 111; ownership, 121; self-regulation, 85–86
Nikkei 225, 60, 103–4, 112 No-load fund, 70, 130 Notional value, 79, 130
Ohio Life Insurance and Trust Company, 12
OneChicago, 80 Open-ended mutual funds, 70–71, 130 Option premium, 72, 80, 82, 83, 130 Options contract, 80–83, 130 Out-of-the-money option, 81, 130 Over-the-counter, 130
Panic: of 1857, 12; of 1893, 14; of
1907, 14–18 Parry, Robert T., 28 Pecora, Ferdinand, 88 Pension plan, 130 Phelan, John, 26, 27 Portfolio, 72, 75 See also Diversified portfolio
Preferred stock, 41, 44, 130 Presidential Task Force on Market Mechanisms, 92
Price-weighted index, 58 Private stock/private placement, 40,
56, 130 Proprietary index, 61 Public Company Accounting Oversight Board, 96
Publicly traded stock, 40, 55–56, 130; regulations, 90, 96, 97, 99
Put option, 81–83, 130
Qualified investor, 73
Index 139
Trang 7Reagan, Ronald, 92
Return, 43, 44–45, 70, 111, 130
Risk, 45–46, 130; over time, 47–49;
portfolio, 46–47 See also
Diversification; Systemic risk
Roosevelt: Franklin, 88; Theodore, 14
Russell index, 60, 74
Russian collapse, 32
Sarbanes-Oxley Act of 2002, 95–96
Schwab, Charles, 29
S Corporation, 56, 130
Secondary market transaction, 39, 131
Secondary offering, 39–40, 131
Securities Act of 1933, 90
Securities and Exchange Act of 1934,
90–91
Securities and Exchange Commission
(SEC), 96–99; oversight of NYSE, 85
Securities Investor Protection
Corporation (SIPC), 92
Securities Investors Protection Act of
1970, 92
Security, 131
Self-regulation, 88, 90, 98
September 11, 2001, 34
Share of stock, 131
Shiller, Robert, 64, 67
Short position, 79, 80, 82, 131
Siegel, Jeremy, 50, 53
Single stock futures contract, 80, 131
Small cap, 50–52, 131
SPIDER, 74
Standard and Poor 500 (S&P 500), 59
See also Exchange-traded funds
Stock, 131
Stock derivatives, 76–77, 131 Stock exchange, 2, 131; economic growth, 114–17; foreign exchanges compared, 103–10
Stock fund, 131 See also Equity fund Stockholder, 37, 131
Stock index, 3, 131 See also American Stock Exchange (AMEX); DAX; FTSE; HEKx; National Association
of Securities Dealers Automated Quotation (NASDAQ); Nikkei 225; Russell index; Wilshire index
Stock index futures contracts, 79–80, 131
Stock return, 132 See also Return Stock ticker, 12
Super Bowl, 65 Systemic risk, 86, 132
Technical analysis, 65–66, 132 Tokyo Exchange, 102, 103–4 Tontine Coffee House, 11 Toronto Exchange, 108–10 Transparency, 99, 108
Value investment strategy, 52 Value stock, 132
Wall Street, 10, 12 Wal-Mart, 4, 31, 50, 59 Warburg, Paul, 21 Wealth, 2, 132; stock crashes, 28, 33,
48, 119 Wilshire index, 60 Wilson, Woodrow, 17
140 Index
Trang 8ABOUT THE AUTHORS
RIK W HAFER is Professor and Chairman in the Department of Eco-nomics and Finance, and Director of the Office of Economic Education and Business Research, Southern Illinois University, Edwardsville He served as Research Officer with the Federal Reserve Bank of St Louis and his articles
on monetary policy and financial markets have appeared in such publications
as the Wall Street Journal, International Economic Journal, Economic Review, and the Journal of Business He is the author or editor of several books, including The Stock Market: Bubbles, Volatility, and Chaos, How Open Is the U.S Economy?, and The Federal Reserve System (Greenwood, 2005).
SCOTT E HEIN is Briscoe Chair of Bank Management and Finance at Texas Tech University, where he teaches courses in the management of financial institutions, multinational financial management, money and ca-pital markets, and the U.S financial system He also serves as Visiting Scholar
at the Federal Reserve Bank of Atlanta and Chief Economist at Islay Op-portunity Fund He has published many articles in such publications as the Journal of Financial Research, Applied Financial Economics, and the Journal of Banking and Finance, and is on the board of editors for the Quarterly Journal
of Business and Economics.
Trang 9Recent Titles in
Greenwood Guides to Business and Economics The National Economy
Bradley A Hansen
The Corporation
Wesley B Truitt
Income and Wealth
Alan Reynolds
Money
Mark F Dobeck and Euel Elliott