Background Section
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Of Crashes, Corrections, and the Culture of Financial Information- What They Tell Us About the Need for Federal Securities Regulation
Missouri Law Review Volume 54 Issue 3 Summer 1989 Article 2 Summer 1989 Of Crashes, Corrections, and the Culture of Financial Information- What They Tell Us about the Need for Federal Securities Regulation C. Edward Fletcher III Follow this and additional works at: https://scholarship.law.missouri.edu/mlr Part of the Law Commons Recommended Citation C. Edward Fletcher III, Of Crashes, Corrections, and the Culture of Financial Information-What They Tell Us about the Need for Federal Securities Regulation, 54 MO. L. REV. (1989) Available at: https://scholarship.law.missouri.edu/mlr/vol54/iss3/2 This Article is brought to you for free and open access by the Law Journals at University of Missouri School of Law Scholarship Repository. It has been accepted for inclusion in Missouri Law Review by an authorized editor of University of Missouri School of Law Scholarship Repository. For more information, please contact [email protected]. Fletcher: Fletcher: Of Crashes, Corrections, and the Culture of Financial Information OF CRASHES, CORRECTIONS, AND THE CULTURE OF FINANCIAL INFORMATION-WHAT THEY TELL US ABOUT THE NEED FOR FEDERAL SECURITIES REGULATION C. Edward Fletcher, III* In this article, the author examines financial data from the 1929 crash and ensuing depression and compares it with financial data from the market decline of 1987 in an attempt to determine why the 1929 crash was followed by a depression but the 1987 decline was not. The author argues that the difference between the two events can be understood best as a difference between the existence of a "culture of financial information" in 1987 and the absence of such a culture in 1929. -
2020-2024 County Growth Policy Working Draft Appendices
2020-2024 WORKING DRAFT APPENDICES May 21, 2020 Prepared by Montgomery Planning www.MontgomeryPlanning.org [This page is intentionally blank.] Table of Contents Table of Contents ..................................................................................................................................... i Appendix A. Forecasting Future Growth ............................................................................................... 5 Summary ................................................................................................................................................... 5 Montgomery County Jurisdictional Forecast Methodology ...................................................................... 5 Overview ............................................................................................................................................... 5 Countywide Forecast ............................................................................................................................. 5 TAZ-level Small Area Forecast ............................................................................................................... 6 Projection Reconciliation ....................................................................................................................... 8 Appendix B. Recent Trends in Real Estate ........................................................................................... 11 Residential Real Estate ........................................................................................................................... -
Lessons from the Great American Real Estate Bubble: Florida 1926
Lessons from the Great American Real Estate Bubble: Florida 1926 NBER Summer Institute July 7-10, 2008 Preliminary Please do not cite. Eugene N. White Rutgers University and NBER Department of Economics New Brunswick, NJ 08901 USA Phone: 732-932-7486 Fax: 732-932-7416 [email protected] could never be another 1929 investors were better informed, the event quaint tale of distantPrior foolishness. Research on market bubbles was a exercise treatment. to the 1987 stock market crash descended on many of recent housing. market bubble’s the collapse of the housingThe market housing brought market about boom a decline and bust in aggregate the m investment weakening of householdIt balance is a forgotten sheets episode, which if discussed, through conflicts of interest that spawnedFlorida. That the housing marketGreat C boom was nationwide policy failed to address the general question of how to manage the Great Depression. Bank rash. The securities m elsewhere in the economy, the collapse of the housing market did not derail the economy;s of the latethe twenties conventional seemed wisdom at was that there however it explains Depression and Housing w It was the one of a one The Forgotten Real Estate Boom of thecharacteristics 1920s is arkets had been reformed and as the first part of the 1925 , with insider lending and it seriously weakened the balance sheets of many householdssupervision and f banks. id a rising tide of foreclosures-1920s has received similar the autonomous drop in investment on the eve of the Great is seen as 7000 unknown. limited -two punch. -
Recession of 1797?
SAE./No.48/February 2016 Studies in Applied Economics WHAT CAUSED THE RECESSION OF 1797? Nicholas A. Curott and Tyler A. Watts Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise What Caused the Recession of 1797? By Nicholas A. Curott and Tyler A. Watts Copyright 2015 by Nicholas A. Curott and Tyler A. Watts About the Series The Studies in Applied Economics series is under the general direction of Prof. Steve H. Hanke, co-director of the Institute for Applied Economics, Global Health, and Study of Business Enterprise ([email protected]). About the Authors Nicholas A. Curott ([email protected]) is Assistant Professor of Economics at Ball State University in Muncie, Indiana. Tyler A. Watts is Professor of Economics at East Texas Baptist University in Marshall, Texas. Abstract This paper presents a monetary explanation for the U.S. recession of 1797. Credit expansion initiated by the Bank of the United States in the early 1790s unleashed a bout of inflation and low real interest rates, which spurred a speculative investment bubble in real estate and capital intensive manufacturing and infrastructure projects. A correction occurred as domestic inflation created a disparity in international prices that led to a reduction in net exports. Specie flowed out of the country, prices began to fall, and real interest rates spiked. In the ensuing credit crunch, businesses reliant upon rolling over short term debt were rendered unsustainable. The general economic downturn, which ensued throughout 1797 and 1798, involved declines in the price level and nominal GDP, the bursting of the real estate bubble, and a cluster of personal bankruptcies and business failures. -
Stock-Market Simulations
Project DZT0518 Stock-Market Simulations An Interactive Qualifying Project Report: submitted to the Faculty of WORCESTER POLYTECHNIC INSTITUTE in partial fulfillment of the requirements for the Degree of Bachelor of Science By Bhanu Kilaru: _____________________________________ Tracyna Le: _______________________________________ Augustine Onoja: ___________________________________ Approved by: ______________________________________ Professor Dalin Tang, Project Advisor Table of Contents LIST OF TABLES....................................................................................................................... 4 LIST OF FIGURES..................................................................................................................... 5 ABSTRACT ..................................................................................................................................... 6 CHAPTER 1: INTRODUCTION ................................................................................................. 7 1.0 INTRODUCTION .................................................................................................................... 7 1.1 BRIEF HISTORY .................................................................................................................. 9 1.2 DOW .................................................................................................................................. 11 1.3 NASDAQ.......................................................................................................................... -
Anatomy of a Meltdown
ISSUE 3 | VOLUME 4 | SEPTEMBER 2015 ANATOMY OF A MELTDOWN ................... 1-7 OUR THOUGHTS ......... 7 Cadence FOCUSED ON WHAT MATTERS MOST. clips Anatomy of a Meltdown When the stock market loses value quickly as it has done the process. It’s easier to remember the tumultuous fall this week, people get understandably nervous. It’s not months of 2008 than it is to remember the market actu- helpful to turn on CNBC to get live updates from the ally peaked a year earlier in 2007. We’ve seen a few trading floor and to listen to talking heads demand ac- smaller corrections over the past seven years, but tion from someone, anyone!, to stop this equity crash, as they’ve played out over months instead of years, and if things that go up up up should not be allowed to go relatively quick losses in value have been followed by down, especially this quickly. So much time has passed relatively quick, and in some cases astonishingly quick, since the pain of the 2007-2009 finan- recoveries, to the point that we cial crisis that it is easy to lose perspec- may be forgetting that most signifi- tive and forget how to prepare for and The key is to not change cant stock market losses take years how to react to a real stock market strategy during these volatile to fully occur. The key is to not decline, so every double digit drop change strategy during these vola- feels like a tragedy. periods and to plan ahead of tile periods and to plan ahead of time for the longer term time for the longer term moves By now we’ve convinced ourselves moves that cause the signifi- that cause the significant losses in that we should have seen the 2007- cant losses in value. -
Executive Summary
Communicating the Benefits of Transit Oriented Development The Hudson Bergen Light Rail Transit System and the City of Evanston’s Transit-Oriented Redevelopment Executive Summary, January 2005 Prepared for the Development, Community and Environment Division, EPA By Gloria Ohland and Cali Gorewitz, Reconnecting America’s Center for Transit Oriented Development This is a tale of three cities -- Jersey City and neighboring Hoboken in New Jersey, and Evanston, Illinois – that have experienced an enormous amount of development since the late 1980s, reversing three decades of decline brought on by the great suburban exodus of the 1950s. The result is that in North & Visitors Bureau Convention Shore 2006 all three cities are prospering, posting significant increases in property values and sales taxes and other revenues due to the building boom and resulting increases in business activity. The amount of high-density development that has occurred could never have occurred this quickly if these cities did not have rich transit networks providing very high-quality connections to the abundant jobs, culture and destinations in their big city neighbors: Manhattan is across the Hudson from Hoboken and Jersey City; Chicago and Evanston share a border. Not every project that has been built in these cities is truly transit-oriented, Evanston, IL pedestrian-friendly or human-scaled – station areas in and expensive TOD components like structured parking. But Jersey City lack a good mix of retail, and a number of whereas Evanston’s extensive multimodal transit system Evanston’s commuter and urban rail stations, ironically, was already in place, New Jersey built a new 20-mile light are located along a very wide thoroughfare that used to be rail line through brownfields and abandoned industrial Auto Row. -
Revenue Growth in a Declining Market
Media Release Page 1/2 Winterthur, January 23, 2020 2019 financial year: revenue growth in a declining market Thanks to numerous new ramp-ups and the favorable portfolio of vehicle models supplied, Autoneum grew organically by 2.5% in a declining market. Adjusted for currency effects, Group revenue in Swiss francs amounted to CHF 2 297.4 million, 0.7% higher compared to the previous year. CHF million 2019 2018 Change Organic growth* Revenue Group 2 297.4 2 281.5 +0.7% +2.5% Revenue Business Groups (BG) - BG Europe 900.9 984.5 –8.5% –5.6% - BG North America 1 001.8 921.8 +8.7% +7.2% - BG Asia 275.7 260.3 +5.9% +8.1% - BG SAMEA 125.8 111.5 +12.8% +32.7% *Change in revenue in local currencies, adjusted for hyperinflation. For the second consecutive year, fewer vehicles were manufactured worldwide in 2019 than in the prior year. In particular, the persistently weak global economy and ongoing trade disputes have had an impact on vehicle demand. With only about 89 million vehicles produced, the market shrank by almost –6% compared to 2018. Despite this negative trend, Autoneum achieved an organic revenue growth of 2.5% through numerous production ramp-ups and a favorable mix of vehicle models supplied. Revenue consolidated in Swiss francs rose by 0.7% from CHF 2 281.5 million to CHF 2 297.4 million. Revenue growth in North America, Asia and SAMEA region significantly above market The Business Groups North America, Asia and SAMEA (South America, Middle East and Africa) not only outperformed the negative market trend in each case, but also reported higher revenues compared to the previous year. -
A Case Study for Accounting Information Systems
Review of Business Information Systems – June 2014 Volume 18, Number 1 A Case Study For Accounting Information Systems – A Business Continuity Plan For Protecting Critical Financial Information In The NYC Financial Services Industry Mark D. Law, Bloomsburg University, USA Gary Robson, Bloomsburg University, USA ABSTRACT This case study outlines a project launched by the Wall Street West organization, a data redundancy system in Northeastern Pennsylvania which provides backdrop for financial institutions located in New York City. The purpose of this study is threefold. First, the history on the importance of business continuity plans in a post 9/11 world is explored. Second, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission recommendations regarding Disaster Recover, in addition to the requirements of The Sarbanes-Oxley Act, are reviewed. Lastly, an overview of Wall Street West’s effort is provided, looking at some of the strategic advantages to locate in Northeastern Pennsylvania and demonstrating the important resources provided by Wall Street West to protect the nation’s national security. Conclusions and case use recommendations are presented as this case is ideally suited for use in an Accounting Information Systems course at either the undergraduate or graduate level creating an awareness of the importance of business continuity planning. Keywords: Backup Plans; Disaster Recovery; Accounting Information Systems INTRODUCTION he United States’ financial services industry has and will continue to face many challenges over the prior and next decades. One of the most important challenges to be confronted will be planning for T and responding to terrorism and natural disasters. -
The Subprime Solution
The Subprime Solution How Today’s Global Financial Crisis Happened, and What to Do about It by Robert J. Shiller Copyright © 2008 by Robert J. Shiller. Published by Perseus Books LLC 208 pages Focus Take-Aways Leadership & Management • The subprime crisis may be the worst financial catastrophe in the United States Strategy since the Great Depression. Sales & Marketing • This crisis is a consequence of the U.S. real-estate bubble. Finance Human Resources • Hardly anyone recognized this bubble as a bubble when it was happening. IT, Production & Logistics • The subprime crisis eroded social capital and trust. Career Development • Restoring trust in the system and controlling the subprime crisis’ fiscal Small Business consequences will require bailouts, though they are generally undesirable. Economics & Politics • Like the Depression, this crisis provides an opportunity for institutional reforms. Industries Intercultural Management • The U.S. needs a better financial information infrastructure to provide accurate Concepts & Trends information to uninformed consumers and mortgage buyers. • New institutions could give credit to mortgage lenders and provide risk management tools to individual borrowers. • Financial market reforms and better financial technology could improve the U.S. economic system. • Current events call for the effectiveness and generosity Americans have shown in the past, as in the Marshall Plan. Rating (10 is best) Overall Importance Innovation Style 9 9 9 8 To purchase abstracts, personal subscriptions or corporate solutions, visit our Web site at www.getAbstract.com or call us at our U.S. office (1-877-778-6627) or Swiss office (+41-41-367-5151). getAbstract is an Internet-based knowledge rating service and publisher of book abstracts. -
Market Trend, Company Size and Microstructure Characteristics of Intraday Stock Price Formations
European Research Studies Volume VI, Issue (1-2), 2003 Market Trend, Company Size and Microstructure Characteristics of Intraday Stock Price Formations Alexakis C. ∗∗∗ and Xanthakis E. ∗∗∗ Abstract The purpose of this study is to investigate whether there are certain price patterns during the trading session in the Athens Stock Exchange (ASE). We investigate statistically the series of stock returns, the volatility of stock returns and trading volume. In our analysis we use data from two different time periods; a period of rising prices (“bull” market) and a period of declining stock prices (“bear” market). We also use different categories of shares i.e. blue chips, medium capitalization stocks and small capitalization stocks. Our results indicate that there exist specific intraday patterns. The explanation of the revealed patterns can be based on investor sentiment and stock market microstructure characteristics Keywords : pattern, intraday, microstructure, regression JEL Classification : G14 1. Introduction The empirical research for stock price formation investigates a) if there is past available information which can help in predicting future returns profitably, and b) if non rational factors i.e. factors which are not predicted by the economic theory, influence stock prices (Muth 1961, Cootner 1962, Fama 1965, 1970, 1976, 1991, Gowland and Baker 1970, Cutler, Poterba and Summers 1989 and 1991, MacDonald and Taylor 1988, 1989, Spiro 1990, Cochrane 1991, Frennberg and Hansson 1993, Jung and Boyd 1996, Al-Loughani and Chappel 1997). Thus, according to the theory there should not be any patterns in the formation of stock prices or relevant variables i.e. trading volume, volatility which would imply a) and/or b) above. -
Inside a Bubble and Crash: Evidence from the Valuation of Amenities
Inside a bubble and crash: Evidence from the valuation of amenities Ronan C. Lyons∗ December 2013 Abstract Housing markets and their cycles are central to understanding macroeco- nomic fluctuations. As housing is an inherently spatial market, an understanding of the economics of location-specific amenities is needed. This paper examines this topic, using a rich dataset of 25 primary location-specific characteristics and over 1.2 million sales and rental listings in Ireland, from the peak of a real estate bubble in 2006 to 2012 when prices had fallen by more than half. It finds clear evidence that the price effects of amenities are greater than rent effects, something that may be explained by either tenant search thresholds or buyers' desire to \lock in" access to fixed-supply amenities. Buyer lock-in concerns would be most prevalent at the height of a bubble and thus would be associated with pro-cyclical amenity pricing. Instead there is significant evidence that the relative price of amenities is counter-cyclical. This suggests the Irish housing market bubble was characterized by \property ladder" effects, rather than \lock-in" concerns. Keywords: Housing markets; amenity valuation; search costs; market cycles. JEL Classification Numbers: R31, E32, H4, D62, H23. ∗Department of Economics, Trinity College Dublin ([email protected]), Balliol College, Oxford and Spatial Economics Research Centre (LSE). This is a draft working paper and thus is subject to revisions, so please contact the author if you intend to cite this. The author is grateful to John Muellbauer for his encouragement and insight as supervisor, to Paul Conroy, Richard Dolan, Grainne Faller, Justin Gleeson, Sean Lyons and Bruce McCormack for their assistance with data, and to Paul Cheshire, James Poterba, Steve Redding, Frances Ruane, Richard Tol and participants at conferences by SERC (London 2011), ERES (Edinburgh 2012) and ERSA-UEA (Bratislava 2012) for helpful comments.