Equal Partners
by Roland Ezri

Equal Partners by Roland Ezri

Equal Partners

By Roland Ezri

"Women are the backbone of all societies. They do a substantial part of the work, and play a major role in raising the future generation yet they are largely powerless. The decisions that count are made by men and foisted upon women."

Writings by Roland Ezri

Finance – IV. The Stock Market

The concept of the stock market as we know it today goes
back many centuries.  Simple stock markets started in medieval
Italy.  Modern versions started first in Amsterdam in the 17th
century and then in London in the 18th century.

The name is somewhat misleading since stocks are not the
only instruments traded on the stock market; bonds, warrants, and
even financial futures are routinely traded.  However, stocks
have the lion’s share in term of trade volume.

To the layperson the stock market exists to raise capital;
the truth is that it does so only to a very limited extent.
Between 1982 and early 1996, U.S. nonfinancial corporations
retired over $700 billion more in stock than they issued, thanks
to takeovers and buybacks.  Most of the daily trading is of
existing shares.  Nevertheless, the trading of existing shares
represents an important activity; for instance, chronically low
stock price for a corporation can be an invitation to a takeover.

Even after a total review of our financial system, and a
replacement of the floating price of shares, I believe that the
stock market will still have an important role to play.  We will
still need the stock market to trade bonds, other instruments,
and existing stocks.  But the stock market of the future may be
quite different from the present one.


1) How to Read and Understand the Financial News
Gerald Warfield
Harper and Row, Publishers, Inc.
New York

2) Wall Street, How It Works and for Whom
Doug Henwood
New York

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