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By 1982, Apple had completed its IPO and become a company with over one thousand employees. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Retrieved 25 May 2018. Tipp:damit Sie diesen Vorgang nicht auf allen Geräten einzeln durchführen müssen. Retrieved March 24, 2009. Italian companies were also the first to issue shares. It operates through the following segments: Heavy Mechanical and Social Engineering; Water and Fluid Solutions; Maintenance Engineering and Plant Construction; and Investment and Corporate Advisory. The company declined to comment for this story.

EA was criticized for shutting down some of its acquired studios after they released poorly-performing games for instance, Origin. In 1986, the was introduced, and the was fully automated. In other words, capital markets facilitate funds movement between the above-mentioned units. Top institutional investors include FMR LLC 7.

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The of the NYSE in the blooming era of. A stock market, equity market or share market is the aggregation of buyers and sellers a loose network of economic transactions, not a physical facility or discrete entity of also called shares , which represent ownership claims on businesses; these may include securities listed on a public as well as those only traded privately. Examples of the latter include shares of private companies which are sold to through platforms. Stock exchanges list shares of common equity as well as other security types, e. Stocks are categorised in various ways. One way is by the country where the company is domiciled. For example, and are domiciled in Switzerland, so they may be considered as part of the stock market, although their stock may also be traded on exchanges in other countries, for example, as ADRs on U. By country, the largest market was the United States about 34% , followed by about 6% and the about 6%. These numbers increased in 2013. Apart from the , these 16 exchanges are based in one of three continents: North America, Europe and Asia. Main article: A is an or where and can buy and sell of , , and other. Many large companies have their stocks listed on a stock exchange. This makes the stock more liquid and thus more attractive to many investors. The exchange may also act as a guarantor of settlement. Some large companies will have their stock listed on more than one exchange in different countries, so as to attract international investors. Stock exchanges may also cover other types of securities, such as fixed interest securities bonds or less frequently derivatives which are more likely to be traded OTC. The Trade in stock markets means the transfer for money of a stock or security from a seller to a buyer. This requires these two parties to agree on a price. Participants in the stock market range from small individual to larger investors, who can be based anywhere in the world, and may include , companies, and. Their buy or sell orders may be executed on their behalf by a stock exchange trader. Some exchanges are physical locations where transactions are carried out on a trading floor, by a method known as. This method is used in some stock exchanges and , and involves traders shouting bid and offer prices. The other type of stock exchange has a network of computers where trades are made electronically. An example of such an exchange is the. A potential buyer bids a specific price for a stock, and a potential seller asks a specific price for the same stock. Buying or selling at the market means you will accept any ask price or bid price for the stock. When the bid and ask prices match, a sale takes place, on a first-come, first-served basis if there are multiple bidders or askers at a given price. The purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers, thus providing a. The exchanges provide real-time trading information on the listed securities, facilitating. The NYSE is a physical exchange, with a for placing orders electronically from any location as well as on the. The DMM's job is to maintain a two-sided market, making orders to buy and sell the security when there are no other buyers or sellers. If a exists, no trade immediately takes place — in this case the DMM may use their own resources money or stock to close the difference. Computers play an important role, especially for. The is a virtual exchange, where all of the trading is done over a computer network. The process is similar to the New York Stock Exchange. One or more NASDAQ will always provide a bid and ask price at which they will always purchase or sell 'their' stock. The , now part of , is an order-driven, electronic stock exchange. It was automated in the late 1980s. Prior to the 1980s, it consisted of an open outcry exchange. In 1986, the was introduced, and the was fully automated. People trading stock will prefer to trade on the most popular exchange since this gives the largest number of potential counterparties buyers for a seller, sellers for a buyer and probably the best price. However, there have always been alternatives such as brokers trying to bring parties together to trade outside the exchange. Some third markets that were popular are , and later Island and Archipelago the latter two have since been acquired by Nasdaq and NYSE, respectively. One advantage is that this avoids the of the exchange. However, it also has problems such as. Financial regulators are probing. The offices of , Malaysia's national stock exchange known before demutualization as Kuala Lumpur Stock Exchange include individual retail investors, institutional investors such as mutual funds, banks, insurance companies and hedge funds, and also publicly traded corporations trading in their own shares. Some studies have suggested that institutional investors and corporations trading in their own shares generally receive higher risk-adjusted returns than retail investors. A few decades ago, most buyers and sellers were individual investors, such as wealthy businessmen, usually with long family histories to particular corporations. The rise of the has brought with it some improvements in market operations. Automation has decreased portfolio management costs by lowering the cost associated with investing as a whole. Trends in market participation Stock market participation refers to the number of agents who buy and sell equity backed securities either directly or indirectly in a financial exchange. Participants are generally subdivided into three distinct sectors; households, institutions, and foreign traders. Direct participation occurs when any of the above entities buys or sells securities on its own behalf on an exchange. Indirect participation occurs when an institutional investor exchanges a stock on behalf of an individual or household. Indirect investment occurs in the form of pooled investment accounts, retirement accounts, and other managed financial accounts. Direct ownership of stock by individuals rose slightly from 17. Indirect participation in the form of retirement accounts rose from 39. Rydqvist, Spizman, and attribute the differential growth in direct and indirect holdings to differences in the way each are taxed in the United States. Investments in pension funds and 401ks, the two most common vehicles of indirect participation, are taxed only when funds are withdrawn from the accounts. Conversely, the money used to directly purchase stock is subject to taxation as are any dividends or capital gains they generate for the holder. In this way the current tax code incentivizes individuals to invest indirectly. Participation by income and wealth strata Rates of participation and the value of holdings differs significantly across strata of income. In the bottom quintile of income, 5. The top decile of income has a direct participation rate of 47. Since the Great Recession of 2008 households in the bottom half of the income distribution have lessened their participation rate both directly and indirectly from 53. Participation by head of household race and gender The racial composition of stock market ownership shows households headed by whites are nearly four and six times as likely to directly own stocks than households headed by blacks and Hispanics respectively. As of 2011 the national rate of direct participation was 19. Households headed by married couples participated at rates above the national averages with 25. Determinants and possible explanations of stock market participation In a 2003 paper by Vissing-Jørgensen attempts to explain disproportionate rates of participation along wealth and income groups as a function of fixed costs associated with investing. Participation rates have been shown to strongly correlate with education levels, promoting the hypothesis that information and transaction costs of market participation are better absorbed by more educated households. Their research indicates that social individuals living in states with higher than average participation rates are 5% more likely to participate than individuals that do not share those characteristics. This phenomenon also explained in cost terms. Knowledge of market functioning diffuses through communities and consequently lowers transaction costs associated with investing. From predominantly Dutch-speaking cities of the like and , the term 'beurs' spread to other European states where it was corrupted into 'bourse', 'borsa', 'bolsa', 'börse', etc. Early history In 12th-century France, the courretiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. Because these men also traded with debts, they could be called the first. In the middle of the 13th century, bankers began to trade in government securities. In 1351 the Venetian government outlawed spreading rumors intended to lower the price of government funds. Bankers in , , and also began trading in government securities during the 14th century. This was only possible because these were independent city-states not ruled by a duke but a council of influential citizens. Italian companies were also the first to issue shares. Companies in England and the Low Countries followed in the 16th century. Birth of formal stock markets Established in 1875, the is Asia's first stock exchange. And it has many other distinctive characteristics. Apart from the economic advantages and disadvantages of stock exchanges — the advantage that they provide a free flow of capital to finance industrial expansion, for instance, and the disadvantage that they provide an all too convenient way for the unlucky, the imprudent, and the gullible to lose their money — their development has created a whole pattern of social behavior, complete with customs, language, and predictable responses to given events. What is truly extraordinary is the speed with which this pattern emerged full blown following the establishment, in 1611, of the world's first important stock exchange — a roofless courtyard — and the degree to which it persists with variations, it is true on the in the nineteen-sixties. Present-day in the United States — a bewilderingly vast enterprise, involving millions of miles of private telegraph wires, computers that can read and copy the Manhattan Telephone Directory in three minutes, and over twenty million participants — would seem to be a far cry from a handful of seventeenth-century Dutchmen haggling in the rain. But the field marks are much the same. The first stock exchange was, inadvertently, a laboratory in which new human reactions were revealed. By the same token, the New York Stock Exchange is also a sociological test tube, forever contributing to the human species' self-understanding. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully fledged : the stock market. In the early 1600s the VOC became the first company in history to issue and of to the general public. Soon thereafter, a lively trade in various , among which options and repos, emerged on the market. Dutch traders also pioneered — a practice which was banned by the Dutch authorities as early as 1610. Amsterdam-based businessman 's Confusion de Confusiones 1688 was the earliest known book about and first book on the inner workings of the stock market including the stock exchange. There are now stock markets in virtually every developed and most developing economies, with the world's largest markets being in the United States, United Kingdom, Japan, , China, , Germany , France, and the. For it means that there is a functioning market in the exchange of private titles to the. There can be no genuine private ownership of capital without a stock market: there can be no true if such a market is allowed to exist. This allows businesses to be publicly traded, and raise additional financial capital for expansion by selling shares of ownership of the company in a public market. The that an exchange affords the investors enables their holders to quickly and easily sell securities. This is an attractive feature of investing in stocks, compared to other less liquid investments such as and other assets. Some companies actively increase liquidity by trading in their own shares. History has shown that the price of and other assets is an important part of the dynamics of economic activity, and can influence or be an indicator of social mood. An economy where the stock market is on the rise is considered to be an up-and-coming economy. The stock market is often considered the primary indicator of a country's economic strength and development. Rising share prices, for instance, tend to be associated with increased business investment and vice versa. Share prices also affect the wealth of households and their consumption. Therefore, tend to keep an eye on the control and behavior of the stock market and, in general, on the smooth operation of functions. Financial stability is the of central banks. Exchanges also act as the clearinghouse for each transaction, meaning that they collect and deliver the shares, and guarantee payment to the seller of a security. This eliminates the risk to an individual buyer or seller that the could default on the transaction. The smooth functioning of all these activities facilitates in that lower costs and enterprise risks promote the production of goods and services as well as possibly employment. In this way the financial system is assumed to contribute to increased prosperity, although some controversy exists as to whether the optimal financial system is bank-based or market-based. Recent events such as the have prompted a heightened degree of scrutiny of the impact of the structure of stock markets called , in particular to the stability of the financial system and the transmission of. Relation to the modern financial system The financial system in most western countries has undergone a remarkable transformation. One feature of this development is. A portion of the funds involved in saving and financing, flows directly to the financial markets instead of being routed via the traditional bank lending and deposit operations. The general public interest in investing in the stock market, either directly or through , has been an important component of this process. Statistics show that in recent decades, shares have made up an increasingly large proportion of households' financial assets in many countries. In the 1970s, in , and other very liquid assets with little risk made up almost 60 percent of households' financial wealth, compared to less than 20 percent in the 2000s. The major part of this adjustment is that have gone directly to shares but a good deal now takes the form of various kinds of institutional investment for groups of individuals, e. The trend towards forms of saving with a higher risk has been accentuated by new rules for most funds and insurance, permitting a higher proportion of shares to bonds. Similar tendencies are to be found in other. A second transformation is the move to to replace human trading of listed. Behavior of the stock market in Times Square, New York City Investors may temporarily move financial prices away from market equilibrium. Over-reactions may occur—so that excessive optimism euphoria may drive prices unduly high or excessive pessimism may drive prices unduly low. Economists continue to debate whether financial markets are generally efficient. According to one interpretation of the EMH , only changes in fundamental factors, such as the outlook for margins, profits or dividends, ought to affect share prices beyond the short term, where 'noise' in the system may prevail. The 'hard' does not explain the cause of events such as the , when the plummeted 22. This event demonstrated that share prices can fall dramatically even though no generally agreed upon definite cause has been found: a thorough search failed to detect any 'reasonable' development that might have accounted for the crash. Note that such events are predicted to occur strictly by , although very rarely. It seems also to be the case more generally that many price movements beyond that which are predicted to occur 'randomly' are not occasioned by new information; a study of the fifty largest one-day share price movements in the United States in the post-war period seems to confirm this. A 'soft' EMH has emerged which does not require that prices remain at or near equilibrium, but only that market participants not be able to systematically profit from any momentary market ''. Moreover, while EMH predicts that all price movement in the absence of change in fundamental information is random i. Various explanations for such large and apparently non-random price movements have been promulgated. For instance, some research has shown that changes in estimated risk, and the use of certain strategies, such as stop-loss limits and limits, theoretically could cause financial markets to overreact. But the best explanation seems to be that the distribution of stock market prices is non-Gaussian in which case EMH, in any of its current forms, would not be strictly applicable. Other research has shown that may result in exaggerated statistically anomalous stock price movements contrary to EMH which assumes such behaviors 'cancel out'. Psychological research has demonstrated that people are predisposed to 'seeing' patterns, and often will perceive a pattern in what is, in fact, just noise, e. In the present context this means that a succession of good news items about a company may lead investors to overreact positively, driving the price up. A period of good returns also boosts the investors' self-confidence, reducing their psychological risk threshold. Another phenomenon—also from psychology—that works against an assessment is. As social animals, it is not easy to stick to an opinion that differs markedly from that of a majority of the group. An example with which one may be familiar is the reluctance to enter a restaurant that is empty; people generally prefer to have their opinion validated by those of others in the group. In one paper the authors draw an analogy with. In normal times the market behaves like a game of ; the probabilities are known and largely independent of the investment decisions of the different players. In times of market stress, however, the game becomes more like poker herding behavior takes over. The players now must give heavy weight to the psychology of other investors and how they are likely to react psychologically. In the period running up to the 1987 crash, less than 1 percent of the analyst's recommendations had been to sell and even during the 2000—2002 bear market, the average did not rise above 5%. In the run-up to 2000, the media amplified the general euphoria, with reports of rapidly rising share prices and the notion that large sums of money could be quickly earned in the so-called stock market. In other words, capital markets facilitate funds movement between the above-mentioned units. This process leads to the enhancement of available financial resources which in turn affects the economic growth positively. Moreover, both economic and financial theories argue that stock prices are affected by macroeconomic trends. Research carried out states mid-sized companies outperform large cap companies and smaller companies have higher returns historically. Irrational behavior Sometimes, the market seems to react irrationally to economic or financial news, even if that news is likely to have no real effect on the fundamental value of securities itself. However, this market behaviour may be more apparent than real, since often such news was anticipated, and a counterreaction may occur if the news is better or worse than expected. Therefore, the stock market may be swayed in either direction by press releases, rumors, and. Over the short-term, stocks and other securities can be battered or buoyed by any number of fast market-changing events, making the stock market behavior difficult to predict. Emotions can drive prices up and down, people are generally not as rational as they think, and the reasons for buying and selling are generally accepted. Behaviorists argue that investors often behave irrationally when making investment decisions thereby incorrectly pricing securities, which causes market inefficiencies, which, in turn, are opportunities to make money. However, the whole notion of EMH is that these non-rational reactions to information cancel out, leaving the prices of stocks rationally determined. The Dow Jones Industrial Average biggest gain in one day was 936. People still place too much confidence in the markets and have too strong a belief that paying attention to the gyrations in their investments will someday make them rich, and so they do not make conservative preparations for possible bad outcomes. The horizontal axis shows the as computed in Irrational Exuberance inflation adjusted price divided by the prior ten-year mean of inflation-adjusted earnings. Data from different twenty-year periods is color-coded as shown in the key. Long-term investors would be well advised, individually, to lower their exposure to the stock market when it is high, as it has been recently, and get into the market when it is low. In parallel with various economic factors, a reason for stock market crashes is also due to panic and investing public's loss of confidence. Often, stock market crashes end speculative. There have been famous that have ended in the loss of billions of dollars and wealth destruction on a massive scale. An increasing number of people are involved in the stock market, especially since the and are being increasingly privatized and linked to and bonds and other elements of the market. There have been a number of famous stock market crashes like the , the , the , the of 2000, and the Stock Market Crash of 2008. One of the most famous stock market crashes started October 24, 1929, on Black Thursday. The lost 50% during this stock market crash. It was the beginning of the. Another famous crash took place on October 19, 1987 — Black Monday. The crash began in Hong Kong and quickly spread around the world. By the end of October, stock markets in Hong Kong had fallen 45. Black Monday itself was the largest one-day percentage decline in stock market history — the Dow Jones fell by 22. The crash in 1987 raised some puzzles — main news and events did not predict the catastrophe and visible reasons for the collapse were not identified. This event raised questions about many important assumptions of modern economics, namely, the , the and the. For some time after the crash, trading in stock exchanges worldwide was halted, since the exchange computers did not perform well owing to enormous quantity of trades being received at one time. This halt in trading allowed the and central banks of other countries to take measures to control the spreading of worldwide financial crisis. In the United States the SEC introduced several new measures of control into the stock market in an attempt to prevent a re-occurrence of the events of Black Monday. Since the early 1990s, many of the largest exchanges have adopted electronic 'matching engines' to bring together buyers and sellers, replacing the open outcry system. Electronic trading now accounts for the majority of trading in many developed countries. Computer systems were upgraded in the stock exchanges to handle larger trading volumes in a more accurate and controlled manner. The SEC modified the margin requirements in an attempt to lower the volatility of common stocks, stock options and the futures market. The and the introduced the concept of a circuit breaker. The circuit breaker halts trading if the Dow declines a prescribed number of points for a prescribed amount of time. In February 2012, the Investment Industry Regulatory Organization of Canada IIROC introduced single-stock circuit breakers. Such indices are usually weighted, with the weights reflecting the contribution of the stock to the index. Main article: Financial innovation has brought many new financial instruments whose pay-offs or values depend on the prices of stocks. Some examples are ETFs , and , , , and stock index. These last two may be traded on which are distinct from stock exchanges—their history traces back to futures exchanges , or traded. As all of these products are only from stocks, they are sometimes considered to be traded in a hypothetical , rather than the hypothetical stock market. Main article: In short selling, the trader borrows stock usually from his brokerage which holds its clients' shares or its own shares on account to lend to short sellers then sells it on the market, betting that the price will fall. The trader eventually buys back the stock, making money if the price fell in the meantime and losing money if it rose. Hence most markets either prevent short selling or place restrictions on when and how a short sale can occur. The practice of is illegal in most but not all stock markets. Margin buying Main article: In margin buying, the trader borrows money at interest to buy a stock and hopes for it to rise. Most industrialized countries have regulations that require that if the borrowing is based on collateral from other stocks the trader owns outright, it can be a maximum of a certain percentage of those other stocks' value. A margin call is made if the total value of the investor's account cannot support the loss of the trade. Upon a decline in the value of the margined securities additional funds may be required to maintain the account's equity, and with or without notice the margined security or any others within the account may be sold by the brokerage to protect its loan position. The investor is responsible for any shortfall following such forced sales. Regulation of margin requirements by the was implemented after the. Before that, speculators typically only needed to put up as little as 10 percent or even less of the total represented by the stocks purchased. Other rules may include the prohibition of free-riding: putting in an order to buy stocks without paying initially there is normally a three-day grace period for delivery of the stock , but then selling them before the three-days are up and using part of the proceeds to make the original payment assuming that the value of the stocks has not declined in the interim. ASX Share Market Game is a platform for Australian school students and beginners to learn about trading stocks. The game is a free service hosted on ASX website. Each year more than 70,000 students enroll in the game. For the vast majority, this is an introduction to stock market investing. The game runs for 10 weeks. Many similar programs are found in secondary educational institutions across the world. Main article: There are many different approaches to investing. Many strategies can be classified as either or. One example of a technical strategy is the method, used by and , which uses price patterns and is also rooted in and. Additionally, many choose to invest via the. In this method, one holds a weighted or unweighted portfolio consisting of the entire stock market or some segment of the stock market such as the or. The principal aim of this strategy is to maximize diversification, minimize taxes from too frequent trading, and ride the general trend of the stock market which, in the U. Main article: According to much national or state legislation, a large array of fiscal obligations are taxed for. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market, in particular in the stock exchanges. These fiscal obligations vary from jurisdiction to jurisdiction. Until the early 1600s, a bourse was not exactly a stock exchange in its modern sense. With the founding of the VOC in 1602 and the rise of Dutch in the early 17th century, the 'old' bourse a place to trade , and found a new purpose — a formal exchange that specialize in creating and sustaining in the such as and of issued by — or a stock exchange as we know it today. Retrieved December 18, 2017. Retrieved 11 Mar 2017. Paolo Baffi Centre Research Paper No. United States Census Bureau. United States Census Bureau. Federal Reserve Board of Governors. Federal Reserve Board of Governors. The Journal of Finance. Retrieved March 5, 2010. The World's Oldest Share. Retrieved 8 August 2017. Guinness World Records Limited 2014. Retrieved 8 August 2017. Archived from on August 8, 2014. Retrieved August 8, 2017. Retrieved 8 August 2017. Retrieved 15 August 2017. Translated from the Dutch by Lynne Richards. Economics 252, Financial Markets: Lecture 4 — Portfolio Diversification and Supporting Financial Institutions Open Yale Courses. The potential of repositioning the financial 'meta-economy'. Futures , Volume 68, April 2015, p. A Financial Revolution in the Habsburg Netherlands: Renten and Renteniers in the County of Holland, 1515—1565. University of California Press. The Origins of Value: The Financial Innovations that Created Modern Capital Markets. The History of Financial Innovation, in Carbon Finance, Environmental Market Solutions to Climate Change. Yale School of Forestry and Environmental Studies, chapter 1, pp. Many of the financial products or instruments that we see today emerged during a relatively short period. In particular, merchants and bankers developed what we would today call. Mutual funds and various other forms of structured finance that still exist today emerged in the 17th and 18th centuries in Holland. These can be thought of as creating in a short period of time all the key components of a modern. The first was the Dutch Republic four centuries ago. Oxford University Press, 2015,. As and Nicholas A. Yet the title of the world's first stock market deservedly goes to that of seventeenth-century Amsterdam, where an active secondary market in company shares emerged. The two major companies were the and the , founded in 1602 and 1621. Oxford University Press, 2015, , p. Archived from on June 11, 2011. Retrieved May 31, 2011. Ludwig von Mises Institute, 2006, , p. Retrieved August 14, 2015. Paolo Baffi Centre Research Paper No. Berkeley Business Law Journal. Journal of Financial Intermediation. Retrieved August 14, 2015. Global Governance of Financial Systems: The International Regulation of Systemic Risk. Retrieved August 14, 2015. Review of Economic Studies. Retrieved 22 February 2017. The Misbehavior of Markets: A Fractal View of Financial Turbulence, annot. Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, 2nd ed. Oxford Review of Economic Policy. Retrieved August 14, 2015. Retrieved March 5, 2010. Archived from on October 28, 2008. 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