Since the US stock market crashed on October 19, 1987, many studies have been conducted to learn from this experience in the hopes of avoiding a similarly adverse future fall. The book, originally published as a special issue of theJournal of Financial Services Research, considers some of the important policy adjustments that have been implemented in the wake of the 1987 crash. Taken separately and together, these five papers offer a synthesis and summary of the most important policy innovations that have evolved since the largest single-day decline in stock market history.
Since the US stock market crashed on October 19, 1987, many studies have been conducted to learn from this experience in the hopes of avoiding a similarly adverse future fall. The book, originally published as a special issue of the Journal of Financial Services Research, considers some of the important policy adjustments that have been implemented in the wake of the 1987 crash. Taken separately and together, these five papers offer a synthesis and summary of the most important policy innovations that have evolved since the largest single-day decline in stock market history.
Attempting to reveal the real causes of the 1929 stock market crash, Bierman refutes the popular belief that wild speculation had excessively driven up stock market prices and resulted in the crash. Although he acknowledges some prices of stocks such as utilities and banks were overprices, reasonable explanations exist for the level and increase of all other securities stock prices. Indeed, if stocks were overpriced in 1929, then they more even more overpriced in the current era of staggering growth in stock prices and investment in securities. The causes of the 1929 crash, Bierman argues, lie in an unfavorable decision by the Massachusetts Department of Public Utilities coupled with the popular practice known as debt leverage in the 1920s corporate and investment arena. This book extends Bierman's argument in an earlier book, The Great Myths of 1929 and the Lessons to Be Learned (Greenwood, 1991), in which he discussed and refuted seven myths about 1929 but could not explain the crash. He now believes he has a reasonable explanation. He also examines the actions of Charles E. Mitchell and Sam Insull and their subsequent unjust criminal prosecution after the crash of the 1929 stock market.
The book addresses the issue of product market integration within the European Union (EU) from a multidisciplinary approach that ranges from economics to political science and sociology. Besides the contributions from academia the book also includes the perspectives of the European Commission - Directorate Industry and Enterprise, and of the business community, thus providing a comprehensive overview of the issue under analysis. The book is organized around three main themes: plural perspectives and assessments of current market integration in the EU, empirical analysis of trade and trade barriers within the EU, and discussion of today's challenges in market integration. As such, the book starts by assessing the functioning of the EU Internal Market and by evaluating the need for differentiated integration in an enlarged and increasingly heterogeneous EU. It then proceeds with three empirical studies relating to intra-EU trade, focusing on technical barriers, on the importance of institutional factors in explaining non-tariff protection, and on the consequences of legal and administrative regulations on trade opportunities. The book ends by presenting and discussing today's challenges to market integration in a globalized world as well as the role of the EU in shaping a new mode of governance in transatlantic market integration. Regulation and governance in integrated markets are recurrent topics in the various chapters. The book presents state-of-the art academic research on product market integration and given its multidisciplinary approach it has distinguishing features that make it unique in the literature.
This can't be happening on Susie's wedding day. It's a girl's dream wedding and everything is perfect. That is until a small plane suddenly circles the venue and her ex-boyfriend jumps out and begins his descent, spurts of smoke shooting out of the heels of his boots. Susie and her father are just pulling up to the dockside in a white festooned boat, to where her groom and two hundred guests are waiting. For the father of the bride, it's the last straw. He reaches for a flare gun, and before Susie can react, fires it into the air. Unfortunately for the sky diver, flare guns cannot be aimed. The flare hits the parachute and ignites it. Chute blazing away, Susie's ex plummets into the wedding tent. Unscathed, he struggles to free himself of parachute and lines. The wedding cake and various food trays have not faired so well. Will the wedding proceed as the police take the heartbroken suitor away?
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