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The stock market-the virtual place where corporations raise capital-has come to symbolize business more profoundly than any other entity or institution. This book provides a glimpse into the history, development, regulation, and increasing importance that the stock market plays in business and economic growth, as well as the investment strategies of individuals-in the U.S. and around the world, including Europe, Japan, Hong Kong, and emerging markets in the developing world that are rapidly integrating into the global economy.
To explore the roles and workings of the stock market, the authors trace its evolution from its origins on Wall Street in the 1700s to the present, and examine the varied ways in which it is used to generate economic value. From initial public offerings (IPOs) to hedge funds to American Depository Receipts (ADRs) to options and more, the authors go beyond basic stocks and bonds to highlight the development and current applications of a wide variety of financial instruments that are used to raise capital. Featuring examples, graphics, illustrations, glossary, index, and references and on-line resources, this volume offers an accessible and engaging introduction to the world of investment and corporate finance, while illuminating one of the icons of capitalism.
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R. W. Hafer is Professor and Chair of the Department of Economics and Finance at Southern Illinois University, Edwardsville. He served as Research Officer with the Federal Reserve Bank of St. Louis for ten years. He has published widely on monetary policy and financial markets in publications including the Wall Street Journal.
