Download or read book A Study of the Effects on Price Movement and Associated Investment Implications of Listing Over the counter Stocks on the American Stock Exchange written by Judith Jo Johnson and published by . This book was released on 1972 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Short selling Activity in the Stock Market written by United States. Congress. House. Committee on Government Operations. Commerce, Consumer, and Monetary Affairs Subcommittee and published by . This book was released on 1991 with total page 868 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Report of Special Study of Securities Markets of the Securities and Exchange Commission written by United States. Securities and Exchange Commission and published by . This book was released on 1963 with total page 1180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Report of the Special Study of Securities Markets of the Securities and Exchange Commission written by United States. Securities and Exchange Commission and published by . This book was released on 1964 with total page 1180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Outcomes of Investing in OTC Stocks written by Joshua T. White and published by . This book was released on 2016 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes three aspects of over-the-counter (OTC) stocks: (1) the recent trends in the OTC stock market structure and size; (2) the documented properties of OTC stocks; and (3) the differences in returns based on investor and stock characteristics. Approximately 10,000 OTC stocks were quoted at the end of 2013 through 2015, generating a total trading volume of over $200 billion per year. Dollar volume has grown substantially since 2012 and is now concentrated in the segment of the OTC market with no requirements of registration or reporting to the U.S. Securities and Exchange Commission (SEC). A synthesis of recent academic literature reveals troubling properties of OTC stocks. Academic studies find that OTC stocks tend to be highly illiquid; are frequent targets of alleged market manipulation; generate negative and volatile investment returns on average; and rarely grow into a large company or transition to listing on a stock exchange. Moreover, these properties tend to worsen when the OTC company has fewer disclosure-related eligibility requirements. I examine the relationship between OTC investor demographics and investment outcomes using a proprietary database of transaction-level OTC data with confidential investor information. Analysis of 1.8 million trades by over 200,000 individual investors confirms that the typical OTC investment return is severely negative. Investor outcomes worsen for OTC stocks that experience a promotional campaign or have weaker disclosure-related eligibility requirements. Demographic analysis reveals that older, retired, low-income, and less educated investors experience significantly poorer outcomes in OTC stock markets. Given that retail investors are the predominant owners of OTC stocks, and the documented trend towards less transparent OTC companies, the results of this study have important implications for investor protection.
Download or read book Report written by United States. Securities and Exchange Commission. Special Study of Securities Markets and published by . This book was released on 1963 with total page 1178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Uninvited U S Investors Economic Consequences of Involuntary Cross Listings written by Peter Iliev and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the economic consequences of a recent Securities and Exchange Commission securities regulation change that grants foreign firms trading on the U.S. over-the-counter (OTC) market an automatic exemption from the reporting requirements of the 1934 Securities Act. We document that the number of voluntary (sponsored) OTC cross-listings did not increase following the regulation change, suggesting that it did not achieve its intended purpose of increasing voluntary OTC cross-listings through a reduction in compliance costs. We do find that the design of the regulation allowed financial intermediaries to create an unprecedented number of involuntary (unsponsored) OTC ADRs: 1,700 unsponsored ADR programs for 920 firms were created for companies that had previously chosen not to cross-list in the United States. Our difference-in-differences analysis based on a matched sample approach documents that foreign firms forced into the U.S. capital markets experience a significant decrease in firm value, and we further show that the decrease in firm value is related to an increase in U.S. litigation risk. We also find that depositary banks' propensity to involuntarily cross-list firms is positively related to banks' expected fee revenue, and that banks chose firms that incur high costs when involuntarily cross-listed. Our results provide evidence that securities regulation can be exploited for private gain and result in costly unintended consequences.
Download or read book Study of the Securities Industry written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Commerce and Finance and published by . This book was released on 1971 with total page 2614 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Philadelphia Stock Exchange and the City It Made written by Domenic Vitiello and published by University of Pennsylvania Press. This book was released on 2010-04-14 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Philadelphia Stock Exchange and the City It Made recounts the history of America's first stock exchange and the ways it shaped the growth and decline of the city around it. Founded in 1790, the Philadelphia Stock Exchange, its member firms, and the companies they financed had profound impacts on the city's place in the world economy. At its start, the exchange and its members helped spur the development of the early United States, its financial sector, and its westward expansion. During the nineteenth century, they invested in making Philadelphia the center of industrial America, raising capital for the railroads and coal mines that connected cities to one another and built a fossil fuel-based economy. After financing the Civil War, they underwrote the growth of the modern metropolis, its transportation infrastructure, utility systems, and real estate development. At the turn of the twentieth century, stagnation of the exchange contributed to Philadelphia's loss of power in the national and world economy. This original interpretation of the roots of deindustrialization holds important lessons for other cities that have declined. The exchange's revival following World War II is a remarkable story, but it also illustrates the limits of economic development in postindustrial cities. Unlike earlier eras, the exchange's fortunes diverged from those of the city around it. Ultimately, it became part of a larger, global institution when it merged with NASDAQ in 2008. Far more than a history of a single institution, The Philadelphia Stock Exchange and the City It Made traces the evolving relationship between the exchange and the city. For people concerned with cities and their development, this study offers a long-term history of the public-private partnerships and private sector-led urban development popular today. More generally, it traces the networks of firms and institutions revealed by the securities market and its participants. Herein lies a critical and understudied part of the history of metropolitan economic development.
Download or read book Securities Industry Study written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1972 with total page 1558 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Returns in Over the counter Stock Markets written by Paul Jessup and published by . This book was released on 1973-06-05 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Congressional Record written by United States. Congress and published by . This book was released on 1970 with total page 1426 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stock Price Movements from American Stock Exchange to the New York Stock Exchange written by George Joseph Seeber and published by . This book was released on 1969 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Register written by and published by . This book was released on 1968 with total page 886 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Report of the Committee on Interstate and Foreign Commerce comprising a Report of the Securities and Exchange Commission on the Public Policy Implications of Investment Company Growth written by United States. Securities and Exchange Commission and published by . This book was released on 1966 with total page 790 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hearings written by United States. Congress Senate and published by . This book was released on 1967 with total page 1866 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fixed Rates and Institutional Membership Hearings Before the Subcommittee on Securities of 93 1 on S 470 S 488 February 20 21 22 and March 15 1973 written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1973 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt:
