The Expansion of the New York Securities Market at the Turn of the Century

1981 ◽  
Vol 55 (1) ◽  
pp. 75-85 ◽  
Author(s):  
Gene Smiley
Keyword(s):  
New York ◽  
Interest Rates ◽  
Commercial Banking ◽  
Turn Of The Century ◽  
Business History ◽  
Securities Market ◽  
Securities Markets ◽  
Financial Activity ◽  
Industrial Companies ◽  
Active Interest

Since the landmark article of Thomas Navin and Marian Sears on the rise of the market for industrial securities in the Business History Review (XXIX, June 1955), there has been an active interest in the causal relationship between the remarkable upsurge in corporate mergers of industrial companies early in this century, and the greater activity of the securities markets. Professor Smiley adds to this literature with a study of interest rates and the growth of activity in what contemporaries called “financial banking” (lending money for transactions in securities) as opposed to commercial banking. There are limits to the inference of cause and effect relations from financial activity, however, and historians must continue to study these phenomena merger by merger in order to draw conclusions as to the reasons for them.

Price Trends and Economic Crises in Marshall's Monetary Theory

1991 ◽  
Vol 13 (1) ◽  
pp. 37-53 ◽  
Author(s):  
W. B. Gaynor
Keyword(s):  
Interest Rates ◽  
Price Level ◽  
Transmission Mechanism ◽  
Securities Market ◽  
Monetary Transmission ◽  
Monetary Theory ◽  
Securities Markets ◽  
Price Trends ◽  
Internal Coherence

Alfred Marshalls monetary theory presents itself as fragmentary and without internal coherence. Coherence can be given to it by developing the implied theoretical linkages between the money market, the securities market, and their respective interest rates, while noting the importance in interest- rate determination of the real forces of productivity and thrift.Marshalls development of a theory of money and securities markets arises from his dissatisfaction with the quantity theory of price-level determination as an explanation of the monetary transmission mechanism

Contributions of Joseph Hardcastle to Accounting Theory

2008 ◽  
Vol 35 (2) ◽  
pp. 145-179 ◽  
Author(s):  
George C. Romeo ◽  
James J. McKinney
Keyword(s):  
New York ◽  
Turn Of The Century ◽  
Strong Impact ◽  
New York University ◽  
Honorary Degree ◽  
Cpa Exam ◽  
Accounting Theory ◽  
The U.S

Joseph Hardcastle was one of the foremost authorities on subjects connected with the mathematics of finance and other topics in accounting in the late 19th and early 20th centuries. As a teacher, author, and leader in the profession, he figured prominently in the elevation of accountancy. Hardcastle is relatively unknown in the literature except for having the distinction of scoring the highest grades on the first CPA exam in New York in 1896. However, he was well respected during his time as one of the premier theorists in accounting and was awarded an honorary degree of Master of Letters by New York University. Because of his prolific writings, his teaching of future accountants, and his interactions with members of the Institute of Accounts, he had a strong impact on the “science of accounts,” the dominant accounting theory in the U.S. at the turn of the century.

scholarly journals Regulatory foundations of financialisation: May Day, Big Bang and international banking, 1975–1990

2020 ◽  
Vol 27 (3) ◽  
pp. 397-417
Author(s):  
Catherine R. Schenk
Keyword(s):  
New York ◽  
Financial Markets ◽  
Big Bang ◽  
International Banking ◽  
Geographic Pattern ◽  
Financial Conglomerates ◽  
Financial Activity ◽  
National Characteristics ◽  
Banking Activity ◽  
May Day

From the 1970s to the 1990s there was a revolution in international financial markets, which combined the processes of financialisation and globalisation. Deregulation and financial innovation were the two underlying forces that facilitated this transformation. At the same time, distinctive national characteristics of banking structures and cultures influenced the way that financial globalisation affected the geographic distribution of financial activity. This article addresses these seismic shifts through three perspectives: changes in regulation and the geographic pattern of international banking activity, reform of the main stock markets in New York and London and the rise of financial conglomerates. It identifies complementarity as well as competition among international financial centres.

Rewriting the Body: Aida Overton Walker and the Social Formation of Cakewalking

1996 ◽  
Vol 37 (2) ◽  
pp. 67-92 ◽  
Author(s):  
David Krasner
Keyword(s):  
New York ◽  
New York City ◽  
Performing Arts ◽  
West African ◽  
Turn Of The Century ◽  
The Body ◽  
Race And Gender ◽  
The Social ◽  
Anna Julia Cooper ◽  
And Gender

Although Aida Overton Walker (1880–1914) belonged to the same generation of turn-of-the-century African American performers as did Bob Cole, J. Rosamond Johnson, Bert Williams, and George Walker, she had a rather different view of how best to represent her race and gender in the performing arts. Walker taught white society in New York City how to do the Cakewalk, a celebratory dance with links to West African festival dance. In Walker's choreography of it, it was reconfigured with some ingenuity to accommodate race, gender, and class identities in an era in which all three were in flux. Her strategy depended on being flexible, on being able to make the transition from one cultural milieu to another, and on adjusting to new patterns of thinking. Walker had to elaborate her choreography as hybrid, merging her interpretation of cakewalking with the preconceptions of a white culture that became captivated by its form. To complicate matters, Walker's choreography developed during a particularly unstable and volatile period. As Anna Julia Cooper remarked in 1892.

Problems of Russia’s Integration into the Global Financial System

2015 ◽  
pp. 82-90
Author(s):  
A. Kuznetsov
Keyword(s):  
New York ◽  
Interest Rates ◽  
Financial Market ◽  
Low Income ◽  
Financial System ◽  
Developed Countries ◽  
The United States ◽  
International Investment ◽  
Short Period ◽  
Global Financial System

The author examines problems of Russia’s integration into the global financial system since early 1990s. During this short period of time Russia has turned from a net debtor into a net creditor. This is evidenced by its current net international investment position, as well as by active participation in the formation of credit resources of the key international financial institutions, particularly IMF. Still, the net investment income of Russia is negative. Such a disadvantage is explained by the difference in interest rates between payments of Russia on its external obligations and receipts as income from investments in foreign assets, mainly low-income bonds of developed countries, which form Russian international reserves. For three centuries the United Kingdom and the United States have been playing key role in the development of the global financial system. Today London and New York still operate nearly two thirds of the volume of global flows of capital in the international financial markets. Thus, as one of major economies in terms of GDP and as a resource-richest country of the world, Russia, as author argues, can rightfully claim for a more adequate share of income from the global financial intermediation. Obstacles include the lack of development of the domestic financial market and insufficient international demand for financial instruments denominated in Rubles. Russian Ruble remains a purely internal currency which practically is not used in the international trading and financial operations. At this stage, Russia’s inability to influence the basic conditions of refinancing on international capital markets, as well as the recent Western sanctions make impossible the full-scale participation of Russia in the processes of financial globalization. The author concludes that alternative way of Russia’s entry into the global financial system lays in playing the key role in the creation of the regional financial market of the Eurasian Economic Space.

scholarly journals Analysis of computed discount rates for the largest companies of the mineral resources sector of Russia

2020 ◽  
Vol 177 ◽  
pp. 05006
Author(s):  
Vladimir Nikolaevich Podkorytov ◽  
Lyudmila Anatolyevna Mochalova
Keyword(s):  
Statistical Data ◽  
Mineral Resources ◽  
Securities Market ◽  
Capital Asset Pricing ◽  
Securities Markets ◽  
Discount Rates ◽  
Investment Projects ◽  
Asset Pricing Model ◽  
The Us ◽  
Capm Model

The article provides a comparative analysis of discount rates for the largest companies in the mineral resources sector of Russia, which are calculated on the basis of statistical data from the US and Russian securities markets. Using the CAPM model (Capital Asset Pricing Model) for each selected company, various ruble discount rates were obtained. Calculations based on statistical data from the Russian securities market showed higher rates, and this, according to the authors, can negatively affect the assessment of potential investment projects in terms of their effectiveness. According to the results of the study, it was concluded that when calculating discount rates, it is advisable to use statistical data from the US securities market, since they give more objective results. The appropriateness of their use in forecasting the return on investment is largely due to the length of the retrospective period when calculating the premium for the risk of investing in stocks (from 1928 to the present), smoothing out market volatility at certain crisis times. The Russian securities market has a short retrospective, uneven dynamics of indicators, which does not allow full use of its statistical information. The authors see the prospect of further research in constructing special stochastic models for discount rates forecasting to evaluate investments in companies of the mineral resources sector of Russia.

scholarly journals High Lending Rates in Indonesia: Inflation Rates and Bank Inefficiencies

2020 ◽  
pp. 95-100
Author(s):  
Ari Christianti
Keyword(s):  
Interest Rates ◽  
Inflation Rate ◽  
Positive Impact ◽  
Panel Data Analysis ◽  
Consumer Credit ◽  
Commercial Banking ◽  
Working Capital ◽  
Operating Income ◽  
Lending Rates ◽  
Loan Interest Rates

Inefficient banking systems will affect the Indonesian economy resulting in a high lending rate structure which impacts the cost of capital in real sectors. This study aims to determine if the high lending rates in Indonesia are caused by the high inflation rate and bank inefficiencies. Using monthly panel data analysis from four categories of commercial banking in Indonesia for the period January 2009-December 2017, the results of the study show that operating expenses operating income (OEOI) and net interest margin (NIM) factors, as a measure of efficiency, have a positive impact on loan interest rates for working capital loans, investment loans and consumer loans. Furthermore, inflation rate has a positive effect on loan interest rates for working capital and investment loans only. However, this contrasts with consumer credit where the inflation rate has a negative effect on consumer credit rates. This might be attributed to the fact that interest rates for consumer credit consider default risk factors and high demand rather than inflation factors.

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