Who Would Have Register And Sale A Securities

Shares into which buying of the corporation is divided

In finance, stock (also upper-case letter stock) consists of all of the shares into which ownership of a corporation or company is divided.^[ane] (Especially in American English, the word "stocks" is also used to refer to shares.)^[1] ^[2] A unmarried share of the stock means partial ownership of the corporation in proportion to the total number of shares. This typically entitles the shareholder (stockholder) to that fraction of the company'southward earnings, proceeds from liquidation of avails (after discharge of all senior claims such as secured and unsecured debt),^[three] or voting power, often dividing these up in proportion to the amount of money each stockholder has invested. Not all stock is necessarily equal, every bit sure classes of stock may exist issued for instance without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds earlier or afterward other classes of shareholders.

Stock tin can be bought and sold privately or on stock exchanges, and such transactions are typically heavily regulated by governments to prevent fraud, protect investors, and benefit the larger economy. The stocks are deposited with the depositories in the electronic format also known as Demat account. Every bit new shares are issued by a company, the ownership and rights of existing shareholders are diluted in render for cash to sustain or grow the concern. Companies tin also buy back stock, which often lets investors recoup the initial investment plus capital letter gains from subsequent rises in stock price. Stock options issued by many companies every bit role of employee compensation practice not correspond ownership, merely stand for the right to buy ownership at a hereafter fourth dimension at a specified cost. This would represent a windfall to the employees if the option is exercised when the market toll is higher than the promised cost, since if they immediately sold the stock they would proceed the deviation (minus taxes).

Stocks are a function of capitalism, and therefore the stock marketplace operates by the cost mechanism: a stock cannot be classified as an investment unless it pays a dividend – the standard dividend yield being ii% – otherwise, it must be classified as a speculation (gambling). Withal, if 1 decides to reinvest the dividends, it is non speculation, and bold for ceteris paribus, this will lead to an exponential growth of $FV=P*(1+r/m)*m*t$ , where P is the initial investment, r is the yield, g is dividends per year, and t is number of years. A "dividend male monarch" is a stock which has had an increasing or constant dividend yield for over 50 successive years.

Shares [edit]

A person who owns a pct of the stock has the ownership of the corporation proportional to their share. The shares form stock. The stock of a corporation is partitioned into shares, the total of which are stated at the fourth dimension of business formation. Additional shares may subsequently exist authorized past the existing shareholders and issued by the company. In some jurisdictions, each share of stock has a certain declared par value, which is a nominal accounting value used to represent the equity on the balance canvass of the corporation. In other jurisdictions, however, shares of stock may exist issued without associated par value.

Shares represent a fraction of ownership in a concern. A business may declare different types (or classes) of shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented past issuance of a stock certificate. A stock document is a legal certificate that specifies the number of shares owned by the shareholder, and other specifics of the shares, such as the par value, if any, or the class of the shares.^[4]

In the United Kingdom, Republic of Ireland, Southward Africa, and Commonwealth of australia, stock can as well refer, less commonly, to all kinds of marketable securities.^[5]

Types [edit]

Stock typically takes the class of shares of either common stock or preferred stock. Equally a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions. Preferred stock differs from mutual stock in that it typically does non behave voting rights but is legally entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders.^[vi] ^[7] ^{[ page needed ]} Convertible preferred stock is preferred stock that includes an pick for the holder to convert the preferred shares into a fixed number of mutual shares, usually whatsoever time after a predetermined date. Shares of such stock are called "convertible preferred shares" (or "convertible preference shares" in the UK).

New equity issue may accept specific legal clauses fastened that differentiate them from previous issues of the issuer. Some shares of common stock may be issued without the typical voting rights, for example, or some shares may have special rights unique to them and issued only to certain parties. Often, new problems that have not been registered with a securities governing body may be restricted from resale for certain periods of time.

Preferred stock may be hybrid by having the qualities of bonds of fixed returns and mutual stock voting rights. They as well have preference in the payment of dividends over common stock and also have been given preference at the fourth dimension of liquidation over common stock. They accept other features of accumulation in dividend. In addition, preferred stock ordinarily comes with a alphabetic character designation at the end of the security; for example, Berkshire-Hathaway Class "B" shares sell nether stock ticker BRK.B, whereas Form "A" shares of ORION DHC, Inc will sell nether ticker OODHA until the company drops the "A" creating ticker OODH for its "Common" shares just designation. This extra letter does not mean that any exclusive rights exist for the shareholders just information technology does let investors know that the shares are considered for such, however, these rights or privileges may change based on the decisions made by the underlying company.

Rule 144 stock [edit]

"Dominion 144 Stock" is an American term given to shares of stock subject area to SEC Rule 144: Selling Restricted and Control Securities.^[8] Nether Dominion 144, restricted and controlled securities are caused in unregistered form. Investors either purchase or accept ownership of these securities through private sales (or other means such as via ESOPs or in substitution for seed coin) from the issuing visitor (as in the case with Restricted Securities) or from an affiliate of the issuer (as in the example with Command Securities). Investors wishing to sell these securities are subject to unlike rules than those selling traditional common or preferred stock. These individuals will but be allowed to liquidate their securities after meeting the specific conditions set forth by SEC Dominion 144. Dominion 144 allows public re-sale of restricted securities if a number of dissimilar weather condition are met.

Stock derivatives [edit]

A stock derivative is whatever fiscal instrument for which the underlying nugget is the price of an equity. Futures and options are the main types of derivatives on stocks. The underlying security may exist a stock index or an individual firm's stock, due east.thou. single-stock futures.

Stock futures are contracts where the buyer is long, i.e., takes on the obligation to buy on the contract maturity date, and the seller is curt, i.e., takes on the obligation to sell. Stock alphabetize futures are generally delivered by cash settlement.

A stock choice is a class of option. Specifically, a telephone call option is the right (not obligation) to buy stock in the future at a fixed price and a put option is the right (not obligation) to sell stock in the time to come at a stock-still cost. Thus, the value of a stock option changes in reaction to the underlying stock of which it is a derivative. The most popular method of valuing stock options is the Black–Scholes model.^[9] Apart from phone call options granted to employees, well-nigh stock options are transferable.

History [edit]

During the Roman Republic, the state contracted (leased) out many of its services to private companies. These regime contractors were called publicani, or societas publicanorum as individual companies.^[10] These companies were like to modernistic corporations, or joint-stock companies more specifically, in a couple of aspects. They issued shares called partes (for large cooperatives) and particulae which were small shares that acted like today's over-the-counter shares.^[xi] Polybius mentions that "well-nigh every citizen" participated in the government leases.^[12] There is as well bear witness that the price of stocks fluctuated. The Roman orator Cicero speaks of partes illo tempore carissimae, which means "shares that had a very high price at that time".^[xiii] This implies a fluctuation of price and stock market beliefs in Rome.

Around 1250 in France at Toulouse, 100 shares of the Société des Moulins du Bazacle, or Bazacle Milling Visitor were traded at a value that depended on the profitability of the mills the society owned.^[xiv] As early on as 1288, the Swedish mining and forestry products visitor Stora has documented a stock transfer, in which the Bishop of Västerås acquired a 12.5% interest in the mine (or more than specifically, the mount in which the copper resource was available, the Swell Copper Mount) in exchange for an manor.

The earliest recognized articulation-stock company in modern times was the English (afterward British) East India Company, one of the near notorious joint-stock companies. It was granted an English language Royal Charter by Elizabeth I on 31 December 1600, with the intention of favouring trade privileges in Bharat. The Purple Charter effectively gave the newly created Honourable East India Visitor (HEIC) a 15-year monopoly on all trade in the East Indies.^[15] The company transformed from a commercial trading venture to one that virtually ruled Bharat as it acquired auxiliary governmental and military functions, until its dissolution.

Soon afterwards, in 1602,^[16] the Dutch East India Company issued the first shares that were made tradeable on the Amsterdam Stock Substitution, an invention that enhanced the power of joint-stock companies to attract majuscule from investors as they now hands could dispose of their shares.^[17] The Dutch East Republic of india Company became the first multinational corporation and the first megacorporation. Between 1602 and 1796 it traded 2.5 meg tons of cargo with Asia on 4,785 ships and sent a million Europeans to piece of work in Asia, surpassing all other rivals.

The innovation of joint ownership made a great deal of Europe'southward economic growth possible following the Heart Ages. The technique of pooling capital to finance the edifice of ships, for case, made the Netherlands a maritime superpower. Before the adoption of the joint-stock corporation, an expensive venture such as the building of a merchant ship could be undertaken only past governments or by very wealthy individuals or families.

The Dutch stock market of the 17th century included the use of stock futures, stock options, short selling, the utilize of credit to purchase shares, a speculative bubble that crashed in 1695, and a change in fashion (namely, in headdresses) that unfolded and reverted in time with the market. Edward Stringham as well noted that the uses of practices such every bit short selling continued to occur during this fourth dimension despite the government passing laws against it. This is unusual considering it shows individual parties fulfilling contracts that were not legally enforceable and where the parties involved could incur a loss. Stringham argues that this shows that contracts can be created and enforced without state sanction or, in this example, in spite of laws to the contrary.^[xviii] ^[19]

Shareholder [edit]

A shareholder (or stockholder) is an private or company (including a corporation) that legally owns ane or more shares of stock in a joint stock company. Both individual and public traded companies have shareholders.

Shareholders are granted special privileges depending on the class of stock, including the right to vote on matters such every bit elections to the board of directors, the right to share in distributions of the company'south income, the right to purchase new shares issued by the company, and the correct to a company'due south assets during a liquidation of the company. Even so, shareholder'due south rights to a company'south assets are subordinate to the rights of the visitor's creditors.

Shareholders are one type of stakeholders, who may include anyone who has a direct or indirect equity involvement in the business entity or someone with a non-equity interest in a not-profit organisation. Thus it might be mutual to telephone call volunteer contributors to an association stakeholders, fifty-fifty though they are not shareholders.

Although directors and officers of a visitor are jump by fiduciary duties to act in the best involvement of the shareholders, the shareholders themselves unremarkably exercise not have such duties towards each other.

Still, in a few unusual cases, some courts have been willing to imply such a duty between shareholders. For example, in California, The states, majority shareholders of closely held corporations have a duty not to destroy the value of the shares held past minority shareholders.^[xx] ^[21]

The largest shareholders (in terms of percentages of companies endemic) are often common funds, and, specially, passively managed exchange-traded funds.

Application [edit]

The owners of a private company may want additional capital to invest in new projects inside the visitor. They may also simply wish to reduce their holding, freeing up capital for their own individual use. They can accomplish these goals by selling shares in the company to the general public, through a sale on a stock exchange. This procedure is chosen an initial public offer, or IPO.

By selling shares they tin can sell part or all of the visitor to many part-owners. The purchase of one share entitles the possessor of that share to literally share in the ownership of the visitor, a fraction of the decision-making power, and potentially a fraction of the profits, which the company may issue every bit dividends. The owner may also inherit debt and fifty-fifty litigation.

In the common case of a publicly traded corporation, where at that place may be thousands of shareholders, it is impractical to take all of them making the daily decisions required to run a company. Thus, the shareholders will apply their shares as votes in the election of members of the lath of directors of the visitor.

In a typical instance, each share constitutes one vote. Corporations may, however, issue unlike classes of shares, which may accept different voting rights. Owning the bulk of the shares allows other shareholders to be out-voted – effective command rests with the majority shareholder (or shareholders acting in concert). In this style the original owners of the company ofttimes still have control of the visitor.

Shareholder rights [edit]

Although ownership of 50% of shares does result in l% ownership of a company, information technology does not requite the shareholder the right to use a company's edifice, equipment, materials, or other property. This is because the company is considered a legal person, thus information technology owns all its avails itself. This is important in areas such as insurance, which must be in the name of the visitor and not the main shareholder.

In about countries, boards of directors and visitor managers have a fiduciary responsibility to run the company in the interests of its stockholders. Even so, as Martin Whitman writes:

...it tin can safely exist stated that in that location does not be any publicly traded company where management works exclusively in the best interests of OPMI [Outside Passive Minority Investor] stockholders. Instead, in that location are both "communities of involvement" and "conflicts of interest" between stockholders (principal) and management (agent). This conflict is referred to as the principal–amanuensis problem. It would be naive to think that whatsoever management would forego management compensation, and direction entrenchment, just because some of these management privileges might be perceived as giving rise to a disharmonize of interest with OPMIs.^[22]

Fifty-fifty though the board of directors runs the company, the shareholder has some bear on on the visitor's policy, as the shareholders elect the board of directors. Each shareholder typically has a percentage of votes equal to the percentage of shares he or she owns. So equally long every bit the shareholders concur that the management (agent) are performing poorly they tin select a new board of directors which can then hire a new management team. In practice, however, genuinely contested board elections are rare. Board candidates are usually nominated past insiders or by the board of the directors themselves, and a considerable amount of stock is held or voted by insiders.

Owning shares does not hateful responsibleness for liabilities. If a company goes broke and has to default on loans, the shareholders are not liable in any style. However, all money obtained by converting assets into cash will exist used to repay loans and other debts first, so that shareholders cannot receive any money unless and until creditors have been paid (frequently the shareholders end up with cypher).^[23]

Ways of financing [edit]

Financing a company through the auction of stock in a company is known as equity financing. Alternatively, debt financing (for example issuing bonds) can be done to avert giving up shares of buying of the company. Unofficial financing known equally trade financing usually provides the major part of a company's working capital (day-to-day operational needs).

Trading [edit]

A stockbroker using multiple screens to stay upward to engagement on trading

In general, the shares of a company may exist transferred from shareholders to other parties by sale or other mechanisms, unless prohibited. Most jurisdictions have established laws and regulations governing such transfers, peculiarly if the issuer is a publicly traded entity.

The desire of stockholders to trade their shares has led to the institution of stock exchanges, organizations which provide marketplaces for trading shares and other derivatives and financial products. Today, stock traders are unremarkably represented by a stockbroker who buys and sells shares of a broad range of companies on such exchanges. A visitor may listing its shares on an exchange by meeting and maintaining the list requirements of a detail stock commutation.

Many large non-U.S companies choose to list on a U.S. exchange as well equally an exchange in their domicile country in lodge to broaden their investor base. These companies must maintain a cake of shares at a banking company in the Usa, typically a certain percentage of their capital. On this footing, the holding depository financial institution establishes American depositary shares and issues an American depositary receipt (ADR) for each share a trader acquires. Likewise, many large U.South. companies list their shares at foreign exchanges to raise capital away.

Small companies that practice non qualify and cannot come across the list requirements of the major exchanges may be traded over-the-counter (OTC) by an off-exchange mechanism in which trading occurs directly between parties. The major OTC markets in the United States are the electronic quotation systems OTC Bulletin Board (OTCBB) and OTC Markets Grouping (formerly known as Pink OTC Markets Inc.)^[24] where individual retail investors are also represented by a brokerage house and the quotation service'south requirements for a company to exist listed are minimal. Shares of companies in defalcation proceedings are normally listed by these quotation services after the stock is delisted from an exchange.

Buying [edit]

There are diverse methods of buying and financing stocks, the almost common being through a stockbroker. Brokerage firms, whether they are a full-service or discount broker, arrange the transfer of stock from a seller to a buyer. Most trades are really done through brokers listed with a stock exchange.

There are many dissimilar brokerage firms from which to choose, such as full service brokers or disbelieve brokers. The full service brokers usually charge more per trade, merely give investment advice or more personal service; the discount brokers offer niggling or no investment advice just charge less for trades. Another type of broker would be a banking concern or credit union that may take a deal set upwards with either a full-service or discount broker.

There are other ways of buying stock too through a broker. One manner is directly from the company itself. If at to the lowest degree one share is endemic, most companies will allow the purchase of shares directly from the company through their investor relations departments. Withal, the initial share of stock in the company will have to be obtained through a regular stock broker. Some other way to buy stock in companies is through Direct Public Offerings which are normally sold by the company itself. A straight public offering is an initial public offering in which the stock is purchased directly from the company, commonly without the aid of brokers.

When information technology comes to financing a buy of stocks there are two ways: purchasing stock with money that is currently in the buyer's buying, or by buying stock on margin. Ownership stock on margin ways buying stock with money borrowed confronting the value of stocks in the same account. These stocks, or collateral, guarantee that the buyer can repay the loan; otherwise, the stockbroker has the correct to sell the stock (collateral) to repay the borrowed money. He tin sell if the share cost drops below the margin requirement, at least l% of the value of the stocks in the account. Buying on margin works the same fashion as borrowing coin to buy a automobile or a house, using a car or house every bit collateral. Moreover, borrowing is not free; the broker usually charges 8–10% interest.

Selling [edit]

Selling stock is procedurally similar to ownership stock. Mostly, the investor wants to buy low and sell loftier, if not in that order (curt selling); although a number of reasons may induce an investor to sell at a loss, e.g., to avoid farther loss.

As with buying a stock, there is a transaction fee for the broker's efforts in arranging the transfer of stock from a seller to a heir-apparent. This fee tin can be loftier or depression depending on which type of brokerage, full service or discount, handles the transaction.

Subsequently the transaction has been made, the seller is and then entitled to all of the money. An important role of selling is keeping rails of the earnings. Chiefly, on selling the stock, in jurisdictions that have them, uppercase gains taxes will have to be paid on the additional gain, if any, that are in excess of the cost basis.

Curt selling [edit]

Curt selling consists of an investor immediately selling borrowed shares and then buying them dorsum when their price has gone down (chosen "covering").^[25] Essentially, such an investor bets^[25] that the price of the shares will drop so that they can be bought back at the lower price and thus returned to the lender at a profit.

Risks of short selling [edit]

The risks of short selling stock are usually college than those of ownership stock. This is because the loss can theoretically be unlimited since the stock's value tin theoretically go up indefinitely.^[25]

Stock price fluctuations [edit]

The price of a stock fluctuates fundamentally due to the theory of supply and need. Like all commodities in the market, the price of a stock is sensitive to demand. However, there are many factors that influence the demand for a particular stock. The fields of fundamental analysis and technical analysis endeavor to sympathise market conditions that atomic number 82 to price changes, or even predict future price levels. A recent report shows that customer satisfaction, as measured by the American Customer Satisfaction Alphabetize (ACSI), is significantly correlated to the market value of a stock.^[26] Stock toll may be influenced by analysts' concern forecast for the visitor and outlooks for the visitor'due south full general market segment. Stocks tin can also fluctuate greatly due to pump and dump scams.

[edit]

At any given moment, an disinterestedness's toll is strictly a result of supply and demand. The supply, commonly referred to every bit the float, is the number of shares offered for sale at whatsoever i moment. The demand is the number of shares investors wish to buy at exactly that same time. The price of the stock moves in order to reach and maintain equilibrium. The product of this instantaneous price and the float at any one time is the market capitalization of the entity offer the disinterestedness at that point in time.

When prospective buyers outnumber sellers, the price rises. Eventually, sellers attracted to the high selling price enter the market and/or buyers get out, achieving equilibrium between buyers and sellers. When sellers outnumber buyers, the price falls. Somewhen buyers enter and/or sellers get out, again achieving equilibrium.

Thus, the value of a share of a visitor at whatsoever given moment is determined by all investors voting with their money. If more investors want a stock and are willing to pay more than, the price will go up. If more investors are selling a stock and in that location aren't enough buyers, the price will become down.

Note: "For Nasdaq-listed stocks, the price quote includes data on the bid and enquire prices for the stock."^[27]

That does not explain how people decide the maximum toll at which they are willing to buy or the minimum at which they are willing to sell. In professional investment circles the efficient market hypothesis (EMH) continues to be pop, although this theory is widely discredited in academic and professional person circles. Briefly, EMH says that investing is overall (weighted by the standard difference) rational; that the price of a stock at any given moment represents a rational evaluation of the known information that might touch the hereafter value of the company; and that share prices of equities are priced efficiently, which is to say that they represent accurately the expected value of the stock, as best it can be known at a given moment. In other words, prices are the effect of discounting expected time to come greenbacks flows.

The EMH model, if true, has at to the lowest degree two interesting consequences. First, because financial run a risk is presumed to crave at to the lowest degree a small premium on expected value, the return on equity tin can exist expected to be slightly greater than that bachelor from non-disinterestedness investments: if not, the same rational calculations would atomic number 82 disinterestedness investors to shift to these safer not-disinterestedness investments that could be expected to give the same or ameliorate render at lower hazard. Second, because the cost of a share at every given moment is an "efficient" reflection of expected value, then—relative to the bend of expected return—prices volition tend to follow a random walk, adamant by the emergence of data (randomly) over time. Professional equity investors therefore immerse themselves in the flow of fundamental information, seeking to proceeds an advantage over their competitors (mainly other professional investors) by more intelligently interpreting the emerging flow of data (news).

The EMH model does not seem to requite a consummate description of the procedure of equity price determination. For example, stock markets are more volatile than EMH would imply. In recent years information technology has come to be accepted that the share markets are non perfectly efficient, perhaps especially in emerging markets or other markets that are not dominated by well-informed professional investors.

Another theory of share price determination comes from the field of Behavioral Finance. Co-ordinate to Behavioral Finance, humans often make irrational decisions—specially, related to the ownership and selling of securities—based upon fears and misperceptions of outcomes. The irrational trading of securities can frequently create securities prices which vary from rational, primal price valuations. For instance, during the engineering bubble of the late 1990s (which was followed by the dot-com bust of 2000–2002), technology companies were often bid across any rational fundamental value because of what is commonly known as the "greater fool theory". The "greater fool theory" holds that, considering the predominant method of realizing returns in equity is from the sale to some other investor, ane should select securities that they believe that someone else will value at a higher level at some signal in the time to come, without regard to the basis for that other party'southward willingness to pay a higher price. Thus, even a rational investor may banking concern on others' irrationality.

Arbitrage trading [edit]

When companies raise capital by offer stock on more than i exchange, the potential exists for discrepancies in the valuation of shares on different exchanges. A keen investor with access to information about such discrepancies may invest in expectation of their eventual convergence, known equally arbitrage trading. Electronic trading has resulted in all-encompassing price transparency (efficient-marketplace hypothesis) and these discrepancies, if they exist, are short-lived and quickly equilibrated.

Run into as well [edit]

Arrangements betwixt railroads
Boiler room
Saucepan shop
Buying in (securities)
Concentrated stock
Employee stock ownership
Equity investment
GICS
Gilt share
House stock
Insider trading
Money managers
Naked brusque selling
Penny stock
Scripophily
Social ownership
Stock and flow
Stock dilution
Stock valuation
Stock token
Stub (stock)
Tracking stock
Treasury stock
Traditional and alternative investments
Voting involvement

References [edit]

^ ^a ^b Longman Business organization English Dictionary:
"stock - particularly AmE one of the shares into which buying of a company is divided, or these shares considered together"
"When a company issues shares or stocks specially AmE, it makes them available for people to buy for the first time."
^ stock in Collins English language Dictionary: "A stock is one of the parts or shares that the value of a company is divided into, that people can buy."
^ "stock Definition". Investopedia. Retrieved 25 February 2012.
^ "What Is a Stock And The Different Types of Stocks – A Beginners Guide to The Stock Market". Warsoption . Retrieved 9 March 2021.
^ "Cambridge Advanced Learner'southward Dictionary". Lexicon.cambridge.org. Archived from the original on 26 August 2009. Retrieved 12 February 2010.
^ "Mutual Stock vs. Preferred Stock, and Stock Classes". InvestorGuide.com. Archived from the original on six January 2019. Retrieved 10 June 2007.
^ Zvi Bodie, Alex Kane, Alan J. Marcus, Investments, 9th Ed., ISBN 978-0078034695.
^ "Rule 144: Selling Restricted and Control Securities". US Securities and Substitution Committee. Retrieved 18 May 2013.
^ "Blackness Scholes Computer". Tradingtoday.com. Retrieved 12 February 2010.
^ Livy, Ab Urbe Condita
^ (Cic. pro Rabir. Post. 2; Val. Max. VI.9 §7)
^ (Polybius, 6, 17, three)
^ (Cicero, P. VAT. 12, 29.)
^ "Archived copy". Archived from the original on 13 September 2012. Retrieved xviii Dec 2009. {{cite spider web}}: CS1 maint: archived copy as title (link)
^ Irwin, Douglas A. (Dec 1991). "Mercantilism every bit Strategic Trade Policy: The Anglo-Dutch Rivalry for the Due east India Trade" (PDF). The Journal of Political Economy. The University of Chicago Press. 99 (6): 1296–1314. doi:10.1086/261801. JSTOR 2937731. S2CID 17937216. at 1299.
^ Stringham, Edward (2003). "The Extralegal Evolution of Securities Trading in Seventeenth Century Amsterdam". The Quarterly Review of Economics and Finance. SSRN 1676251.
^ The oldest share in the earth, issued by the Dutch East India Company (Vereenigde Oost-Indische Compagnie or VOC), 1606.
^ Stringham, Edward (2002). "The Origin of the London Stock Exchange as a Self Policing Club". Journal of Private Enterprise. 17 (two): 1–xix. SSRN 1676253.
^ "Devil the Hindmost" past Edward Chancellor.
^ Jones v. H. F. Ahmanson & Co., 1 Cal. 3d)
^ "Jones v. H.F. Ahmanson & Co. (1969) one C3d 93". Online.ceb.com. Retrieved 12 February 2010.
^ Whitman, 2004, v
^ Jackson, Thomas (2001). The Logic and Limits of Bankruptcy Police. Oxford Oxfordshire: Oxford University Press. p. 32. ISBNone-58798-114-9.
^ "Stock Trading". US Securities and Exchange Commission. Retrieved 18 May 2013.
^ ^a ^b ^c How an Investor Makes Money Short Selling Stocks, Investopedia.com
^ Mithas, Sunil (January 2006). "Increased Customer Satisfaction Increases Stock Toll". Research@Smith. University of Maryland. Archived from the original on 17 March 2012. Retrieved 25 February 2012.
^ "Agreement Stock Prices: Bid, Ask, Spread". Youngmoney.com. Archived from the original on 7 September 2008. Retrieved 12 February 2010.

External links [edit]

Source: https://en.wikipedia.org/wiki/Stock

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