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- Title
SPECULATION AND THE STABILITY OF STOCK PRICES.
- Authors
Fields, M. J.
- Abstract
The article focuses on the speculation and stability of stock prices in the U.S. The organized markets are attacked because they foster speculation and defended because speculation renders substantial services. It is supposed that a more delicate adjustment of supply and demand takes place, and that prices become more stable both throughout the season and from one season to another. Economists are largely in agreement that the influence of speculation on organized produce markets is in the main to lessen fluctuations and to promote a nicer adjustment between production and consumption. The mechanical aids were in part the result of a gradually increasing public participation in American stock market activities, and in part had the effect of bringing new business to the Exchange through increasing the facility with which purchases and sales could be conducted. Upon analysis it appeared that prices fluctuated less on the average than in the three periods when all the facilities of the highly organized New York Stock Exchange were open to traders.
- Subjects
UNITED States; STOCK prices; SHORT selling (Securities); SPECULATION; MARKETS; ECONOMICS
- Publication
Quarterly Journal of Economics, 1933, Vol 47, Issue 2, p357
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1883695