Documenti ispano-genovesi dell'Archivio di Simancas

The stock market crash - and after

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Monograph

Identifikator:: 176352146X

URN:: urn:nbn:de:zbw-retromon-145495

Document type:: Monograph

Title:: Documenti ispano-genovesi dell'Archivio di Simancas

Place of publication:: Genova

Publisher:: Co' tipi del R.I. de' Sordo-Muti

Year of publication:: 1868

Scope:: 291 Seiten

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Documento LI. Condanne inflitte dalla Repubblica a' Fieschi e loro seguaci. 1547, 25 gennaio

Collection:: Economics Books

xxil Introduction cate problem, those legislators and leaders of busi- ness and finance to whom the nation looks for guid- ance, owe it to themselves and their country to function as a fair court and to hear the other side. To begin at the beginning: Since every stock price represents a discounted value of the future dividends and earnings of that stock, there are four reasons that may justify a rise in the price level of stocks: (1) Because the earnings are continually plowed- back into business instead of being declared in divi- dends, this plowing-back resulting in an accumulation at compound interest, so to speak; (2) Because the expected earnings will increase on account of technical progress within the industry; (3) Because less risk is believed to attach to those earnings than formerly; (4) Because the “basis” by which the discounting is made has been lowered. When the situation is calmly examined, it is found that all four of these causes were at work, tending to raise the prices on the stock market during the years preceding the panic of 1929.

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