Finanzwissenschaft

The work of the Stock Exchange

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Monograph

Identifikator:: 1746729937

URN:: urn:nbn:de:zbw-retromon-119900

Document type:: Monograph

Author:: Földes, Béla http://d-nb.info/gnd/119338211

Title:: Finanzwissenschaft

Edition:: 2., neubearbeitete Auflage

Place of publication:: Jena

Publisher:: G. Fischer

Year of publication:: 1927

Scope:: XIV, 683 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Viertes Buch. Die Staatseinnahmen

Collection:: Economics Books

680 REFERENCES FOR FURTHER STUDY On American security frauds, consult the Simmons addresses, par- ticularly those of Richmond in 1924, Chicago 1925, and Milwaukee [925. Apart from original listing documents obtainable at the respective foreign stock exchanges, for listing in London see “Rules and Regu- (ations of the Stock Exchange”; for Paris, Desmaisons’ recent able study; and for Berlin, the work of Jacobs, Laves, and Phillipp. British underwriting features are covered bv Nash, Sturgiss, and Tobey. Chapter V. Dangers and Benefits of Stock Speculation As stated in the text to this chapter, there is an enormous litera- ture on the subject of speculation, and most of it possesses little value decause little real effort is spent in clearly defining just what specu- lation is. As a result, most works on speculation beat around the bush, change their definition of speculation constantly. and arrive at no particular conclusion. Respecting the theory of security speculation, the American econo- mist Emery is clearest and most consistent; his early theoretical Columbia thesis “Speculation on the Stock and Produce Exchanges of the United States” was, as the author pointed out, definitely justified in practice by the German experience with anti-speculative laws, con- cerning which Emery’s articles are classics. His view here is gen- erally supported by Friend, Knipper, Plochmann, Pfleger, and others. Among the American economists, Brace, A. B. Clark, Stevens, Selig- man, and particularly Conant have also made valuable contributions to the theory of speculation; the best British authorities here are Crump and Ellis, while among the Germans Cohn, Lexis. and Michaelis are most fruitful. Recently, economists have *been inclined to stress the vital rela- tionship between speculation and risk-bearing; here Hawley, Haynes, and J. B. Clark foreshadowed the more recent and extensive work of Hardy—this latter is fundamental to any real grasp of the subject. Respecting the relation between speculation and the Stock Ex- change, the Hughes Commission Report is still fundamental; Presi- dent Simmons has more recently affirmed the attitude of the Exchange in this regard in addresses in Portland (1926), Detroit (1927), and Manchester 1929), and so has President Whitney in Chicago (1930). Much has been written on speculation by students of the so-called business cycle. The older school includes Burton's classic, Jones, and also the more journalistic work of Gibson and Noyes. The newer school is headed by Mitchell, but also includes Persons, Vance, Hicker-

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