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【正文】 r into a single market for all traders and investors. ? The 1975 Securities Act Amendments instructed the Securities and Exchange Commission (SEC) to “facilitate the establishment of a national market system for securities.” ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 43 The Development of A Unified International Market for Stock ? The development of the Intermarket Trading System (ITS) enabled brokers and specialists to pare bid and ask prices on all the major . exchanges for about 700 stocks. ? The National Association of Security Dealers (NASD) also moved to promote a broader market system by further automating price quotations on OTC stock. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 44 The Development of A Unified International Market for Stock ? The 1982 Shelf Registration Rule allowed many large firms to sell new corporate stocks and bonds any time during the two years after the issue has been registered with the SEC. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 45 The Development of A Unified International Market for Stock ? A rapid growth area in the internationalization of the stock market is the crosslisting of stocks on various exchanges around the globe across different time zones. ? In response, . exchanges have announced plans for extended trading hours as well as afterhours trading. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 46 The Development of A Unified International Market for Stock ? The development of international financial instruments like the American depository receipts (ADRs) has also strengthened the links between . and foreign stock markets. ? ADRs are dollardenominated claims on foreign shares of stock that are kept in safekeeping by . financial institutions. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 47 Random Walk and Efficient Markets ? One popular modern theory regarding the valuation of stocks is the random walk theory. ? According to the theory, successive changes in the price of a stock are random fluctuations around that stock’s intrinsic value, and these changes are independent of the sequence of price changes that occurred in the past. ? But of course, many analysts still subscribe to technical analysis. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 48 Random Walk and Efficient Markets ? The random walk notion is supplemented by the broader efficient markets hypothesis. ? In a perfectly efficient securities market, existing stock prices fully reflect the latest information available on the profitability and risk of business firms. ? Most researchers agree that financial markets are efficient, though they may disagree on the degree of efficiency. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 49 Money and Capital Markets in Cyberspace ? Find out more about the performance of corporate stock by visiting: ? ? ? ? ? ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 50 Chapter Review ? Characteristics of Corporate Stock ? Common Stock ? Preferred Stock ? Stock Market Investors ? Characteristics of the Corporate Stock Market ? The Major Organized Exchanges ? The Informal OvertheCounter Market ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 51 Chapter Review ? The Third Market: Trading in Listed Securities Off the Exchange ? The Private Equity Market ? The Market for Stock Options ? The Growth of Options Markets ? The Rise of Program Trading ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 52 Chapter Review ? The Development of a Unified International Market for Stock ? The National Market System ? NASD and Automated Price Quotations ? The Advent of Shelf Registration ? Global Trading in Equities ? The Development of ADRs ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 21 53 Chapter Review ? Random Walk and Efficient Markets ? The Efficient Markets Hypothesis ? Recent Research Findings about the EMH