The Stock Market

The stock market has come to symbolize business more profoundly than any other entity or institution. This book provides a glimpse into the history, development, regulation, and increasing importance that it plays in business and economic growth--in the U.S. and around the world, including Europe, Japan, Hong Kong, and "emerging markets" that are rapidly integrating into the global economy. From initial public offerings (IPOs) to hedge funds to American Depository Receipts (ADRs) to options and more, the authors go beyond basic stocks and bonds to trace the the development and current applications of a wide variety of financial instruments that are used to raise capital. Featuring examples, graphics, illustrations, glossary, index, and references and on-line resources, this volume offers and accessible and engaging introduction to the world of investment and corporate finance, while illuminating one of the icons of capitalism.

Rik W. Hafer is Professor and Chairman in the Department of Economics and Finance, and Director of the Office of Economic Education and Business Research, Southern Illinois University, Edwardsville. He served as Research Officer with the Federal Reserve Bank of St. Louis and his articles on monetary policy and financial markets have appeared in such publications as theWall Street Journal, International Economic Journal, Economic Review, and theJournal of Business. He is the author or editor of several books, includingThe Stock Market: Bubbles, Volatility, and Chaos, How Open is the U.S. Economy?, andThe Federal Reserve System (Greenwood, 2005).

Scott E. Hein is Briscoe Chair of Bank Management and Finance at Texas Tech University, where he teaches courses in the management of financial institutions, multinational financial management, money and capital markets, and the U.S. financial system. He also serves as Visiting Scholar at the Federal Reserve Bank of Atlanta and Chief Economist at Islay Opportunity Fund. He has published many articles in such publications as theJournal of Financial Research, Applied Financial Economics, and theJournal of Banking and Finance, and is on the board of editors for the Quarterly Journal of Business and Economics.