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Institution Research on U.S Stock Market

Author: DaiQunZhong
Tutor: ChiYuanJi
School: Jilin University
Course: World economy
Keywords: United States Stock market Evolution Institutional Change Revelation
CLC: F837.12
Type: PhD thesis
Year: 2007
Downloads: 1034
Quote: 8
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Abstract

From the beginning of signing Buttonwood Agreement in 1792,US stock market has been set up for 215 years,during the long years,US stock market had been the ripest and most flourishng global market from a small market located in six narrow zones between a piece of graveyard and a strip of river. Today as the economic barometer, US stock market has already been the heart of the world economy,all countries and all markets have been related to it,they must observe it closely. We can see from the development process of US stock market: it always played an importmant role during every period of US economic development, it has supplied a large amount of funds for US economy; it has accomplished better allocation of social resources; it has brought huge assets for many investors,meanwhile,it has also been the center of global financial system through US economy development. There are six chapters in this paper:The first part is the introduction. In this part, I expound the purposes and significance of this paper,and summarize the literatures about US stock market at home and abroad. After reading and studying a lot of the literatures, I have found some questions: one is that most of scholars at home and abroad do little research on early US stock market(befor 1932),they concentrate on contemporary market;two is that Amercian scholars mainly foucus their research on the market effects of technology、market efficiency、combining and pricing of security assets、security risk management,internal scholars only introduce some conclusions on these research fields. Three is that the books and articles about studies on US stock market from institutional degree are very little. Since internal scholars pay little attention on this project,the documents from abroad scholars are framentary, therefore,it is an arduous、creative work to do deep research on US stock market.On the guide of Marxism’s points and methods,and as analytical tools of new institution economics、information economics、related theories of stock market and behavior theory,through analyzing the historical process of US stock market、microinstitution and macroinstitution,this paper reveals the reasons and characters for US stock market flourishment. Moreover,on the basis of reviewing and analyzing the development process and problems of China stock market,it made policy suggestions and prospectives on our market.The second part,institution、institutional change and stock market. The key factor of US stock market flourishment is : institution. In this part, I illustrates the connotation and functions of institution、institutional transition theory and relationships between institutional change and stock market. This part mainly makes theoretical preparations for next parts.The third part,historical process of US stock market.the development history of US stock market is very long,also very complicated. Through separating three periods,that is (1) before the great Depression; (2) during 1930—1990;(3) after 1990,We describe and analyze important events of every period,especially for formations concerned about stock market institutions,this part supplies historical and practical materials for the next two chapters. The fouth part,microinstitution analysis on US stock market. This part emphasizes on concrete contents、characters and functions of microinstitution about US stock market,these institutions mainly include governance structure of public company、independence director、stock option motivation mechanism、investor behavior、trading institution etc. It is these institutions that make up the basic contents and main characters of US stock market,these microinstitutions are also examples for global stock markets.The fifth part,macroinstitution analysis on US stock market. This chapter elaborates regulatory system and main regulatory institutions of US stock market,analyzes the roles which US government plays in supplying institutions,emphasizes the important contributions of US government under market failure conditions. The sixth part,successful experiences from US stock market and its enlightenment to China.this part concludes the experiences and lessons from US stock market,describes the development process of China stock market and its problems. In this part,we also makes suggestions on development way and reform direction of China stock market, that is (1) strengthening institutional creation;(2) improving quality of public companies;(3) enhancing supervision of stock market.Finally, we predict that (1) the energy of China stock market will be strengthened;(2) market will be more efficient and rational; (3) market value will be more worthy;(4)service will be more professional; (5) appearance of the stock index futures will lead to large changes;(6) more and more institutional creations will promote healthy development of China stock market.

Institution Research on U.S Stock Market

Abstract

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