Studies of the 1987 stock market crash review and appraisal
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Within four months of the stock market crash on October 19, , there were six studies of what happened. The Brady Commission, the Commodity Futures Trading Commission, the Securities and Exchange Commission, the General Accounting Office, the New York Stock Exchange, and the Chicago Mercantile Exchange all produced reports that described and analyzed the Crash, and in some cases made recommendations for additional regulation.
This paper examines the conclusions and analyses contained in these reports and provides a summary of their recommendations.
Particular attention is given to the allegation that stock index futures trading was a significant factor in the Crash. In addition, the recommendations that higher margins be imposed on futures transactions and that formal trading halts be instituted in both the futures and stock markets are discussed in depth.
A major conclusion of this review is that new market-making procedures are needed to cope with the growing institutionalization of trading in equity and equity-derivative markets. Part of Springer Nature.
The Stock Market: Bubbles, Volatility, and Chaos - Google Livres
Not logged in Not affiliated Studies of the stock market crash: Cite this article as: J Finan Serv Res 1: On the Dynamic Behavior of Prices in Disequilibrium, Journal of Finance May pp. Bubbles, Rationale Expectations, and Financial Markets, In: Risk in the Equity Markets: An Empirical Appraisal of Market Efficiency, Yale Economic Essays Spring , pp.
Why Incentive Plans Cannot Work
Does Futures Trading Increase Stock Market Volatility? The Case for Flexible Exchange Rates, In: Essays in Positive Economics , Chicago: University of Chicago Press, Market Responses to Federal Reserve Changes in the Initial Margin Requirements, Journal of Finance June , pp. Combatting Speculation in Individual Security Issues, Journal of Finance September , pp.
Margin Changes and Stock Price Behavior, Journal of Political Economy March—April , pp. Stock Market Margin Requirements, Journal of Political Economy April , Stock Market Margin Requirements, pp.
Philosophy of Economics (Stanford Encyclopedia of Philosophy)
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