A stock market , equity market or share market is the aggregation of buyers and sellers a loose network of economic transactions, not a physical facility or discrete entity of stocks also called shares , which represent ownership claims on businesses; these may include securities listed on a public stock exchange as well as those only traded privately.
Examples of the latter include shares of private companies which are sold to investors through equity crowdfunding platforms.
Stock exchanges list shares of common equity as well as other security types, e. Stocks can be categorised in various ways. One way is by the country where the company is domiciled. Apart from the Australian Securities Exchange , these 16 exchanges are based in one of three continents: North America, Europe and Asia. A stock exchange is a place where, or an organization through which, individuals and organisations can trade stocks.
Many large companies have their stock listed on a stock exchange. This makes the stock more liquid and thus more attractive to many investors. It may also act as a guarantor of settlement. Other stocks may be traded "over the counter" OTC , that is, through a dealer.
Some large companies will have their stock listed on more than one exchange in different countries, so as to attract international investors. Stock exchanges may also cover other types of securities, such as fixed interest securities bonds or less frequently derivatives, which are more likely to be traded OTC. Trade in stock markets means the transfer for money of a stock or security from a seller to a buyer.
This requires these two parties to agree on a price. Equities stocks or shares confer an ownership interest in a particular company. Participants in the stock market range from small individual stock investors to larger trader investors, who can be based anywhere in the world, and may include banks , insurance companies, pension funds and hedge funds.
Basics of Indian Stock Market: Stock market for beginners, Learn the Basics of Investing in Stock/Share Market
Their buy or sell orders may be executed on their behalf by a stock exchange trader. Some exchanges are physical locations where transactions are carried out on a trading floor, by a method known as open outcry. This method is used in some stock exchanges and commodity exchanges , and involves traders shouting bid and offer prices.
The other type of stock exchange has a network of computers where trades are made electronically. An example of such an exchange is the NASDAQ. A potential buyer bids a specific price for a stock, and a potential seller asks a specific price for the same stock. Buying or selling at the market means you will accept any ask price or bid price for the stock. When the bid and ask prices match, a sale takes place, on a first-come, first-served basis if there are multiple bidders or askers at a given price.
The purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers, thus providing a marketplace. The exchanges provide real-time trading information on the listed securities, facilitating price discovery. The New York Stock Exchange NYSE is a physical exchange, with a hybrid market for placing orders electronically from any location as well as on the trading floor.
Orders executed on the trading floor enter by way of exchange members and flow down to a floor broker , who submits the order electronically to the floor trading post for the Designated Market Maker "DMM" for that stock to trade the order. The DMM's job is to maintain a two-sided market, making orders to buy and sell the security when there are no other buyers or sellers.
If a spread exists, no trade immediately takes place — in this case the DMM may use their own resources money or stock to close the difference. Once a trade has been made, the details are reported on the " tape " and sent back to the brokerage firm, which then notifies the investor who placed the order. Computers play an important role, especially for program trading. The NASDAQ is a virtual exchange, where all of the trading is done over a computer network. The process is similar to the New York Stock Exchange.
One or more NASDAQ market makers will always provide a bid and ask price at which they will always purchase or sell 'their' stock. The Paris Bourse , now part of Euronext , is an order-driven, electronic stock exchange. It was automated in the late s. Prior to the s, it consisted of an open outcry exchange. Stockbrokers met on the trading floor of the Palais Brongniart.
In , the CATS trading system was introduced, and the order matching process was fully automated. People trading stock will prefer to trade on the most popular exchange since this gives the largest number of potential counterparties buyers for a seller, sellers for a buyer and probably the best price.
However, there have always been alternatives such as brokers trying to bring parties together to trade outside the exchange. Some third markets that were popular are Instinet , and later Island and Archipelago the later two have since been acquired by Nasdaq and NYSE, respectively.
One advantage is that this avoids the commissions of the exchange. However, it also has problems such as adverse selection. Market participants include individual retail investors, institutional investors such as mutual funds, banks, insurance companies and hedge funds, and also publicly traded corporations trading in their own shares. Some studies have suggested that institutional investors and corporations trading in their own shares generally receive higher risk-adjusted returns than retail investors.
A few decades ago, most buyers and sellers were individual investors, such as wealthy businessmen, usually with long family histories to particular corporations. Over time, markets have become more "institutionalized"; buyers and sellers are largely institutions e. The rise of the institutional investor has brought with it some improvements in market operations. There has been a gradual tendency for "fixed" and exorbitant fees being reduced for all investors, partly from falling administration costs but also assisted by large institutions challenging brokers' oligopolistic approach to setting standardised fees.
Automation has decreased portfolio management costs by lowering the cost associated with investing as a whole. Stock market participation refers to the number of agents who buy and sell equity backed securities either directly or indirectly in a financial exchange. Participants are generally subdivided into three distinct sectors; households, institutions, and foreign traders.
Direct participation occurs when any of the above entities buys or sells securities on its own behalf on an exchange.
Indirect participation occurs when an institutional investor exchanges a stock on behalf of an individual or household. Indirect investment occurs in the form of pooled investment accounts, retirement accounts, and other managed financial accounts. Investments in pension funds and ks, the two most common vehicles of indirect participation, are taxed only when funds are withdrawn from the accounts.
Conversely, the money used to directly purchase stock is subject to taxation as are any dividends or capital gains they generate for the holder. In this way the current tax code incentivizes individuals to invest indirectly.
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Rates of participation and the value of holdings differs significantly across strata of income. In the bottom quintile of income, 5. The racial composition of stock market ownership shows households headed by whites are nearly four and six times as likely to directly own stocks than households headed by blacks and Hispanics respectively.
As of the national rate of direct participation was Households headed by married couples participated at rates above the national averages with In a paper Anntte Vissing-Jorgensen from the University of Chicago attempts to explain disproportionate rates of participation along wealth and income groups as a function of fixed costs associated with investing. Knowledge of market functioning diffuses through communities and consequently lowers transaction costs associated with investing. In 12th-century France, the courretiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks.
Because these men also traded with debts, they could be called the first brokers. A common misbelief [ citation needed ] is that, in late 13th-century Bruges , commodity traders gathered inside the house of a man called Van der Beurze , and in they became the "Brugse Beurse", institutionalizing what had been, until then, an informal meeting, but actually, the family Van der Beurze had a building in Antwerp where those gatherings occurred;  the Van der Beurze had Antwerp, as most of the merchants of that period, as their primary place for trading.
The idea quickly spread around Flanders and neighboring countries and "Beurzen" soon opened in Ghent and Rotterdam. In the middle of the 13th century, Venetian bankers began to trade in government securities.
In the Venetian government outlawed spreading rumors intended to lower the price of government funds. Bankers in Pisa , Verona , Genoa and Florence also began trading in government securities during the 14th century. This was only possible because these were independent city-states not ruled by a duke but a council of influential citizens.
Italian companies were also the first to issue shares. Companies in England and the Low Countries followed in the 16th century.
Understanding Investing And The Stock Market
In the 17th and 18th centuries, the Dutch pioneering several financial innovations that helped lay the foundations of modern financial system. In the early s the Dutch East India Company VOC became the first company in history to issue bonds and shares of stock to the general public. As Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were usually not enduring endeavors and no considerable secondary market existed Neal, , p.
Soon thereafter, a lively trade in various derivatives , among which options and repos, emerged on the Amsterdam market. There are now stock markets in virtually every developed and most developing economies, with the world's largest markets being in the United States, United Kingdom, Japan, India , China, Canada , Germany Frankfurt Stock Exchange , France, South Korea and the Netherlands.
The stock market is one of the most important ways for companies to raise money, along with debt markets which are generally more imposing but do not trade publicly. The liquidity that an exchange affords the investors enables their holders to quickly and easily sell securities. This is an attractive feature of investing in stocks, compared to other less liquid investments such as property and other immoveable assets.
Some companies actively increase liquidity by trading in their own shares. History has shown that the price of stocks and other assets is an important part of the dynamics of economic activity, and can influence or be an indicator of social mood.
An economy where the stock market is on the rise is considered to be an up-and-coming economy. The stock market is often considered the primary indicator of a country's economic strength and development. Rising share prices, for instance, tend to be associated with increased business investment and vice versa.
Share prices also affect the wealth of households and their consumption. Therefore, central banks tend to keep an eye on the control and behavior of the stock market and, in general, on the smooth operation of financial system functions.
Exchanges also act as the clearinghouse for each transaction, meaning that they collect and deliver the shares, and guarantee payment to the seller of a security. This eliminates the risk to an individual buyer or seller that the counterparty could default on the transaction. The smooth functioning of all these activities facilitates economic growth in that lower costs and enterprise risks promote the production of goods and services as well as possibly employment.
In this way the financial system is assumed to contribute to increased prosperity, although some controversy exists as to whether the optimal financial system is bank-based or market-based.
Recent events such as the Global Financial Crisis have prompted a heightened degree of scrutiny of the impact of the structure of stock markets   called market microstructure , in particular to the stability of the financial system and the transmission of systemic risk. The financial system in most western countries has undergone a remarkable transformation.
One feature of this development is disintermediation. A portion of the funds involved in saving and financing, flows directly to the financial markets instead of being routed via the traditional bank lending and deposit operations. The general public interest in investing in the stock market, either directly or through mutual funds , has been an important component of this process.
Statistics show that in recent decades, shares have made up an increasingly large proportion of households' financial assets in many countries. In the s, in Sweden , deposit accounts and other very liquid assets with little risk made up almost 60 percent of households' financial wealth, compared to less than 20 percent in the s. The major part of this adjustment is that financial portfolios have gone directly to shares but a good deal now takes the form of various kinds of institutional investment for groups of individuals, e.
The trend towards forms of saving with a higher risk has been accentuated by new rules for most funds and insurance, permitting a higher proportion of shares to bonds.
Similar tendencies are to be found in other developed countries. In all developed economic systems, such as the European Union, the United States, Japan and other developed nations, the trend has been the same: A second transformation is the move to electronic trading to replace human trading of listed securities. Investors may temporarily move financial prices away from market equilibrium. Over-reactions may occur—so that excessive optimism euphoria may drive prices unduly high or excessive pessimism may drive prices unduly low.
Economists continue to debate whether financial markets are generally efficient. According to one interpretation of the efficient-market hypothesis EMH , only changes in fundamental factors, such as the outlook for margins, profits or dividends, ought to affect share prices beyond the short term, where random 'noise' in the system may prevail. The 'hard' efficient-market hypothesis does not explain the cause of events such as the crash in , when the Dow Jones Industrial Average plummeted This event demonstrated that share prices can fall dramatically even though no generally agreed upon definite cause has been found: Note that such events are predicted to occur strictly by chance , although very rarely.
It seems also to be the case more generally that many price movements beyond that which are predicted to occur 'randomly' are not occasioned by new information; a study of the fifty largest one-day share price movements in the United States in the post-war period seems to confirm this.
A 'soft' EMH has emerged which does not require that prices remain at or near equilibrium, but only that market participants not be able to systematically profit from any momentary market ' inefficiencies '. Moreover, while EMH predicts that all price movement in the absence of change in fundamental information is random i. Various explanations for such large and apparently non-random price movements have been promulgated.
For instance, some research has shown that changes in estimated risk, and the use of certain strategies, such as stop-loss limits and value at risk limits, theoretically could cause financial markets to overreact.
But the best explanation seems to be that the distribution of stock market prices is non-Gaussian  in which case EMH, in any of its current forms, would not be strictly applicable. Other research has shown that psychological factors may result in exaggerated statistically anomalous stock price movements contrary to EMH which assumes such behaviors 'cancel out'. Psychological research has demonstrated that people are predisposed to 'seeing' patterns, and often will perceive a pattern in what is, in fact, just noise , e.
In the present context this means that a succession of good news items about a company may lead investors to overreact positively, driving the price up. A period of good returns also boosts the investors' self-confidence, reducing their psychological risk threshold. Another phenomenon—also from psychology—that works against an objective assessment is group thinking.
As social animals, it is not easy to stick to an opinion that differs markedly from that of a majority of the group. An example with which one may be familiar is the reluctance to enter a restaurant that is empty; people generally prefer to have their opinion validated by those of others in the group. In one paper the authors draw an analogy with gambling. In times of market stress, however, the game becomes more like poker herding behavior takes over.STOCK EXCHANGE EXPLAINED IN 2 MINUTES
The players now must give heavy weight to the psychology of other investors and how they are likely to react psychologically.
In the run-up to , the media amplified the general euphoria, with reports of rapidly rising share prices and the notion that large sums of money could be quickly earned in the so-called new economy stock market.
Stock markets play an essential role in growing industries that ultimately affect the economy through transferring available funds from units that have excess funds savings to those who are suffering from funds deficit borrowings Padhi and Naik, In other words, capital markets facilitate funds movement between the above-mentioned units. This process leads to the enhancement of available financial resources which in turn affects the economic growth positively.
Moreover, both economic and financial theories argue that stock prices are affected by macroeconomic trends. Research carried out states mid-sized companies outperform large cap companies and smaller companies have higher returns historically.
Sometimes, the market seems to react irrationally to economic or financial news, even if that news is likely to have no real effect on the fundamental value of securities itself. Therefore, the stock market may be swayed in either direction by press releases, rumors, euphoria and mass panic.
Over the short-term, stocks and other securities can be battered or buoyed by any number of fast market-changing events, making the stock market behavior difficult to predict. Emotions can drive prices up and down, people are generally not as rational as they think, and the reasons for buying and selling are generally obscure [ citation needed ].
Behaviorists argue that investors often behave 'irrationally' when making investment decisions thereby incorrectly pricing securities, which causes market inefficiencies, which, in turn, are opportunities to make money. The Dow Jones Industrial Average biggest gain in one day was A stock market crash is often defined as a sharp dip in share prices of stocks listed on the stock exchanges.
In parallel with various economic factors, a reason for stock market crashes is also due to panic and investing public's loss of confidence. Often, stock market crashes end speculative economic bubbles. There have been famous stock market crashes that have ended in the loss of billions of dollars and wealth destruction on a massive scale.
An increasing number of people are involved in the stock market, especially since the social security and retirement plans are being increasingly privatized and linked to stocks and bonds and other elements of the market.
There have been a number of famous stock market crashes like the Wall Street Crash of , the stock market crash of —4 , the Black Monday of , the Dot-com bubble of , and the Stock Market Crash of One of the most famous stock market crashes started October 24, , on Black Thursday.
It was the beginning of the Great Depression. Another famous crash took place on October 19, — Black Monday. The crash began in Hong Kong and quickly spread around the world.
By the end of October, stock markets in Hong Kong had fallen Black Monday itself was the largest one-day percentage decline in stock market history — the Dow Jones fell by The names "Black Monday" and "Black Tuesday" are also used for October 28—29, , which followed Terrible Thursday—the starting day of the stock market crash in The crash in raised some puzzles — main news and events did not predict the catastrophe and visible reasons for the collapse were not identified.
This event raised questions about many important assumptions of modern economics, namely, the theory of rational human conduct , the theory of market equilibrium and the efficient-market hypothesis. For some time after the crash, trading in stock exchanges worldwide was halted, since the exchange computers did not perform well owing to enormous quantity of trades being received at one time. This halt in trading allowed the Federal Reserve System and central banks of other countries to take measures to control the spreading of worldwide financial crisis.
In the United States the SEC introduced several new measures of control into the stock market in an attempt to prevent a re-occurrence of the events of Black Monday. Since the early s, many of the largest exchanges have adopted electronic 'matching engines' to bring together buyers and sellers, replacing the open outcry system.
Electronic trading now accounts for the majority of trading in many developed countries. Computer systems were upgraded in the stock exchanges to handle larger trading volumes in a more accurate and controlled manner. The SEC modified the margin requirements in an attempt to lower the volatility of common stocks, stock options and the futures market.
The New York Stock Exchange and the Chicago Mercantile Exchange introduced the concept of a circuit breaker. The circuit breaker halts trading if the Dow declines a prescribed number of points for a prescribed amount of time.
In February , the Investment Industry Regulatory Organization of Canada IIROC introduced single-stock circuit breakers. Tobias Preis and his colleagues Helen Susannah Moat and H. Eugene Stanley introduced a method to identify online precursors for stock market moves, using trading strategies based on search volume data provided by Google Trends.
The movements of the prices in a market or section of a market are captured in price indices called stock market indices, of which there are many, e. Such indices are usually market capitalization weighted, with the weights reflecting the contribution of the stock to the index.
Financial innovation has brought many new financial instruments whose pay-offs or values depend on the prices of stocks. Some examples are exchange-traded funds ETFs , stock index and stock options , equity swaps , single-stock futures , and stock index futures.
These last two may be traded on futures exchanges which are distinct from stock exchanges—their history traces back to commodity futures exchanges , or traded over-the-counter. As all of these products are only derived from stocks, they are sometimes considered to be traded in a hypothetical derivatives market , rather than the hypothetical stock market. Stock that a trader does not actually own may be traded using short selling ; margin buying may be used to purchase stock with borrowed funds; or, derivatives may be used to control large blocks of stocks for a much smaller amount of money than would be required by outright purchase or sales.
In short selling, the trader borrows stock usually from his brokerage which holds its clients' shares or its own shares on account to lend to short sellers then sells it on the market, betting that the price will fall. The trader eventually buys back the stock, making money if the price fell in the meantime and losing money if it rose. Exiting a short position by buying back the stock is called "covering.
Hence most markets either prevent short selling or place restrictions on when and how a short sale can occur. The practice of naked shorting is illegal in most but not all stock markets. In margin buying, the trader borrows money at interest to buy a stock and hopes for it to rise. Most industrialized countries have regulations that require that if the borrowing is based on collateral from other stocks the trader owns outright, it can be a maximum of a certain percentage of those other stocks' value.
A margin call is made if the total value of the investor's account cannot support the loss of the trade. Upon a decline in the value of the margined securities additional funds may be required to maintain the account's equity, and with or without notice the margined security or any others within the account may be sold by the brokerage to protect its loan position. The investor is responsible for any shortfall following such forced sales.
Regulation of margin requirements by the Federal Reserve was implemented after the Crash of Before that, speculators typically only needed to put up as little as 10 percent or even less of the total investment represented by the stocks purchased.
Other rules may include the prohibition of free-riding: ASX Share Market Game is a platform for Australian school students and beginners to learn about trading stocks. The game is a free service hosted on ASX Australian Securities Exchange website.
For the vast majority, this is an introduction to stock market investing.
The game runs for 10 weeks. Many similar programs are found in secondary educational institutions across the world. There are many different approaches to investing.
Many strategies can be classified as either fundamental analysis or technical analysis. Fundamental analysis refers to analyzing companies by their financial statements found in SEC filings , business trends, general economic conditions, etc. Technical analysis studies price actions in markets through the use of charts and quantitative techniques to attempt to forecast price trends regardless of the company's financial prospects.
One example of a technical strategy is the Trend following method, used by John W. Henry and Ed Seykota , which uses price patterns and is also rooted in risk control and diversification. Additionally, many choose to invest via the index method. The principal aim of this strategy is to maximize diversification, minimize taxes from too frequent trading, and ride the general trend of the stock market which, in the U.
According to much national or state legislation, a large array of fiscal obligations are taxed for capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market, in particular in the stock exchanges. However, these fiscal obligations vary from jurisdiction to jurisdiction.
From Wikipedia, the free encyclopedia. Foreign exchange Currency Exchange rate. List of stock market crashes. Thomson Reuters league tables. Retrieved August 26, World Market Cap Reached Record High In March Seeking Alpha". Paolo Baffi Centre Research Paper No. United States Census Bureau. Evidence from the Survey of Consumer Finances PDF Report. Federal Reserve Board of Governors. Family Finances from to Nonfinancial Income and Participation Cost Structures". The Journal of Finance.
Retrieved March 5, The Little Crash in '62 , in Business Adventures: Twelve Classic Tales from the World of Wall Street. Economics , Financial Markets: Lecture 4 — Portfolio Diversification and Supporting Financial Institutions Open Yale Courses.
A Financial Revolution in the Habsburg Netherlands: Renten and Renteniers in the County of Holland, — The Origins of Value: The Financial Innovations that Created Modern Capital Markets. The History of Financial Innovation , in Carbon Finance, Environmental Market Solutions to Climate Change. Yale School of Forestry and Environmental Studies, chapter 1, pp.
Many of the financial products or instruments that we see today emerged during a relatively short period. In particular, merchants and bankers developed what we would today call securitization. Mutual funds and various other forms of structured finance that still exist today emerged in the 17th and 18th centuries in Holland. As Richard Sylla notes, "In modern history, several nations had what some of us call financial revolutions.
These can be thought of as creating in a short period of time all the key components of a modern financial system.
The first was the Dutch Republic four centuries ago. Creating Order in Economic and Social Life. Oxford University Press, , ISBN , p. Retrieved August 14, Berkeley Business Law Journal.
Lessons from the Crisis" PDF. Review of Economic Studies. Retrieved 22 February The Misbehavior of Markets: A Fractal View of Financial Turbulence, annot. The Hidden Role of Chance in Life and in the Markets, 2nd ed. Oxford Review of Economic Policy. Irrational Exuberance 2d ed. Retrieved October 16, Retrieved August 28, The Stock Market Baraometer.
The Boundaries of Markets and Modern Capitalism. University of Chicago Press. Concise Encyclopedia of Economics 2nd ed. Library of Economics and Liberty. Primary market Secondary market Third market Fourth market. Common stock Golden share Preferred stock Restricted stock Tracking stock.
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