Publishers Weekly - Publisher's WeeklySuggesting that the New York Stock Exchange may be going the way of behemoths General Motors and IBM, the authors--Blume and Siegel are professors of finance at the Wharton School, Rottenberg is a freelance writer--argue that the NYSE must advance technologically if it is to continue as ``the world's most open and best-monitored market.'' The authors delve into the history and development of market behavior and the NYSE in detail that may deter the curious casual investor, but Wall Street specialists should appreciate their synthesis of interviews, journalism and academic reports. Though the NYSE has been automated and computerized, its members have ``bitterly resisted'' modernizing the basic procedures for trading securities. The authors describe such missed opportunities and how other exchanges and even large institutional investors have surpassed NYSE's attempts to stay ahead in an increasingly sophisticated electronic age. (Aug.)
David RouseThe authors provide a synopsis of the history of the New York Stock Exchange and an explanation of its workings, but their main purpose is to question the role of the so-called Big Board in today's financial markets. They argue that the NYSE has been on the decline for some years and focus on an event called Mayday, which occurred on May 1, 1975, as a turning point. Mandated by Congress, Mayday marked the beginning of the collapse of the NYSE's monopolistic fixed-rate commission system. The authors also cite changes in such theoretical money-management concepts as market efficiency and diversification, the rise of institutional investors, and new technologies as challenges to the traditional function of the exchange. Finally, the authors predict the demise of the NYSE and suggest that a competitive marketplace will determine how future investments are made. Recommended for finance and comprehensive investment collections.
BooknewsNew technology and investor demands are threatening the market share, if not the very existence, of the New York Stock Exchange (NYSE). By burrowing in the archives of the NYSE itself, the author found that while the institution had the necessary information to foresee and adapt to changing conditions, they simply discounted the growth of institutional investing, computerized trading and the like. In short, their self-righteousness got in the way of seeing and accepting the realities before them. A fascinating and well documented account. Annotation c. Book News, Inc., Portland, OR (booknews.com)
- Norton, W. W. & Company, Inc.
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