Word: stockings
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Dates: during 1980-1989
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...British reform, which brought the London exchange into line with practices on Wall Street, will boost Britain's competitive position as an international equities-trading center. Big Bang also inaugurated an era of enhanced computer trading on the London Stock Exchange, where a new $21 million automatic stock-quotation system, known as SEAQ, went into operation. The Big Bang welcome was moderately dampened when trading on the London exchange was delayed for 65 minutes at the start. The reason: a computerized stock-quotation system crashed...
Another door has opened cautiously on the Tokyo Stock Exchange, where 1,492 Japanese equities worth an estimated $1.8 trillion are listed. Last January six foreign firms, including the U.S. investment houses of Merrill Lynch, Morgan Stanley and Goldman, Sachs, were invited to join the 83-member exchange. Now at the end of the trading day in Tokyo, giant Merrill Lynch routinely passes on an electronic "book" (accumulated position) of some 430 internationally traded stocks to its offices in London and then New York for further action...
...question of what to do about the alleged excesses of the domestic stock market is considerably thornier. Many people argue that there is little or nothing to be done at all. That feeling is particularly strong within the Reagan Administration, which has a fervent belief in what the President calls the "magic of the marketplace...
Indeed, a study by SEC staffers has shown that when publicly traded firms announce major investments in long-term research and development, their stock prices tend to rise. One example frequently cited by marketplace defenders to show that investors can still embrace long-range results: Genentech, the California-based biotechnology firm that went public in 1980 to a tumultuous market reception, even though it had not yet brought out its first products...
...ability of U.S. firms to compete internationally, some experts cite other factors besides stock-market pressure, like the cost of borrowing money, as reasons why American companies tend to focus on the short run. Says Frederic Scherer, an economist at Swarthmore College: "The cost of capital is higher for Americans, which means they have to show an earlier return on their investments. Cheap money allows the Japanese to take a longer view...