tailieunhanh - REMINISCENCES OF A STOCK OPERATOR

Recent imperfect capital market theories (., Bernanke and Gertler (1989), Gertler and Gilchrist (1994), Kiyotaki and Moore (1997)) predict that changing credit market conditions can have very di®erent e®ects on small and large ¯rms' risk. Agency costs induced by asymmetry in the infor- mation held by ¯rms and their creditors make it necessary for ¯rms to use collateral when borrowing in the credit markets. Small ¯rms, it is argued, typically do not have nearly as much collateral as large ¯rms and will not have the same ability to raise external funds. Therefore, small ¯rms will be more adversely a®ected by lower liquidity and higher short-term interest rates | REMINISCENCES OF A STOCK OPERATOR CHAPTER I I WENT to work when I was just out of grammar school. I got a job as quotation-board boy in a stock-brokerage office. I was quick at figures. At school I did three years of arithmetic in one. I was particularly good at mental arithmetic. As quotation-board boy I posted the numbers on the big board in the customers room. One of the customers usually sat by the ticker and called out the prices. They couldn t come too fast for me. I have always remembered figures. No trouble at all. There were plenty of other employes in that office. Of course I made friends with the other fellows but the work I did if the market was active kept me too busy from ten . to three . to let me do much talking. I don t care for it anyhow during business hours. But a busy market did not keep me from thinking about the work. Those quotations did not represent prices of stocks to me so many dollars per share. They were numbers. Of course they meant something. They were always changing. It was all I had to be interested in the changes. Why did they change I didn t know. I didn t care. I didn t think about that. I simply saw that they changed. That was all I had to think about five hours every day and two on Saturdays that they were always changing. That is how I first came to be interested in the behaviour of prices. I had a very good memory for figures. I could remember in detail how the prices had acted on the previous day just before they went up or down. My fondness for mental arithmetic came in very handy. I noticed that in advances as well as declines stock prices were apt to show certain habits so to speak. There was no end of parallel cases and these made precedents to guide me. I was only fourteen but after I had taken hundreds of observations in my mind I found myself testing their accuracy comparing the behaviour of stocks today with other days. It was not long before I was anticipating movements in prices. My only guide as I say was

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