Stock Market Reforms Research Articles

Management, Stock Market and Corporate Reform: Berle and Means Reconsidered

Management, Stock Market and Corporate Reform: Berle and Means Reconsidered

Comment: Stock Market Reforms

My remarks are divided into two sections. The first section briefly summarizes the major points of the two papers. I should acknowledge that I agree with almost all of the conclusions by Farrar and Mendelson regarding the reforms which have taken place and the beneficial effects of these reforms. The second section briefly discusses one adverse effect of the institutional market not remedied by the reforms. This adverse consequence is only briefly mentioned by Farrar, while it is discussed by Mendelson, but the full implications are not considered.

Abstract--The Stock Market: Some Considerations of its Future Structure

The goal of American stock market reform is the establishment of a central market in which public orders are executed at the best price obtainable in an environment of competitive market makers. Among the measures needed to achieve this are: a consolidated tape, a consolidated quotation system, and competitive commission rates.