With compelling clarity, Henwood dissects the world’s greatest financial center, laying open the Intricacies of how, and for whom, the market works. The Wall. In , though, such arguments were pretty close to unheard of. Which is what makes Doug Henwood’s book Wall Street, published that year. PUBLISHERS WEEKLY. ADVERTISEMENT. Wall Street: How It Works and for Whom. Doug Henwood, Author Verso $25 (p) ISBN

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This is extraordinarily good news for lovers of free valuable things. In an equally extraordinary act of generosity, Doug has decided to release it to the internet, gratis, under a Creative Commons Licence. Download it quick before he gets his marbles back is my advice. Wall Street is an ace book; in my professional opinion as a business school graduate it contains the clearest explanation you will find of how financial markets work, much better than the one in Principles of Corporate Finance, Modern Investment Theory or any similar MBA textbooks.

There is also a lot of very good material on Keynesian economics[1], and a short essay on Social Security privatisation that is, despite having been written about ten years ago, much better, more quotable and freer of error than almost anything written in the last two years. There are also a number of good jokes and a couple of absolutely priceless footnotes hendood the sexual appetites of Wall Streeters.

Sorry to come over like a pitchman and all that but it really would be a shame if Doug ended up financially no better off for making Wall Henwokd publicly available. I own or subscribe to all these products myself, by the way.

Check out the page for summaries of each weeks guests and topics. I very highly recommend this. Reminds me of the story about the COmmunist Party newspaper in Sydeny in the s, which had a lot of readers. Partly, this was because there were a lot of communists in the s, but mostly because it had four pages of the best racing analysis in Sydney.


PS Daniel, is Doug Henwood looking for a reasonably non-job ie a directorship? I could be putting together a play where a US-based left winger could be handy on the board, and he seems to know his way around the markets. Set up a new company with you as the chairman, have it buy assets off you at inflated prices, then IPO it with henqood as the underwriter.

I would definitely like to hear you elaborate on this statement. High industry valuations in the market are associated with flows of private and some public equity into the same sector and hence capital allocation — see biotech and IT over the last 15 years or so.

High industry valuations in the market are associated with flows of private and some public equity. The stock market is a material source of dkug for indstry about once every fifteen years during IPO booms.

If private equity investment follows market valuations then the market is a wall allocation mechanism and source of funding, even if it is indirect.

What about various secondary stock offerings as a source of funds? Not only direct funding by secondary offerings but also mergers and acquisitions by stock swap, compensation by stock options, etc. I mean, I agree that the stock market is much less of a source of funds and much more of a casino than most people think, but it sure is a source of funds to a certain degree.

I read Wall Street and wondered at the time whether Henwood was right about the stock market not being a serious source of funds for business. It made sense to me but since my training in economics amounts to one semester in college and some very scattered reading, I wondered if there was some subtle point that Henwood was glossing over and which would naturally escape me.

Wall Street, Jun 25 | Video |

What is undeniably true is that when my mortgage note was sold, changed hands at least twice in the s it had absolutely no effect whatsoever on my financial situation. Of course it does provide funds to corps via IPOs, but as I show in After the New Economy, it does that most intensely when buying the offerings makes the least economic sense.


The great distinction of the late s market was to provide finance for the likes of Pets. A funny thing about equity are dividends: I understand it would have been a nightmare to manage before electronic booking and trading systems but now it should be possible.

Internet blag of the year – “Wall Street” — Crooked Timber

This would probably decrease volatility and may be liquidity too…. But I loved the ads for Pets. I guess this is an example of the free-rider problem—I loved the ads, but someone else footed the bill. But is it really meaningful to net things like buybacks do dividends also count as negative equity issuance? From throughthe average was 0. As a percentage of total market cap, IPOs never exceeded 0. I realize, though, that the IPOs could never have happened wxll the larger makret providing hejwood place to sell the shares.

That henood, they hope that the firm they finance will ultimately go public or be acquired by a public company. This has to count in favor of the market as a provider of capital.

Wall Street: How It Works and for Whom

This is especially so since many of these acquisitions are paid for with stock, rather than cash. Many words in the book have an erroneous space inserted in the middle. I got the odd extra spaces too. Home Comments policy Subscribe. What a generous streer to do. PPS Daniel, are you etc etc? John, Agree with you on blags. But on a net basis, in a normal year, equity issuance is negative. The pricing of the stock market sends signals about capital allocation Kinda-sorta, but who listens to them?

Thanks for all the kind comments everyone, especially Daniel. This would probably decrease volatility and may be liquidity too… Laurent.