query: when did the stock market crash in 1987

pos: Black Monday (1987) Black Monday (1987) In finance, Black Monday refers to Monday, October 19, 1987, when stock markets around the world crashed. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already sustained significant declines. The Dow Jones Industrial Average (DJIA) fell exactly 508 points to 1,738.74 (22.61%). In Australia and New Zealand, the 1987 crash is also referred to as "Black Tuesday" because of the time zone difference. The terms "Black Monday" and "Black Tuesday" are also respectively applied to October 28 and October 29, 1929, which occurred after Black Thursday

pos: Stock market bonds and other elements of the market. There have been a number of famous stock market crashes like the Wall Street Crash of 1929, the stock market crash of 1973–4, the Black Monday of 1987, the Dot-com bubble of 2000, and the Stock Market Crash of 2008. One of the most famous stock market crashes started October 24, 1929, on Black Thursday. The Dow Jones Industrial Average lost 50% during this stock market crash. It was the beginning of the Great Depression. Another famous crash took place on October 19, 1987 – Black Monday. The crash began in Hong Kong

pos: Portfolio insurance securities periodically in order to maintain limit of the portfolio value. The working of portfolio insurance is akin to buying an index put option, and can also be done by using listed index options. The technique, invented by Hayne Leland and Mark Rubinstein in 1976, is often associated with the October 19, 1987, stock market crash. Portfolio insurance Portfolio insurance is a method of hedging a portfolio of stocks against the market risk by short selling stock index futures. This hedging technique is frequently used by institutional investors when the market direction is uncertain or volatile. Short selling index futures

pos: Stock market crash for the 19 largest markets in the world averaged 296 percent during this period. The average number of shares traded on the NYSE(New York Stock Exchange) had risen from 65 million shares to 181 million shares. The crash on October 19, 1987, a date that is also known as Black Monday, was the climactic culmination of a market decline that had begun five days before on October 14. The DJIA fell 3.81 percent on October 14, followed by another 4.60 percent drop on Friday, October 16. On Black Monday, the Dow Jones Industrials Average plummeted 508 points, losing 22.6% of

pos: Black Monday (1987) to all prominent market products. They also developed new rules, known as "trading curbs" or colloquially as circuit breakers, allowing exchanges to temporarily halt trading in instances of exceptionally large price declines in some indexes; for instance, the DJIA. Black Monday (1987) In finance, Black Monday refers to Monday, October 19, 1987, when stock markets around the world crashed. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already sustained significant declines. The Dow Jones Industrial Average (DJIA) fell exactly 508 points to 1,738.74 (22.61%). In Australia and New Zealand,

pos: Trading curb place to combat security specific volatility as opposed to market wide volatility. The thresholds for a trading halt on an individual security are as follows. Each percentage change in value has to occur within a 5-minute window in order for a trading halt to be enacted: The previous trading day’s closing price is used to determine which price range a specific security falls into. Following the stock market crash on October 19, 1987, the United States President Ronald Reagan assembled a Task Force on Market Mechanisms, known as the Brady Commission, to investigate the causes of the crash. The Brady

pos: David W. Mullins Jr. Force on Market Mechanisms, later known as the Brady Commission. Brady recruited Harvard Business School professor Robert R. Glauber as the commission's executive director, and Glauber in turn enlisted Mullins, a Harvard faculty colleague, as associate director. <Report of the Presidential Task Force on Market Mechanisms, p. ii> The commission was to be an inquiry into the stock market crash of October 19, 1987, known as Black Monday. In two months, Mullins helped assemble nearly 50 people to produce the report, which provided the first official record of what caused the crash and offered recommendations on how to fix the

neg: Stock market and quickly spread around the world. By the end of October, stock markets in Hong Kong had fallen 45.5%, Australia 41.8%, Spain 31%, the United Kingdom 26.4%, the United States 22.68%, and Canada 22.5%. Black Monday itself was the largest one-day percentage decline in stock market history – the Dow Jones fell by 22.6% in a day. The names "Black Monday" and "Black Tuesday" are also used for October 28–29, 1929, which followed Terrible Thursday—the starting day of the stock market crash in 1929. The crash in 1987 raised some puzzles – main news and events did not predict the

neg: Stock market crash losses in a stock market index over a period of several days. Crashes are often distinguished from bear markets by panic selling and abrupt, dramatic price declines. Bear markets are periods of declining stock market prices that are measured in months or years. Crashes are often associated with bear markets, however, they do not necessarily go hand in hand. The crash of 1987, for example, did not lead to a bear market. Likewise, the Japanese bear market of the 1990s occurred over several years without any notable crashes. Tulip Mania (in the mid-1630s) is often considered to be the first

neg: 1973–74 stock market crash level until May 1987 (only a few months before the Black Monday crash), whilst the United States didn't see the same level in real terms until August 1993, over twenty years after the 1973–74 crash began. The Hong Kong TVB series "The Greed of Man" storyline revolves around the market crash. 1973–74 stock market crash The 1973–74 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, it was one of the worst stock market downturns in modern history. The crash came after the

neg: Martin Zweig the program's Hall of Fame. It was on that very program that he stated on 16 October 1987, that he was deeply worried and did not like what he saw in the stock market. The 1987 stock market crash precipitated the next trading day, 19 October 1987. At the time of his death Zweig was the chairman of Zweig-DiMenna Associates, Inc. He is also featured in John Reese's recent book, "The Guru Investor: How to Beat the Market Using History's Best Investment Strategies". Martin Zweig Martin Edward Zweig (July 2, 1942 – February 18, 2013) was an American stock investor,

neg: Ted Arison the American Stock Exchange in July 1987, one month before the stock market top and the infamous crash of October 1987. (Hutton was one of the four underwriters.) No competition was able to raise money, which gave Carnival an advantage. In February 1989, Arison awarded in the strictest of confidence the exclusive sale of the company at $30 per share to Elkaim. The stock market recovery from the emotional shock on the 1987 crash was not able to absorb this transaction. Consequently, having Carnival in the stock market and the ensuing rally until 1999 catapulted Arison to one of the

neg: Stock market crash regained all of the value it had lost in the 1987 crash. The Dow Jones Industrial Average gained six-tenths of a percent during the calendar year 1987. No definitive conclusions have been reached on the reasons behind the 1987 Crash. Stocks had been in a multi-year bull run and market P/E ratios in the U.S. were above the post-war average. The S&P 500 was trading at 23 times earnings, a postwar high and well above the average of 14.5 times earnings. Herd behavior and psychological feedback loops play a critical part in all stock market crashes but analysts have also

neg: Wall Street Crash of 1929 Wall Street Crash of 1929 The Wall Street Crash of 1929, also known as the Stock Market Crash of 1929 or the Great Crash, is the stock market crash that occurred in late October, 1929. It started on October 24 ("Black Thursday") and continued until October 29, 1929 ("Black Tuesday"), when share prices on the New York Stock Exchange collapsed. It was the most devastating stock market crash in the history of the United States, when taking into consideration the full extent and duration of its after effects. The crash, which followed the London Stock Exchange's crash of September, signalled

neg: Convertible arbitrage for GM's stock. Since most arbitrageurs were long GM debt and short the equity, they were hurt on both sides. Going back a lot further, many such "arbs" sustained big losses in the so-called "crash of '87". In theory, when a stock declines, the associated convertible bond will decline less, because it is protected by its value as a fixed-income instrument: it pays interest periodically. In the 1987 stock market crash, however, many convertible bonds declined more than the stocks into which they were convertible, apparently for liquidity reasons, with the market for the stocks being much more liquid than

neg: Stock market how they are likely to react psychologically. In the period running up to the 1987 crash, less than 1 percent of the analyst's recommendations had been to sell (and even during the 2000–2002 bear market, the average did not rise above 5%). In the run-up to 2000, the media amplified the general euphoria, with reports of rapidly rising share prices and the notion that large sums of money could be quickly earned in the so-called new economy stock market. Stock markets play an essential role in growing industries that ultimately affect the economy through transferring available funds from units that

neg: John J. Phelan Jr. John J. Phelan Jr. John Joseph Phelan Jr. (May 7, 1931 – August 4, 2012) was an American financier who served as president and later chairman and chief executive of the New York Stock Exchange, where he introduced computerized trading technology. Phelan's leadership tenure at the NYSE included the 1987 stock market crash stock market crash, during which he declined to halt trading. Phelan's calm and confident manner was widely praised. After the crash, Phelan helped to implement trading curbs also known as "circuit breakers" to help prevent rapid stock selloffs in the future. Phelan was born in Manhattan, New

neg: Souk Al-Manakh stock market crash Facilities Resettlement Program. The implementation of the program was still incomplete in 1990 when the Iraqi invasion changed the entire financial picture. Coupled with reduced oil revenues caused by the ongoing Iran–Iraq War, the Souk Al-Manakh crash helped to push the entire Gulf region into a recession. Souk Al-Manakh stock market crash The Souk Al-Manakh stock market crash was the 1982 stock market crash of Kuwait's unofficial stock market, the Souk Al-Manakh. The Al-Manakh market was housed in an air-conditioned parking garage that had formerly been a camel trading venue, and specialized in highly speculative and unregulated non-Kuwaiti companies. At

neg: Hayne Leland Leland O’Brien Rubinstein Associates(LOR) in 1980 to provide portfolio protection strategies. LOR’s protected asset base grew rapidly, reaching $50b by mid-1987 (the equivalent of almost $500b when adjusted to the S&P 500 level in mid-2017). In 1987, Leland and his partners Rubinstein and O’Brien were co-named “Businessmen of the Year” by Fortune Magazine. The portfolio insurance strategy required that clients sell (to hedge) stocks or stock index futures as the market declined. During the crash of October 19th, 1987, the drop in stock prices required LOR to sell large amounts of stock index futures, creating further downward pressure on stock

neg: Stock market crash the underlying security are also suspended. Further, when more than 35% of the capitalization of the CAC40 Index cannot be quoted, the calculation of the CAC40 Index is suspended and the index is replaced by a trend indicator. When less than 25% of the capitalization of the CAC40 Index can be quoted, quotations on the derivative markets are suspended for half an hour or one hour, and additional margin deposits are requested. General: Examples: Stock market crash A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market, resulting in a

neg: Trading curb trades to drive stock prices down via positive feedback. This curb was fairly common, and financial television networks such as CNBC often referred to it with the term "curbs in". On November 7, 2007, the NYSE confirmed that the exchange has scrapped this rule from November 2. The reason given for the rule's elimination was its ineffectiveness in its purpose of curbing market volatility since it was enacted in the wake of the 1987 stock market crash under the belief that it may help prevent another catastrophic market crash. In Japan, stock trading will be halted in cases where the

neg: Hong Kong Futures Exchange Hong Kong Futures Exchange Hong Kong Futures Exchange (HKFE) is a futures exchange in Hong Kong. Established in 1976, it offered a variety of options and futures contracts, linked to stock market indices, stocks, short-term interest rates, and foreign exchange. HKFE is a subsidiary of Hong Kong Exchanges and Clearing Limited. The HKFE went bankrupt in 1987 during the October 1987 global stock market crash when Sino Group chairman Robert Ng, who had been speculating in futures through two Panamanian-registered companies, suffered paper losses of HK$1 billion, but then refused to pay, claiming to be protected by the limited liability

neg: Stock correlation network of board members representing large number of companies. Several studies have proposed network based models for studying the stock correlation network. Stock correlation network has proven its efficacy in predicting market movements. Chakrabortia and Onella showed that the average distance between the stocks can be a significant indicator of market dynamics. Their work focused on stock market (1985–1990) that included the stock market crash of 1987 (Black Monday). Andrew Lo and Khandaniy worked on the network of different hedge funds and observed the patterns before the August 2007 stock market turbulence. The basic approach for building the stock correlation network

neg: Union Bank of Switzerland offering for Nestlé, Rockwell, IBM, and Mobil at below market rates. The bank also made two major acquisitions in 1986, first it purchased Phillips & Drew an established British brokerage and asset management firm, founded in 1895. However, UBS initially had issues integrating Phillips & Drew. The firm lost £15 million when a rush of orders overwhelmed the firm’s settlement system in 1987. Then the bank lost £48 million as a result of Philips & Drew positions in the October 1987 stock market crash. Between April 1987 and February 1988, UBS was required to spend as much as £115 million

neg: Wall Street Crash of 1929 among economists and historians as to what role the crash played in subsequent economic, social, and political events. "The Economist" argued in a 1998 article that the Depression did not start with the stock market crash, nor was it clear at the time of the crash that a depression was starting. They asked, "Can a very serious Stock Exchange collapse produce a serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" They argued that there must be some setback, but there was not yet sufficient evidence to prove that it would

neg: Shearson of money in both accounts until the checks cleared. In effect, Hutton was giving itself a free loan that also did not carry any interest. Then, in early 1987, an internal Hutton probe revealed that brokers at an office in Providence, Rhode Island, laundered money for the Patriarca crime family. Although Hutton reported the investigation to the SEC, it was not enough to stop prosecutors from all but announcing that Hutton would be indicted. This last scandal was uncovered only a week before the 1987 stock market crash. By the end of November 1987, Hutton had lost $76 million, largely

neg: Andrew Mellon the Federal Reserve Board began raising interest rates. Mellon favored another interest rate increase in 1929, and in August 1929 the Federal Reserve Board raised the discount rate to six percent. The higher rate failed to curb speculation, and the activity on the stock market continued to grow. In October 1929, the New York Stock Exchange suffered the worst crash in its history in what was called "Black Tuesday." As the vast majority of Americans did not own shares in the stock market, the crash did not immediately have disastrous effects on the U.S. economy as a whole. Mellon had

neg: Stock market crash tried to look for external triggering events. Aside from the general worries of stock market overvaluation, blame for the collapse has been apportioned to such factors as program trading, portfolio insurance and derivatives, and prior news of worsening economic indicators (i.e. a large U.S. merchandise trade deficit and a falling U.S. dollar, which seemed to imply future interest rate hikes). One of the consequences of the 1987 Crash was the introduction of the circuit breaker or trading curb on the NYSE. Based upon the idea that a cooling off period would help dissipate investor panic, these mandatory market shutdowns are

neg: Stock market crash from the September high. The markets rallied in succeeding months, but it was a temporary recovery that led unsuspecting investors into further losses. The Dow Jones Industrial Average lost 89% of its value before finally bottoming out in July 1932. The crash was followed by the Great Depression, the worst economic crisis of modern times, which plagued the stock market and Wall Street throughout the 1930s. The mid-1980s were a time of strong economic optimism. From August 1982 to its peak in August 1987, the Dow Jones Industrial Average (DJIA) grew from 776 to 2722. The rise in market indices

neg: Bob Beckman recommendations for how to beat the coming depression and a history of financial crashes. In 1987 the stock market did crash on Black Monday but the "Financial Times" noted that share prices after the crash were still about twice as high as they had been in 1983. In 1988, he produced "Into the Upwave", a wide-ranging work of over 600 dense pages, in which he continued to forecast a house price collapse but also explained how to prosper in the long term from new trends. In "Housequake" (1996), Beckman again predicted a property price collapse, saying "There will not be

neg: Bruce Hershenson from The Grim Game starring Harry Houdini for $67,166, a new world record at that time for a Houdini poster (movie or magic). Hershenson had been a professional poker player in the 1970s and early 1980s, and won the Seven Card Stud event in the 1979 Super Bowl of Poker and the Seven Card Razz event in the 1981 World Series of Poker. Starting in the early 1980s, Hershenson traded stock options on the floor of the Philadelphia Stock Exchange until shortly after the stock market crash of 1987, when he left the stock exchange in search of a more

neg: Kennedy Slide of 1962 Kennedy Slide of 1962 The Kennedy Slide of 1962, also known as the Flash Crash of 1962, is the term given to the stock market decline from December 1961 to June 1962 during the Presidential term of John F. Kennedy. After the market experienced decades of growth since the Wall Street Crash of 1929, the stock market peaked during the end of 1961 and plummeted during the first half of 1962. During this period, the S&P 500 declined 22.5%, and the stock market did not experience a stable recovery until after the end of the Cuban Missile Crisis. The Dow

neg: CenturyLink of half the value of the company's stock in 1984. In 1985, both earnings and the stock price had recovered to new record highs. But by then, the company had accumulated $206 million in long-term debt. Century Telephone sold the operations of War Telephone and two other companies to Colonial Telephone for $4.66 million. In 1987, the stock price nearly doubled from its low that year, and from its old 1982 record high, before falling back by a third in the 1987 stock market crash. Earnings had steadily grown each year from their 1983 low, and by 1987 reached nearly

neg: Robert J. Shiller that could justify the wide range of variation experienced in the stock market. Shiller concluded that the volatility of the stock market was greater than could plausibly be explained by any rational view of the future. The behavioral finance school gained new credibility following the October 1987 stock market crash. Shiller's work included survey research that asked investors and stock traders what motivated them to make trades; the results further bolstered his hypothesis that these decisions are often driven by emotion instead of rational calculation. Much of this survey data has been gathered continuously since 1989. In 1991 he formed

neg: Value at risk the parametric bootstrap method. The problem of risk measurement is an old one in statistics, economics and finance. Financial risk management has been a concern of regulators and financial executives for a long time as well. Retrospective analysis has found some VaR-like concepts in this history. But VaR did not emerge as a distinct concept until the late 1980s. The triggering event was the stock market crash of 1987. This was the first major financial crisis in which a lot of academically-trained quants were in high enough positions to worry about firm-wide survival. The crash was so unlikely given standard

neg: Stock market crash Stock market crash A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic as much as by underlying economic factors. They often follow speculative stock market bubbles. Stock market crashes are social phenomena where external economic events combine with crowd behavior and psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. Generally speaking, crashes usually occur under the following conditions: a prolonged period of rising stock prices and

neg: First Options of Chicago, Inc. v. Kaplan Options of Chicago, Inc. incurred as a result of the October 1987 stock market crash (and later losses) by Manuel Kaplan, his wife, and his wholly owned investment company, MK Investments, Inc. (MKI). First Options is a firm that clears stock trades on the Philadelphia Stock Exchange. When First Options' demands for payment went unsatisfied, it sought arbitration by a stock exchange panel. MKI, which had signed the only workout document containing an arbitration agreement, submitted to arbitration, but the Kaplans, who had not signed that document, filed objections with the panel, denying that their disagreement with First Options was

neg: Souk Al-Manakh stock market crash Souk Al-Manakh stock market crash The Souk Al-Manakh stock market crash was the 1982 stock market crash of Kuwait's unofficial stock market, the Souk Al-Manakh. The Al-Manakh market was housed in an air-conditioned parking garage that had formerly been a camel trading venue, and specialized in highly speculative and unregulated non-Kuwaiti companies. At its peak, its market capitalization was the third highest in the world, behind only the U.S. and Japan, and ahead of the U.K. and France. The large oil revenues of the 1970s left many private individuals with substantial funds at their disposal. These funds prompted a speculation

neg: Stock market crash Black Monday in 1987. The fall that week of 21% compared to a 28.3% fall 21 years earlier, but some traders were saying it was worse. "At least then it was a short, sharp, shock on one day. This has been relentless all week." Business Week also referred to the crisis as a "stock market crash" or the "Panic of 2008". From October 6–10 the Dow Jones Industrial Average (DJIA) closed lower in all five sessions. Volume levels were record-breaking. The DJIA fell over 1,874 points, or 18%, in its worst weekly decline ever on both a points and percentage

neg: Friday the 13th mini-crash Friday the 13th mini-crash The Friday the 13th mini-crash was a stock market crash that occurred on Friday, October 13, 1989. The crash - referred to by some as "Black Friday" - was apparently caused by a reaction to a news story of the breakdown of a $6.75 billion leveraged buyout deal for UAL Corporation, the parent company of United Airlines. When the UAL deal fell through, it helped trigger the collapse of the junk bond market. The deal unraveled because the Association of Flight Attendants pulled out of the deal when management, in negotiations over an Employee Stock Ownership

neg: Panic of 1901 chairman of the executive committee of the Union Pacific and he ruled without dissent. But he speculated heavily with Union Pacific holdings, and his attempt to monopolize the Chicago rail market led to the Panic of 1901." Harriman's opponent in the struggle for Northern Pacific was James J. Hill, who had allied himself with financier J.P. Morgan. One of the causes of this stock market crash was Harriman's effort to gain control of Northern Pacific by buying up its stock. The panic began when the market crashed during the afternoon of May 8. Investors did not see it coming, but

neg: Great Depression in the United States all of what the U.S. spent on World War I. By 1930 the value of shares had fallen by 90%. Since many banks had also invested their clients' savings in the stock market, these banks were forced to close when the stock market crashed. After the stock market crash and the bank closures, people were afraid of losing more money. Because of their fears of further economic challenge, individuals from all classes stopped purchasing and consuming. Thousands of individual investors who believed they could get rich by investing on margin lost everything they had. The stock market crash severely impacted

neg: Black Monday (1987) on October 24, which started the Stock Market Crash of 1929. In late 1985 and early 1986, the United States economy shifted from a rapid recovery from the early 1980s recession to a slower expansion, resulting in a brief "soft landing" period as the economy slowed and inflation dropped. The stock market advanced significantly, with the Dow peaking in August 1987 at 2,722 points, or 44% over the previous year's closing of 1,895 points. Further financial uncertainty may have resulted from the collapse of OPEC in early 1986, which led to a crude oil price decrease of more than 50%

neg: Souk Al-Manakh stock market crash boom in the official stock market in the mid-1970s that culminated in a small crash in 1977. The government's response to this crash was to bail out the affected investors and to introduce stricter regulations. This response unintentionally contributed to the far larger stock market crash of the 1980s by driving the least risk-averse speculators into the technically illegal alternate market, the Souk Al-Manakh. The Souk Al-Manakh had emerged parallel to the official stock market, which was dominated by several older wealthy families who traded, largely among themselves, in very large blocks of stock. The Souk Al-Manakh soon became the

neg: 1973–74 stock market crash 1973–74 stock market crash The 1973–74 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, it was one of the worst stock market downturns in modern history. The crash came after the collapse of the Bretton Woods system over the previous two years, with the associated 'Nixon Shock' and United States dollar devaluation under the Smithsonian Agreement. It was compounded by the outbreak of the 1973 oil crisis in October of that year. It was a major event of the 1970s recession. In

neg: Greenspan put lower the Fed Funds rate, often resulting in a negative real yield. In essence, the Fed added monetary liquidity and encouraged risk-taking in the financial markets to avert further deterioration. The Fed did so after the 1987 stock market crash, which prompted traders to coin the term Greenspan Put, later termed moral hazard. In 2000, Alan Greenspan raised interest rates several times. These actions were believed by some to have caused the bursting of the dot-com bubble. The Fed also injected funds to avert further market declines associated with the savings and loan crisis and Gulf War, the Mexican crisis,

neg: Great Moderation failure of Continental Illinois Bank in 1984, the stock market crash of 1987, the Asian financial crisis in 1997, the collapse of Long-Term Capital Management in 1998, and the dot-com crash in 2000 — that happened during the Great Moderation to show that the U.S. economy was not just experiencing good luck. However, Stock and Watson used a four variable vector autoregression model to analyze output volatility and concluded that stability increased due to economic good luck. Stock and Watson believed that it was pure luck that the economy didn’t react violently to the economic shocks during the Great Moderation.

neg: Phillips & Drew Phillips & Drew (UBS P&D). The firm lost £15 million when a rush of orders overwhelmed the firm’s settlement system in 1987. Then the bank lost £48 million as a result of Philips & Drew positions in the October 1987 stock market crash. Between April 1987 and February 1988, UBS was required to spend as much as £115 million to shore up Phillips & Drew. Phillips & Drew unit returned to profitability in 1992 after years of losses. Due to its performance issues, the Phillips & Drew name was discontinued by 1992 and the business was renamed UBS Limited. However,

neg: Algorithmic trading far enough apart to make a profit. At about the same time portfolio insurance was designed to create a synthetic put option on a stock portfolio by dynamically trading stock index futures according to a computer model based on the Black–Scholes option pricing model. Both strategies, often simply lumped together as "program trading", were blamed by many people (for example by the Brady report) for exacerbating or even starting the 1987 stock market crash. Yet the impact of computer driven trading on stock market crashes is unclear and widely discussed in the academic community. Financial markets with fully electronic execution

neg: Stock market crash a pathological condition where the bid price for a stock exceeded the ask price. These "locked" conditions severely curtailed trading. On October 19, trading in Microsoft shares on the NASDAQ lasted a total of 54 minutes. The Crash was the greatest single-day loss that Wall Street had ever suffered in continuous trading up to that point. Between the start of trading on October 14 to the close on October 19, the DJIA lost 760 points, a decline of over 31 percent. The 1987 Crash was a worldwide phenomenon. The FTSE 100 Index lost 10.8% on that Monday and a further

neg: Black Monday (1987) that the speculative boom leading up to October was caused by program trading, and that the crash was merely a return to normalcy. Either way, program trading ended up taking the majority of the blame in the public eye for the 1987 stock market crash. U.S. Congressman Edward J. Markey, who had been warning about the possibility of a crash, stated that "Program trading was the principal cause." New York University's Richard Sylla divides the causes into macroeconomic and internal reasons. Macroeconomic causes included international disputes about foreign exchange and interest rates, and fears about inflation. The internal reasons included

neg: Economic history of Australia stock exchanges that formerly operated in the state capitals. Each of those exchanges had a history of share trading dating back to the 19th century. The global early 1990s recession came swiftly after the Black Monday of October 1987, resulting from a stock collapse of unprecedented size which saw the Dow Jones Industrial Average fall by 22.6%. This collapse, larger than the stock market crash of 1929, was handled effectively by the global economy, and the stock market began to quickly recover. However, in North America, the lumbering savings and loans industry was facing decline which eventually led to a

neg: Hong Kong Stock Exchange Stock Exchange of Hong Kong Limited (the Exchange) was incorporated in 1980 and trading on the Exchange finally commenced on 2 April 1986. Since 1986, a number of major developments have taken place. The 1987 market crash revealed flaws in the market and led to calls for a complete reform of the Hong Kong securities industry. This led to significant regulatory changes and infrastructural developments. As a result, the Securities and Futures Commission (SFC) was set up in 1989 as the single statutory securities market regulator. The market infrastructure was much improved with the introduction by the Exchange of the

neg: Stock market crash in 1987, when the Dow Jones Industrial Average plummeted 22.6 percent—the largest-ever one-day fall in the United States. This event demonstrated that share prices can fall dramatically even though no generally agreed upon definite cause has been found: a thorough search failed to detect "any" 'reasonable' development that might have accounted for the crash. (Note that such events are predicted to occur strictly by chance, although very rarely.) It seems also to be the case more generally that many price movements (beyond that which are predicted to occur 'randomly') are "not" occasioned by new information; a study of the

neg: NatWest Markets and, in 1935, merged into District Bank, which was acquired by National Provincial Bank in 1962. The merchant bank acquired various stockbroking and jobbing firms, becoming County NatWest when the banking system was deregulated in 1987; it was later consolidated with corporate banking to form NatWest Markets. NatWest Markets acquired US-based Greenwich Capital in 1996 and became Greenwich NatWest following disposal of large parts of the business. The bank's expansion strategy hit trouble with the stock market crash of 1987 and involvement in the financial scandal surrounding the collapse of Blue Arrow. The Department of Trade and Industry report on

neg: Nabors Industries at US$30 million. The penny stock price fell that year by another 50% from its previous 1984-1985 all-time low, to set what would become its final all-time low in 1986. Also that year, the company issued warrants traded on the AMEX, through 1989. In 1987, Anglo Energy exited its Chapter 11 bankruptcy reorganization, and changed its name to Anglo Energy Inc. It continued to trade on the AMEX under the ticker symbol AEL. By mid-year the stock price rose tenfold from its prior year all-time low, but then fell victim to the 1987 stock market crash. By the end of

neg: Auckland Star Pat Booth, who was responsible for notable coverage of the Crewe murders and the eventual exoneration of Arthur Allan Thomas and the Mr Asia case. In 1987, the owners of the "Star" launched a morning newspaper to more directly compete with "The New Zealand Herald". The "Auckland Sun" was affected by the 1987 stock market crash and folded a year later. Peter Bromhead was the editorial cartoonist from 1973 to 1989. When the newspaper ran editorials in 1991 opposing the work of a gay youth group (Auckland Lesbian and Gay Youth), the paper in turn became subject to strong protests

neg: Economy of Australia Black Monday of October 1987, as a result of a stock collapse of unprecedented size which caused the Dow Jones Industrial Average to fall by 22.6%. This collapse, larger than the stock market crash of 1929, was handled effectively by the global economy and the stock market began to quickly recover. But in North America, the lumbering savings and loans industry was facing decline, which eventually led to a savings and loan crisis which compromised the well-being of millions of US people. The following recession thus impacted the many countries closely linked to the USs, including Australia. Paul Keating, who

neg: History of Target Corporation executive officer of Target Stores. The Dart Group attempted a takeover bid by aggressively buying its stock. Kenneth Macke proposed six amendments to Minnesota's 1983 anti-takeover law, and his proposed amendments were passed that summer by the state's legislature. This prevented the Dart Group from being able to call for a shareholders' meeting for the purpose of electing a board that would favor Dart if their bid were to turn hostile. Dart originally offered $65 a share, and then raised its offer to $68. The stock market crash of October 1987 ended Dart's attempt to take over the company, when

neg: Blue Sky Studios effects automatically. To accomplish this, Ludwig examined how light passes through water, ice, and crystal, and programmed those properties into the software. Following the stock market crash of 1987, Blue Sky Studios did not find their first client until about two years later: a company "that wanted their logo animated so it would be seen flying over the ocean in front of a sunset." In order to receive the commission, Blue Sky spent two days rendering a single frame and submitted it to the prospective client. However, once the client accepted their offer, Blue Sky found that they could not

neg: Andrew Mellon little sympathy for the speculators who lost their money, and he was philosophically opposed to an interventionist economic policy designed to address the stock market crash. Nonetheless, Mellon immediately began calling for cuts to the discount rate, which would reach two percent in mid-1930, and successfully urged Congress to pass a bill providing for temporary, across-the-board tax cuts. By mid-1930, many, including Mellon, believed that the economy had already experienced the worst effects of the stock market crash. He did not object to the Smoot–Hawley Tariff Act, which raised tariff rates to one of the highest levels in U.S. history.

neg: David Lange term. The stock-market crash of 19 October 1987 damaged confidence in the New Zealand economy, which went into a prolonged recession from December of that year, and remained so until June 1991. During that time unemployment skyrocketed 170%, the unemployment rate rose from 4.2% in the September 1987 quarter to 7.5% in the June 1989 quarter. Lange noted with bitterness that Douglas took advantage of the crash to "rubbish" his stated ambitions to have the government focus on social policy, and push for more economic reforms. As Minister of Education, Lange pushed the introduction of "Tomorrow's Schools", a radical restructure

neg: Morgan, Grenfell & Co. raising in 1986 Morgan Grenfell sought and was granted a listing on the London Stock Exchange. However, the 1987 market crash put great strains on the new securities business which was gaining market share but at the cost of increasing losses. By late 1988 management decided to discontinue the business to protect the firm's overall profitability although the businesses in New York and Singapore were retained. Morgan Grenfell's aggressive prowess in mergers and acquisitions resulted in it overstepping the rules when acting as advisor to Guinness plc during the Guinness share-trading fraud. Investigations by the Department of Trade and Industry

neg: Elaine Garzarelli Buying and Selling Predictions" 1998, John Wiley & Sons Elaine Garzarelli Elaine M. Garzarelli (born ) is an American financial analyst. Garzarelli was born in Pennsylvania, United States, North America. Garzarelli received her undergraduate degree from the Drexel Institute of Technology in 1969. She went on to receive her doctorate from the same institution, now known as Drexel University, in 1977. While working as a stock analyst at Shearson Lehman, she became known for predicting Black Monday, the stock market crash of 1987. As indicated in the "Wall Street Journal" article on October 28, 1987, “Ms. Garzarelli, a research analyst

neg: Elaine Garzarelli Elaine Garzarelli Elaine M. Garzarelli (born ) is an American financial analyst. Garzarelli was born in Pennsylvania, United States, North America. Garzarelli received her undergraduate degree from the Drexel Institute of Technology in 1969. She went on to receive her doctorate from the same institution, now known as Drexel University, in 1977. While working as a stock analyst at Shearson Lehman, she became known for predicting Black Monday, the stock market crash of 1987. As indicated in the "Wall Street Journal" article on October 28, 1987, “Ms. Garzarelli, a research analyst and money manager for Shearson Lehman Brothers, Inc., turned

neg: 7-Eleven Southland Corporation was threatened by a rumored corporate takeover, prompting the Thompson family to take steps to convert the company into a private model by buying out public shareholders in a tender offer. In December 1987, John Philp Thompson, the chairman and CEO of 7-Eleven, completed a $5.2 billion management buyout of the company. The buyout suffered from the effects of the 1987 stock market crash and after failing initially to raise high yield debt financing, the company was required to offer a portion of stock as an inducement to invest in the company's bonds. Various assets, such as the

neg: Presidency of Ronald Reagan in another attempt to curb inflation, setting off a stock market crash in October 1987 known as "Black Monday," but the markets stabilized and recovered in the following weeks. In August 1981, the Professional Air Traffic Controllers Organization (PATCO), which consisted of federal employees, voted to go on a labor strike in hopes of receiving better pay and benefits. After the vote, Reagan announced that the strikers would be fired if they did not return to work within forty-eight hours. After the deadline passed, Reagan fired over 10,000 air traffic controllers, while approximately 40 percent of the union members returned

neg: Roger Hall (playwright) work in New Zealand is probably his breakthrough play "Glide Time" (1976), which depicts the frustrations and petty triumphs of a group of so-called 'public servants' working in a government office. It gave rise to a radio show, a one-off television adaptation, then popular 1980s television series "Gliding On". A sequel play and television series, both called "Market Forces" also followed, set in the "restructured" public service environment of New Zealand's post-Rogernomics era. The characters of "The Share Club" (1987, before the Stock Market crash) and "After the Crash" (1988) were seen on television series "Neighbourhood Watch". Hall's best-known works

neg: Joseph P. Kennedy Sr. would bribe journalists to present information in the most advantageous manner. Pool operators tried to corner a stock and drive the price up, or drive the price down with a "bear raid". Kennedy got into a bidding war for control of Yellow Cab Company. Kennedy later claimed he understood that the rampant stock speculation of the late 1920s would lead to a market crash. Supposedly, he said that he knew it was time to get out of the market when he received stock tips from a shoe-shine boy. Kennedy survived the crash "because he possessed a passion for facts, a

neg: Stock market crashes in India stock markets including the Hang Seng, Nikkei and the Shanghai Composite. The S&P had also fallen by 4.45%. Stock market crashes in India Since the founding of the Bombay stock exchange, stock markets in India, particularly in Mumbai (BSE and NSE) have seen a number of booms as well as crashes. This page lists these crashes and sharp falls in the two primary Indian stock markets, namely the BSE and NSE. Financial Times terms a double-digit percentage fall in the stock markets over five minutes as a crash, while Jayadev et al. describe a stock market crash in India as

neg: Souk Al-Manakh stock market crash market for the new investor and, in the end, for many old investors as well. Share dealings using postdated checks created a huge unregulated expansion of credit. The crash of the unofficial stock market finally came in August 1982, when a dealer presented a postdated check from a young Passport Office employee for payment and it bounced. A house of cards collapsed. By September 1982, the Kuwaiti Ministry of Finance ordered all dubious checks to be turned in for clearance, and shut down the Souk Al-Manakh. The official investigation summed the value of worthless outstanding checks at the equivalent of

neg: The Company (miniseries) not only made liquor deliveries to Philby, but also to Leo. When Jack confronts Leo with this information at his home, Leo shoots him, admitting that he joined the KGB in college, and that Adele killed herself when she found out, before phoning an ambulance for Jack and fleeing. While Jack recovers, Kholstomer leads to the 1987 stock market crash. The CIA's foreknowledge helps mitigate the damage, but the plan's biggest failure results from Starik underestimating the strength of the United States economy. In 1991, Jack offers Yevgeny an early release from prison if he reveals Leo's location, telling him

neg: Rally (stock market) are often short-lived. Notable bear market rallies occurred in the Dow Jones index after the 1929 stock market crash leading down to the market bottom in 1932, and throughout the late 1960s and early 1970s. The Japanese Nikkei 225 has been typified by a number of bear market rallies since the late 1980s while experiencing an overall long-term downward trend. Rally (stock market) A rally is a period of sustained increases in the prices of stocks, bonds or indexes. This type of price movement can happen during either a bull or a bear market, when it is known as either

neg: Market trend secular bull market the prevailing trend is "bullish" or upward-moving. The United States stock market was described as being in a secular bull market from about 1983 to 2000 (or 2007), with brief upsets including the crash of 1987 and the market collapse of 2000–2002 triggered by the dot-com bubble. In a secular bear market, the prevailing trend is "bearish" or downward-moving. An example of a secular bear market occurred in gold between January 1980 to June 1999, culminating with the Brown Bottom. During this period the nominal gold price fell from a high of $850/oz ($30/g) to a low

neg: Spoofing (finance) buy and sell orders every millisecond ("quote stuffing") — which he witnessed when placing trades at the Chicago Mercantile Exchange (CME). Sarao claimed that he made his choices to buy and sell based on opportunity and intuition and did not consider himself to be one of the HFTs. The 2010 Flash Crash was a United States trillion-dollar stock market crash, in which the "S&P 500, the Nasdaq 100, and the Russell 2000 collapsed and rebounded with extraordinary velocity." Dow Jones Industrial Average "experienced the biggest intraday point decline in its entire history," plunging 998.5 points (about 9%), most within minutes,

neg: Stock market crashes in India Stock market crashes in India Since the founding of the Bombay stock exchange, stock markets in India, particularly in Mumbai (BSE and NSE) have seen a number of booms as well as crashes. This page lists these crashes and sharp falls in the two primary Indian stock markets, namely the BSE and NSE. Financial Times terms a double-digit percentage fall in the stock markets over five minutes as a crash, while Jayadev et al. describe a stock market crash in India as a "fall in the NIFTY of more than 10% within a span of 20 days" or "difference of

neg: Stock market crash market index, calculating the returns over a five-year period. Researchers continue to study this theory, particularly using computer simulation of crowd behaviour, and the applicability of models to reproduce crash-like phenomena. Research at the New England Complex Systems Institute has found warning signs of crashes using new statistical analysis tools of complexity theory. This work suggests that the panics that lead to crashes come from increased mimicry in the market. A dramatic increase in market mimicry occurred during the whole year before each market crash of the past 25 years, including the recent financial crisis. When investors closely follow each

neg: Kennedy Slide of 1962 of 1962 mirrored those of the Wall Street Crash of 1929, such as the detrimental mix of an extremely volatile stock market, fearful investors, and weak leadership. Kennedy Slide of 1962 The Kennedy Slide of 1962, also known as the Flash Crash of 1962, is the term given to the stock market decline from December 1961 to June 1962 during the Presidential term of John F. Kennedy. After the market experienced decades of growth since the Wall Street Crash of 1929, the stock market peaked during the end of 1961 and plummeted during the first half of 1962. During this

neg: Day trading spread (buying at $10.40 and selling at $10.35). Following the 1987 stock market crash, the SEC adopted "Order Handling Rules" which required market makers to publish their best bid and ask on the NASDAQ. Another reform made was the "Small Order Execution System", or "SOES", which required market makers to buy or sell, immediately, small orders (up to 1000 shares) at the market maker's listed bid or ask. The design of the system gave rise to arbitrage by a small group of traders known as the "SOES bandits", who made sizable profits buying and selling small orders to market makers

neg: William McChesney Martin financial world landed him in 1931 a seat on the New York Stock Exchange (NYSE), just two years after the Wall Street Crash of 1929 at the outset of the Great Depression. Martin pursued graduate study in Economics at Columbia University from 1931 to 1937; however, he did not receive a degree. During the early part of that decade, Martin's work towards increasing regulation of the stock market led to his election to the NYSE's board of governors in 1935. There, he worked with the U.S. Securities and Exchange Commission (SEC) to reestablish confidence in the stock market and prevent

neg: Betty Hill (activist) the Hotel Somerville on 4225 S. Central Ave. It was built to accept black visitors since other hotels in Los Angeles did not. Abraham Hill served on the advisory board when stock was issued on the hotel. Betty Hill was in attendance at its grand opening, which attracted about 5000 people. After the 1929 stock market crash, it was sold and renamed the Dunbar Hotel (after poet Paul L. Dunbar). It was the site for the first NAACP convention in the western United States. Next to the Dunbar Hotel lay the famous Club Alabam, originally the Club Apex and founded

neg: Black Monday (1987) Monday decline was, and currently remains, the largest one-day percentage decline in the DJIA. (Saturday, December 12, 1914, is sometimes erroneously cited as the largest one-day percentage decline of the DJIA. In reality, the ostensible decline of 24.39% was created retroactively by a redefinition of the DJIA in 1916.) Following the stock market crash, a group of 33 eminent economists from various nations met in Washington, D.C. in December 1987, and collectively predicted that "the next few years could be the most troubled since the 1930s". Possible causes for the decline included program trading, overvaluation, illiquidity and market psychology. A

neg: Reliance Insurance Company all outstanding shares of Reliance Group, Inc. Thus the company was now privately owned by Steinberg and his family. In 1986, however, the company again went public selling about 20% of its stock with Steinberg and his family retaining the rest. The company's stock value plummeted following the stock market crash of 1987 and its underwriting results suffered in the late 1980s, in large part due to claims arising from hurricanes and the 1989 San Francisco earthquake. All the while, however, Reliance's growth strategy continued, expanding into ever more diversified insurance markets, including surety and reinsurance. Beyond the expansion of

neg: Harry Wardman most of his $30 million fortune vanished in the 1929 stock market crash. He continued to build middle-class homes. Wardman died in 1938 from cancer and is buried in Rock Creek Cemetery. In 1927, he assumed the presidency of Washington Suburban Realty Company, developer of Cheverly, Maryland. He held that position until the stock market crash of 1929. Harry Wardman Harry Wardman (April 11, 1872 – March 18, 1938) was a real estate developer in Washington, D.C. during the early 20th century whose developments included landmark hotels, luxury apartment buildings, and many rowhouses. When he died in 1938, one-tenth of

neg: Stock market catastrophe and visible reasons for the collapse were not identified. This event raised questions about many important assumptions of modern economics, namely, the theory of rational human conduct, the theory of market equilibrium and the efficient-market hypothesis. For some time after the crash, trading in stock exchanges worldwide was halted, since the exchange computers did not perform well owing to enormous quantity of trades being received at one time. This halt in trading allowed the Federal Reserve System and central banks of other countries to take measures to control the spreading of worldwide financial crisis. In the United States the

neg: Black The Romans marked "fasti" days with white stones and "nefasti" days with black. The term is often used to remember massacres. Black months include the Black September in Jordan, when large numbers of Palestinians were killed, and Black July in Sri Lanka, the killing of members of the Tamil population by the Sinhalese government. In the financial world, the term often refers to a dramatic drop in the stock market. For example, the Wall Street Crash of 1929, the stock market crash on October 29, 1929, which marked the start of the Great Depression, is nicknamed Black Tuesday, and was

neg: Stock market crash excessive economic optimism, a market where P/E ratios (Price-Earning ratio) exceed long-term averages, and extensive use of margin debt and leverage by market participants. Other aspects such as wars, large-corporation hacks, changes in federal laws and regulations, and natural disasters of highly economically productive areas may also influence a significant decline in the NYSE value of a wide range of stocks. All such stock drops may result in the rise of stock prices for corporations competing against the affected corporations. There is no numerically specific definition of a stock market crash but the term commonly applies to steep double-digit percentage

neg: Stock market stock market behavior difficult to predict. Emotions can drive prices up and down, people are generally not as rational as they think, and the reasons for buying and selling are generally accepted. Behaviorists argue that investors often behave "irrationally" when making investment decisions thereby incorrectly pricing securities, which causes market inefficiencies, which, in turn, are opportunities to make money. However, the whole notion of EMH is that these non-rational reactions to information cancel out, leaving the prices of stocks rationally determined. The Dow Jones Industrial Average biggest gain in one day was 936.42 points or 11%. A stock market crash

neg: Chittagong Stock Exchange been rendered bankrupt as a result of the market crash. The crash is believed to be caused artificially to benefit a handful of players at the expense of the big players. Chittagong Stock Exchange The Chittagong Stock Exchange () is a stock exchange based in the port city of Chittagong, Bangladesh. It is one of the twin financial hubs of the country, alongside the Dhaka Stock Exchange. Established in 1991, the exchange is located in the Agrabad business district in downtown Chittagong. It has a combined market capitalization of US$30 billion as of 2013. Market opens at 10:30 am local

neg: Home Quarters Warehouse Home Quarters Warehouse Home Quarters Warehouse (HQ) was an American chain of "big-box" home improvement stores, originally based in Virginia Beach, Virginia. In 1984, the chemical manufacturing company W.R. Grace & Co. announced its intentions to enter the home improvement retail business, hiring Bernard R. Kossar and Frank Doczi to head the new chain. The first Home Quarters stores opened in February 1985 in Virginia Beach and Hampton, Virginia. Grace spun off HQ in 1986, and in October 1987 HQ was in the midst of doing an IPO when "Black Monday" [stock market crash] occurred. The SEC put a moratorium

neg: Richard Dennis Richard Dennis Richard J. Dennis, a commodities speculator once known as the "Prince of the Pit," was born in Chicago, in January, 1949. In the early 1970s, he borrowed $1,600 and reportedly made $200 million in about ten years. When a futures trading fund under his management incurred significant losses in the stock market crash of 1987 he retired from trading for several years. He has been active in Democratic and Libertarian political causes, most notably in campaigns against drug prohibition. Dennis became an order runner on the trading floor of the Chicago Mercantile Exchange at age 17. A few

neg: Christopher Hemmeter Hawaii Governor Ben Cayetano called Hemmeter, "...a man of great vision and energy, More than anyone else, he changed the nature of resort development in Hawai'i. The four- and five-star hotels on the Big Island and Maui are the products of his work." In 1988 he ranked 389th on the Forbes Wealthiest American list. In September 1987 Hemmeter made a $100 million bid for Hawaiian Airlines which was accepted, but which was withdrawn in December of that year after the October 19th stock market crash. Hemmeter returned to the mainland in 1991 when he began to develop casino gaming projects.

neg: Robert Ng Robert Ng Robert Ng Chee Siong (, born 1952) is the chairman of Hong Kong property development conglomerate Sino Group, a position he has held since 1981. He is the eldest son of the late Ng Teng Fong, the Singaporean real estate billionaire. Forbes listed the two as the 30th richest people in the world in 1997. As of July 2017, Robert, along with his brother Philip Ng, has an estimated net worth of $9.7 billion. Ng was speculating in futures contracts on the Hong Kong Futures Exchange through two Panamanian-registered companies when the October 1987 global stock market crash

neg: Fred Bell fought the will in court. Fred invested his money in the stock market, benefitting handsomely from the ongoing stock boom, and was known as "Champagne Fred." The 1929 stock market crash left him destitute. On March 7, 1931, a photographer made a picture of him selling apples on a street corner in San Francisco. Bell, impoverished despite his three-piece suit and cane, came to symbolize the country's reversal of fortune during the Great Depression. He lost his fortune in the stock market crash so he sold apples to support himself. Fred Bell Thomas Frederick Bell, Jr. (born ca. 1880) was

neg: Howard Rich plumbing contracting business, but used its revenues to buy real estate. He became a real estate entrepreneur around 1965. He began a pattern of buying Manhattan properties, fixing them up, and selling them. In 1970, he bought a multiresidential building. During the next two decades he bought more buildings and modernized them. Rich described his real estate strategy: "I bought buildings when no one else wanted them, then I sold them." By 1986 he owned 17 buildings but sold 15 buildings. After the 1987 stock market crash he sold one more building. In 1989 he exchanged his remaining property for

neg: 1973–74 stock market crash to 300. Out of the 20 largest percentage gains and losses in the DJIA, none occurred during this time period. All the main stock indexes of the future G7 bottomed out between September and December 1974, having lost at least 34% of their value in nominal terms and 43% in real terms. In all cases, the recovery was a slow process. Although West Germany's market was the fastest to recover, returning to the original nominal level within eighteen months, it did not return to the same real level until June 1985. The United Kingdom didn't return to the same market

neg: Jef Raskin divisions. After running a cryptic full page advertisement in the "Wall Street Journal" that the "Canon CAT is coming" months before it was available, Canon failed to follow through, never airing the completed TV commercial when the CAT went on sale, only allowed the CAT to be sold by its typewriter sales people, and prevented Raskin from selling the CAT directly with a TV demonstration of how easy it was to use. Shortly thereafter, the stock market crash of 1987 so panicked Information Appliance's venture capitalists that they drained millions of dollars from the company, depriving it of the capital

neg: Hawke Government New Employment Entry payment, while some administrative obstacles and income tests were relaxed. In October 1987, the international Stock Market Slump saw markets crash around the world. The crisis originated when Japan and West Germany pushed up interest rates, pressuring US rates also to rise, triggering a massive sell off of US shares. Global share prices fell an average of 25%, but Australia saw a 40% decline. The Hawke Government responded to the crisis initially by asking the Conciliation and Arbitration Commission to defer its national wage case. Treasurer Keating was advised to tighten monetary policy, but, with forthcoming by-elections

neg: The Great Crash, 1929 but as a joy." Galbraith received much praise for his work, including his humorous observations of human behavior during the speculative stock market bubble and subsequent crash. The publication of the book, which was one of Galbraith's first bestsellers, coincided with the 25th anniversary of the crash, at a time when it and the Great Depression that followed were still raw memories - and stock price levels were only then recovering to pre-crash levels. Galbraith considered it the useful task of the historian to keep fresh the memory of such crashes, the fading of which he correlates with their re-occurrence.

neg: Auckland Sun issue was on 19 September 1930. The evening paper "Auckland Star" decided in 1987 to challenge the morning "New Zealand Herald" by publishing a tabloid format morning paper. The "Auckland Sun" launched on 10 August 1987. The paper was affected by the 1987 stock market crash and closed a year later. The last issue was on 8 July 1988. Auckland Sun Two newspapers published in Auckland, New Zealand, have been called "The Sun" or "The Auckland Sun". The first "Sun" was started on 23 March 1927 by Edward Chalmers Huie, who already ran the "Christchurch Sun". It operated in competition

neg: Dhaka Stock Exchange of the market crash. The crash is believed to be caused artificially to benefit a handful of players at the expense of the big players. Dhaka Stock Exchange The Dhaka Stock Exchange (DSE) ( "Dhaka stôk ekschenj"), located in Motijheel, Dhaka, is one of the two stock exchanges of Bangladesh (the other being the Chittagong Stock Exchange). In 2015, the combined market capitalisation of listed companies on the Dhaka bourse stood at over $40 billion. First incorporated as East Pakistan Stock Exchange Association Ltd on 28 April 1954 and started formal trading in 1956. It was renamed as East Pakistan