bluuebunny/crossref_metadata_2025_split huggingface dataset:
Securities Brokerage Pricing
Authors: Matthews John O 
Published: October 2023

Abstract
As predicted by West and Tinic (1971) and Friend and Blume (1973), commission rates declined for institutions and individuals following the introduction of negotiated commissions. Figures 10-1 and 10-2 show commission rate trends monitored by the U.S. Securities and Exchange Commission (SEC) for institutions and individuals from April 1975 (the last month under the New York Stock Exchange[NYSE] schedule) to the end of 1981 when the survey was discontinued. These figures show that commissions fell for institutions and individuals both on a cents per share basis and as a percentage of principle value for each share group. This chapter argues that the pricing system that emerged with competitive rates for individuals closely resembles barometric pricing, whereas between 1978 and 1984 institutional pricing was characterized by stability or kink in the demand curve. The kink in the demand curve for institutions is related to a regulatory approved practice known as soft dollars, which allows broker-dealers to bundle research and other services along with the execution of transactions for the commission dollar. In the late 1980s, institutional pricing was characterized by more price flexibility. This chapter also offers an economic rationale for the industry’s preference for bundling securities services rather than individually pricing research, execution, and other services.
Investment Banking
Authors: Matthews John O 
Published: October 2023

Abstract
The dynamic competition among broker-dealers is most apparent in investment banking. In the 1980s, market areas of enormous profitability were developed by the large full-line and investment-banking firms. In the areas of mergers and acquisitions, mortgage- and asset-backed securities, and junk or high-yield bonds, these dominant firms quickly captured and fortified large market share positions. In addition, Rule 415 changed the nature of the traditional underwriting syndicate, giving advantages to the large, better-capitalized investment banks. This chapter examines investment banking using a somewhat self-contained structure-conduct-performance analysis of this industry group within the larger brokerdealer industry. The investment bankers have been the subject of more industry analysis than has the overall broker-dealer industry. Pugel and White (1984) studied the investment-banking industry using the structure-conduct-performance paradigm in a consideration of allowing commercial bank affiliates to underwrite corporate securities. Rogowski and Sorensen (1985) considered the impact of shelf registration on the structure and performance of the investment-banking industry. Hayes, Spence, and Marks (1983) analyzed the industry in depth and used logit analysis to look at the characteristics that attract specific clients and investment bankers to one another.
Competition Through Innovation
Authors: Matthews John O 
Published: October 2023

Abstract
The previous chapters in this book show that concentration has increased in the securities industry over the last twenty years. Mergers can explain some, but not all, of this increase. Economies of scale do not provide an answer. What, then, is the cause? This chapter suggests that competition through innovation is at least partially responsible. We will develop a general model of innovation rivalry in this chapter in which firms assume one of three roles: (1) innovation leader, (2) fast second, or (3) slow follower. Some firms prefer (or must accept) being fast seconds; that is, they rapidly follow an innovation with an imitative product or service. Others are slow to follow any innovation and therefore tend to lose market share to the innovators and fast seconds. If the same firms continue to act as slow followers and if there are a number of innovations in an industry, the industry will become more concentrated.
Diversification by Securities Firms
Authors: Matthews John O 
Published: October 2023

Abstract
The securities firms that have survived and grown over the past twenty years have altered and adapted their organizational forms to respond to changing economic conditions, by diversifying into new lines of business. Because there have been various motives for these diversifications, various economic models are helpful in exploring these motives. Teece (1980, 1982) shows the advantages of using firm know-how across several lines of business; Williamson (1975) argues that diversification is a method of employing excess capital; Chandler (1969) discusses the ability of a technical staff to find and develop diversification opportunities; Amit and Livnat (1988) consider the risk-reduction benefits of diversification; and Levy and Haber (1986) believe that diversification provides benefits in organizational flexibility and bankruptcy protection. We also will discuss the efficacy of the various entry modes (Hill, Hwang, and Kim 1990) that have been used by securities firms to enter a new line of business. Then we will examine the conditions that have led to or facilitated diversifications. An important argument of this book is that successful diversification is necessary for securities firms to maintain or improve their relative position in their industry.
Merrill Lynch, Morgan Stanley, and Salomon Brothers Adapt
Authors: Matthews John O 
Published: October 2023

Abstract
In order to illustrate how successful firms have adapted their structures to changing economic conditions, we will look at Merrill Lynch, Morgan Stanley, and Salomon Brothers. Each of these firms has been a leading firm in the industry for fifty years or more and has a unique identity in the industry. Merrill Lynch has been a leading innovator and a dynamic force in the industry since the 1940s in both retail and investment banking. Its size alone dominated the industry from the 1940s through the early 1980s. Yet it has been one of Wall Street’s great mysteries. No other firm can boast such strength and diversity in revenues while having so much trouble in consistently bringing them to the bottom line (Business Week, July 17, 1989, p. 122). In many respects, Morgan Stanley has been the premier investment banker in the industry since the 1930s. Among its longtime clients are many of this country’s largest firms, including General Motors, Standard Oil of New Jersey, IBM, Mobil Oil, Texaco, U.S. Steel, DuPont, Shell Oil, and Standard Oil of Indiana (Hayes, Spence, and Marks 1983, pp. 102-3). The firm is an offshoot of the banking house of J.P. Morgan and is sometimes described as patrician.
Competition in the International Securities Markets
Authors: Matthews John O 
Published: October 2023

Abstract
Competition among securities firms is now worldwide, with many U.S. firms staffing large offices in London, Tokyo, and other foreign financial capitals. Foreign firms also have made inroads into U.S. securities markets. The top four Japanese securities firms, larger in size than the largest U.S. firms, are attempting to increase their presence in many U.S. securities lines. At the same time, U.S. firms have had significant success in Japanese securities markets. During the 1980s, stock markets around the world experienced bull markets, with world stock market capitalization increasing from $2.7 trillion in 1980 to $11.4 trillion in 1991. The U.S. market’s share, however, fell during this period, and by 1987, Japan had surpassed the United States as the world’s largest equity market in terms of market capitalization. Then a decline in the Japanese stock market in 1990 and 1991 put the United States back on top. But even though the equities markets of the industrialized countries grew rapidly in the 1980s, the stock markets of some less-developed countries grew at an even faster pace.
Performance of the Securities Industry
Authors: Matthews John O 
Published: October 2023

Abstract
This chapter examines the performance of the securities industry and relates it to the analysis of structure and conduct in the previous chapters. Overall, the securities industry has performed well as a conduit to the financial markets for both borrowers and lenders. It has managed the large financial risks it takes in its business and has done so with very few firm failures and minimal losses to its customers. Industrial organization studies attempt to identify the main forms of competition in an industry. The conclusion of this book is that innovation and diversification strategies are what drive this industry. That is, they are consciously chosen strategies that are intended to accomplish several different objectives. As an innovator, a firm has an opportunity to take customers away from rivals, perhaps permanently. Also, by following fast-second strategies, the larger firms not only prevent their other large competitors from taking away their customers, but also send a message to the midsize and smaller firms that if they innovate, the large firms will act as fast seconds and prevent them from earning substantial profits from their innovation.
Television in the United States: Funding Sources and Programming Consequences
Authors: Blumler Jay G 
Published: October 2023

Abstract
This chapter presents the results of an inquiry into the organization of American television, focusing mainly on the three commercial networks but including public television as well, that was conducted for the British Peacock Committee on Financing the BBC in the autumn of 1985. Its central concern was to trace connections between the financing of American television and the programming it produces (or does not provide). It was principally based on extended interviews with more than seventy strategically placed individuals, including:
Public Service Broadcasting in Japan: How NHK Faces the Future
Authors: Shimizu Shinichi 
Published: October 2023

Abstract
On March 21, 1986, Nippon Hoso Kyokai (the Japanese Broadcasting Corporation)-Japan ‘s sole public broadcaster-marked the sixty-first anniversary of the beginning of radio services in Japan. Mr. Masato Kawahara, the then president of NHK, outlined in a ceremonial address four goals that NHK would pursue in the coming years. They were:
Regulatory and Financial Issues in Transfrontier Television in Europe
Authors: Wedell George , Lange Andre 
Published: October 2023

Abstract
At the present time, Europe is witnessing a spectacular development in the means of mass communication. Three converging phenomena, the development of new broadcasting technologies (cable, satellite, decoders, video, etc), deregulation and internationalization are playing their part in changing utterly both the traditional ways of organizing television broadcasting and the habits of consumers. Admittedly, the forward-looking optimism displayed in the early 1980s by many of those in charge of broadcasting policy is today no longer appropriate: plans for cable networks in France, West Germany and Great Britain are considerably behind schedule; several direct satellite broadcasting schemes have been abandoned, with great regret; the new European channels are taking a long time to find their level of viability, and some investors are starting to withdraw their stakes.
The Search for an Adequate Psychology
Authors: Cloninger C Robert 
Published: October 2023

Abstract
Like philosophers, psychologists disagree about the importance of the body, the mind, and the spirit in the development of well-being. Sceptics and materialists, such as Hume and James, recognize the body and its physical sensations and emphasize the body's role in determining human desires and fears. In contrast, rational idealists and humanists, such as Kant and Freud, recognize the dualism of body and mind and emphasize the role of rationality in shaping character development and thereby defining human dignity. Transcendentalists, such as Hegel and Krishnamurti, recognize the whole of being and emphasize the role of intuition in integrating experience.
Psychophysiology of Awareness
Authors: Cloninger C Robert 
Published: October 2023

Abstract
Both physiological and psychosocial studies show that mental health depends on the development of self-aware consciousness. The substantial evidence supporting this broad assertion is carefully critiqued in this chapter. The extensive information available from these two approaches has been poorly integrated, nevertheless, because of the tradition of dualistic thinking that separates the mind and the body. The biomedical approach focuses on the brain using somatic therapies such as psychoactive drugs. In contrast, the psychosocial approaches focus on the mind using psychotherapy. Although there is talk about integration of biomedical and psychosocial paradigms, these approaches are really applied by experts from separate ideological camps (Wilson 1993; Michel’s 1999; Eisenberg 2000). The goals and values of members of the two camps are often antagonistic, rather than complementary and mutually respectful: biomedical experts often think psychosocial experts ignore the real causes of illness, and vice versa. As a result, mental health professionals are not usually trained in any tasks that involve the integration of biomedical and psychosocial skills (Buhrmann 2001).
Morality and the American Experience in the Cold War
Authors: Gaddis John Lewis 
Published: October 2023

Abstract
One would have to look long and hard to find a topic more fraught with peril than the question of how morality relates to foreign policy. Morality is a difficult enough problem in the lives of individuals, where externally imposed standards of behavior, whether founded on personal belief or political commitment, generally apply. In the lives of nations, where there exist few such standards, the problem is almost insurmountable. A just war for one country may appear as aggression to another, and who is to say which is right? Actions that violate the moral standards of a particular people may be required by those of another; and in states where moral standards provide no guidance, ideology may, with equally variable results. The world may applaud actions taken in one context, but then condemn the same actions when carried out under different circumstances. In short, we stand here on the edge of an intellectual morass, and I, for one, am reluctant to wade into it. This essay attempts no resolution of these controversial issues. Its purpose, rather, is to examine the extent to which moral standards affected the conduct of United States foreign policy during the Cold War. It concentrates, not on the ethicists who sought to define those standards, but rather on the way in which government officials themselves went about reconciling the claims of morality with the requirements of wielding power. It focuses specifically on the relationship between national security and national ideals: on the question of how the nation could defend itself against what appeared to be mortal peril without compromising those deeply rooted values that had caused the nation to exist in the first place.
Toward the Post-Cold War World
Authors: Gaddis John Lewis 
Published: October 2023

Abstract
For the first time in over half a century, no single great power, or coalition of powers, poses a “clear and present danger” to the national security of the United States. The end of the Cold War has left Americans in the fortunate position of being without an obvious major adversary, and that-given the costs of confronting adversaries who have been all too obvious since the beginning of World War II-is a condition worthy of greater appreciation than it has so far received. It would be foolish to claim, though, that the United States after 1991 can return to the role it played in world affairs before 1941. For as the history of the 1930s suggests, the absence of imminent threat is no guarantee that threats do not exist. Nor will the isolationism of that era be possible in the 1990s: advances in military technology and the progress of economic integration have long since removed the insulation from the rest of the world that geographical distance used to provide. The passing of the Cold War world by no means implies an end to American involvement in whatever world is to follow. It only means that the nature and the extent of that involvement are not yet clear.
Towering Figures
Authors: Aloff Mindy 
Published: October 2023

Abstract
Marie Taglioni (1804–1884) Why She Was Great Choreographer, teacher, artistic director of several ballet companies, holder of a master’s degree in arts and literature, and co-author (with Jean-Pierre Pastori) of the book, Tradition, Pierre Lacotte is best known internationally for his attempts to reconstruct works from the repertory of nineteenthcentury ballet that were hitherto considered lost. He embarked on his first reconstruction in 1968, when he discovered documents concerning Filippo Taglioni’s landmark 1832 production of La Sylphide, starring the choreographer’s daughter and principal pupil, Marie—an encounter that led Lacotte to reconstruct the ballet for a televised production and, in 1972, for the Paris Opéra, which had first performed La Sylphide nearly a century and a half before and where Lacotte himself had been a premier danseur in the 1950s. He is certainly among the leading authorities on Marie Taglioni in our time. In the following account, Lacotte gives a historian’s idea of La Sylphide’s opening night and of the ballerina’s contribution:
Hands and Things That Can Fill Them
Authors: Aloff Mindy 
Published: October 2023

Abstract
The Spontaneous Dance Gestures of Maria Callas During the early 1970s, the ballerina Natalia Makarova performed in a production of Verdi’s opera I Vespri Siciliani at the Reggio Theater in Turin, Italy. The choreography was by Serge Lifar, but the invitation to dance came from Maria Callas, making her debut as an opera director. Makarova knew Callas’s recordings; however, she had never seen the diva on stage and didn’t realize how potent her gifts were for pure physical expression: Callas was an actress from head to toe. In her gestures and her manner of holding herself, there was something especially striking. I recall saying to her once that in classical ballet, particularly in the West, very few can use their hands expressively and make them speak. With most dancers, the whole arm moves from the shoulder without the palm opening, which it should, at the end of the movement. This final release of the hands is the dot on the i—while using her arms, the ballerina seems to be testing the density of air between them and her body. This is crucial for beautiful port de bras, since the final hand movement is extraordinarily expressive.
Balletomania and Other Thrills
Authors: Aloff Mindy 
Published: October 2023

Abstract
Pavlova in Stockholm In the crowd which escorted me when I left the theater, there were people of all stations: men and women belonging to the middle-class bourgeoisie, clerks and workmen, dressmakers’ hands, shop assistants. They were all following my car, silently, and then remained standing in front of my hotel, until I was told that they wished me to show myself on the balcony. As soon as they saw me, they greeted me with a stormy outburst of cheers which, coming after the deep, protracted silence, sounded almost alarming. I bowed my head to them from time to time, and, all of a sudden, they started singing national tunes in my honor. I stood vainly seeking a way of expressing my gratefulness to them. Then an idea struck me. I turned into my room and came back with the wreaths and baskets of flowers which had been handed to me on the stage. But even after I had thrown roses and lilies and violets and lilacs to the crowd, they seemed loath to retire. I was deeply moved and quite embarrassed. I could not help asking my maid, “But what have I done to move them to so great an enthusiasm?”
Inspiration
Authors: Aloff Mindy 
Published: October 2023

Abstract
Lone Star Tommy Tune, the Broadway choreographer, remembers the time that Martha Graham visited his college, in his native Texas: She was so dramatic, we were all in awe—we’d never seen a woman that looked like that! She said in her lecture, “All great dance stems from the lonely place.” This little girl in the back of the room in a real Texas voice said, “Miss Graham, you said that all great dancing stems from the lonely place. Where is the lonely place?” Martha Graham raised herself up and said, “Between your thighs. Next question.” We were never the same again. —Grody, p. 152 No Short Cuts Inspiration is not something that comes suddenly, like a stomachache. There is no such thing as inspiration. You have to work from childhood, and go through certain things, and sweat, and understand, and learn the métier. (George Balanchine) —Gruen, pp. 281–282
Seductions Attempted, Surmised, and Realized
Authors: Aloff Mindy 
Published: October 2023

Abstract
Fantastic Legends Geoffrey Gorer: My friend Pavel Tchelitchew had introduced himself to Féral Benga after the latter’s dance recital at the Théâtre des Champs Elysées in the autumn of 1933. Benga had already made a reputation for himself as a dancer at the Folies Bergère, a reputation that was enhanced by the “mystery” surrounding his private life—which, being translated into English from the Parisian, meant that if he had love affairs they were not known about and he was practically never seen in fashionable houses or night clubs. On this negative foundation were built the most fantastic legends; he was reputed to be extremely rich and impossible to meet, either on account of his mythical vices—at one moment or another almost every possible combination had been attributed to him—or of the jealousy of whichever keeper rumor gave him at the moment.
From Stage to Page
Authors: Aloff Mindy 
Published: October 2023

Abstract
Eggsactly During the eighteenth century, “blind” dances with eggs were popular theatrical acts in both the United States and Europe, one of many bits of unexpected knowledge to be found in The American Musical Stage before 1800 by scholar of theater history Julian Mates. The passage below, from Thomas Carlyle’s translation of Johann Wolfgang von Goethe’s popular novel Wilhelm Meisters Lehrjahre (“Wilhelm Meister’s Apprenticeship”), describes a version of this wonderful stunt. In the scene, the young street dancer Mignon is performing the egg dance for an audience of one—the protagonist of the novel: She carried a little carpet below her arm, which she then spread out upon the floor. Wilhelm said she might proceed. She thereupon brought four candles, and placed one upon each corner of the carpet. A little basket of eggs, which she next carried in, made her purpose clearer. Carefully measuring her steps, she then walked to and fro on the carpet, spreading out the eggs in certain figures and positions; which done, she called in a man that was waiting in the house and could play on the violin. He retired with his instrument into a corner: she tied a band about her eyes, gave a signal; and, like a piece of wheel-work set a-going, she began moving the same instant as the music, accompanying her beats and the notes of the tune with the strokes of a pair of castanets.
Scandals
Authors: Aloff Mindy 
Published: October 2023

Abstract
Fury, Beauty, and Depth When Serge Diaghilev’s Ballets Russes gave the world première of Le Sacre du printemps in Paris, on May 29, 1913—with music by Igor Stravinsky and choreography by Vaslav Nijinsky—the uproar in the audience was so violent that the evening has remained the standard in ballet history for avantgarde provocation and hostile audience reaction. The young Jean Cocteau summed up the mêlée as, “Quel bombe! Quel chef d’oeuvre!” Although the Ballets Russes was already somewhat notorious in certain circles for Nijinsky’s 1912 ballet, L’après-midi d’un Faune, and was to provoke other scandales through its productions in later years, such as that precipitated by the 1917 Parade, with its walking Cubist sculptures by Picasso, the one associated with Le Sacre overshadows all. Historian Cyril W. Beaumont reported on the fateful first evening of Nijinsky’s ballet, as well as on subsequent performances, where audiences responded quite differently: