class of investments represented by engraved, printed, or written documents
evidencing ownership or creditor-ship in a corporation or other forms
of business organization, or a creditor-ship relation to public bodies.
The term therefore includes bonds, stocks, mortgages, notes, coupons,
scrip, warrants, rights, options, etc., of every kind.
defined by the Securities Act of 1933, the term "security" means any note,
stock, treasury stock, bond, debenture, evidence of indebtedness, certificate
of interest or participation in any profit-sharing agreements, collateral-trust
certificate, reorganization certificate or subscription, transferable
share, investment contract, voting-trust certificate, certificate of interest
in property, tangible or intangible, or, in general, any instrument commonly
known as a security, or any certificate of interest or participation in,
temporary or interim certificate for, receipt for, or warrant or right
to subscribe to or purchase, any of the foregoing.
term is semantic, since "securities" are all insecurities in varying degrees
appended tables show securities prices 1970 to 1987 and sales of stocks
and options on registered exchanges:
1970 to 1987.
Y., and MENDELSON, H. "Liquidity,
Volatility, and Exchange Automation."
Journal of Accounting, Auditing, and Finance, Fall, 1988.