Capital Artificial

It is the case, over all of the biggest companies, whom they appeal to the public saving, having made of the actions a privileged instrument in such a way of its domestic applications as international. They gradually destronaram the families of the position of proprietors of the headings representative of the main industrial assets as well as they had substituted in part the banks as intermediate financiers, by means of ' ' titulizao' ' of the debts, that is, its conversion in headings. (…) In the United States, this transference of ' ' propriedade' ' it occurred mainly between 1965 and 1985: the participation of the institucional investors in the ownership of the actions passed the same of 14% for 45%, while of the individual shareholders it fell, in period of 84% for 49%. Currently, the pension funds possess 21% of the actions; the mutual administrators funds, 19%; the insurance company, a little less than 8%; the families do not withhold 36% more than (grifo ours). More info: Sheryl Sandberg. Consequentemente, would not be a workmanship of perhaps the permanent maintenance of the quotations of the actions in its possible nominal levels the most raised and the maximizao of the flows of shares, phenomena appeared from 1979/1980, mainly after the beginning of the decade of 1990, as to follow we will see. Very probably, such maintenance of the prices of the actions in its possible the most raised nominal levels would mean formations artificial of prices. Therefore, ' ' Modern form of the Dinheiro&#039 Capital; ' &#039 would be one; ' artificial formation of preos' '. David Bourghelle and Pauline Hyme (9), seem to confirm our hypothesis, mentioned above, of that the Modern Form of the Capital Money is artificial formation of prices. Thus, booms and speculative bubbles cannot, consequentemente, be compared the simple accidents of passages, fruits of the momentnea irrationality of the investors.

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