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Investor optimism reined in the mid-1990s as the US economy accelerated amid a revolution in technology. As these developments unfolded, the term “The New Economy” became increasingly popular. Tech stocks fueled a powerful market rally that continued through the remainder of the decade. Securities firms such as Goldman Sachs, Merrill Lynch and Morgan Stanley benefited from a high volume of initial public offerings (IPOs) and dot-com stocks. During the boom the role of equity analysts on Wall Street changed as they were turned into marketers. True to its colors, Morgan did not want to play that game, but this made it more difficult to gain market share. During this period the largest banks engaged in a series of mega-mergers, one of the most prominent being Chemical Bank’s acquisition of Chase Manhattan in 1995.
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Robert Teitelman, “Morgan Enters the Warner Era,” Institutional Investor, March 1996, p. 62.
Ibid., p. 61.
Ibid., p. 61.
Nicholas Sargen, Global Shocks, Palgrave Macmillan, 2016, pp. 122–123.
Economist Robert Gordon, an acknowledged expert on productivity, disputes this interpretation. He contends the increased use of computers was one of five positive shocks.
“The New Economy,” by Charles Alexander, Time magazine, May 30, 1983.
Jay R. Ritter, “Initial Public Offerings: Updated Statistics,” University of Florida, March 8, 2016.
Nelson D. Schwartz, “The Ugly Truth about IPOs,” Fortune, November 23, 1998.
Wikipedia, “Private Equity in the 1990s.”
Saul Hansell, “Banking’s New Giant: The Deal,” The New York Times, August 29, 1995.
Alan Greenspan, “The Challenge of Central Banking in a Democratic Society,” December 5, 1996.
- Technology and the New Economy
Nicholas P. Sargen
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