By Stephanie Dawber
Bridgewater State University’s business and finance faculty had the exclusive opportunity to visit the New York Stock Exchange this past week.
Accounting and finance professor Gerald Porter, professor Carlton Donchess, and the Associate Dean of the Business School Dr. Jeanean Davis-Street shadowed floor officials while watching the procedures of trading stock.
The New York Stock Exchange, often referred to as the “Big Board” is the world’s largest stock exchange based on total market capitalization of its listed securities.
Porter has previous experience working at the New York Stock Exchange when employed by Fidelity. He teaches undergraduate and graduate classes, and provides the keen ability to discuss the process of stocks to students.
“As a professor, I will benefit by this invaluable experience of visiting the New York Stock Exchange,” Porter said. “To say I’ve seen the New York Stock Exchange to a classroom, there is a difference between the textbook and the real world. The New York Stock Exchange is where buyers and sellers of securities come together for the fairest price. Any given day, 4 to 5 billion shares are traded.”
Altogether, the New York Stock Exchange companies represent over three-quarters of the total market capitalization in the nation. Trading happens on the floor of the exchange while specialists and floor traders run the show. The BSU faculty had the opportunity to see this in action, which will ultimately benefit students.
Donchess has taught financial and managerial accounting classes at Bridgewater State University for over 31 years. He provides career experience in accounting and involvement in high tech industry.
“The New York Stock Exchange is rich in traditions,” Donchess said. “One of which, we witnessed first-hand. Shortly after 3:30 p.m., howls could be heard from many of the traders on the floor. I questioned what happened, thinking that perhaps there was a sudden shift in the market.
“Professor Porter explained that as the stock market will be closed the following day in observance of Good Friday, there is a tradition at the exchange, whereby just before a three day weekend, at precisely 3:33 p.m., traders will howl. This is stuff they don’t mention in text books.”
Traditionally, trading in Wall Street begins every morning at 9:30 a.m. when the New York Stock Exchange rings the opening bell. The BSU faculty observed the closing bell, which is typically rung at 4:00 p.m..
“Being right on the trading floor in an area that I previously only saw on T.V. or in magazine pictures was a tremendous honor and a once in a lifetime experience,” Donchess said. “Professor Porter is to be commended for overseeing the logistics for planning this valuable experience.”
Stephanie Dawber is a Comment contributor. Editor-in-Chief Greg Dudek edited this story. Email him at firstname.lastname@example.org.