Growth Stocks for Middle-class Investors: Merrill Lynch & Co., 1914–41
Bibliographic record
Abstract
Abstract One of the major consequences of the First World War was that New York surpassed London as the world’s leading financial centre. Despite challenges from Tokyo in the late 1980s, New York has retained its dominant position in world capital markets. Today, the combined market value of the corporate shares listed on the New York Stock Exchange and its main competitor, Nasdaq, top the world’s equity markets by a large margin.Here, at the dawn of the twenty-first century, Americans have a higher participation rate in equity markets than the citizens of any other nation. Approximately two-thirds of US households currently own common stock either through direct investment or indirectly through mutual funds. In the last quarter of the twentieth century, the managers of private pension plans, which are typically designed for a broad range of employees from top executives to assembly line workers, have increasingly focused on the acquisition of equities rather than bonds for their portfolios. Over 40 per cent of the net worth of American households is represented by common stocks.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.001 |
| Meta-epidemiology (narrow) | 0.001 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.002 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.002 | 0.003 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.038 | 0.015 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".