Download or read book Noise Trading Delegated Portfolio Management and Economic Welfare written by James Dow and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a model of the stock market with delegated portfolio management. All agents are rational: some trade for hedging reasons, some investors optimally contract with portfolio managers who may have stock-picking abilities, and portfolio managers trade optimally given the incentives provided by this contract. Managers try, but sometimes fail, to discover profitable trading opportunities. Although it is best not to trade in this case, their clients cannot distinguish 'actively doing nothing, ' in this sense, from 'simply doing nothing.' Because of this problem: (i) some portfolio managers trade even though they have no reason to prefer one asset to another (noise trade). We also show that, (ii), the amount of such noise trade can be large compared to the amount of hedging volume. Perhaps surprisingly, (iii), noise trade may be Pareto-improving. Noise trade may be viewed as a public good. Results (i) and (ii) are compatible with observed high levels of turnover in securities markets. Result (iii) illustrates some of the possible subtleties of the welfare economics of financial markets.

Download or read book Two Essays on Asset Pricing and Asset Choice written by James Eric Gunderson and published by . This book was released on 2004 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Accounting written by Mingshan Zhang and published by . This book was released on 2005 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Industrial Organization of Financial Markets written by David F. Andrade and published by . This book was released on 1997 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Proceedings of the Thirteenth International Conference on Management Science and Engineering Management written by Jiuping Xu and published by Springer. This book was released on 2019-06-19 with total page 790 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers the proceedings of the 13th International Conference on Management Science and Engineering Management (ICMSEM 2019), which was held at Brock University, Ontario, Canada on August 5–8, 2019. Exploring the latest ideas and pioneering research achievements in management science and engineering management, the respective contributions highlight both theoretical and practical studies on management science and computing methodologies, and present advanced management concepts and computing technologies for decision-making problems involving large, uncertain and unstructured data. Accordingly, the proceedings offer researchers and practitioners in related fields an essential update, as well as a source of new research directions.

Download or read book Essays on Investor Behavior written by Terrance Thomas Odean and published by . This book was released on 1997 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book IMF Staff Papers Volume 47 No 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2001-10-10 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It looks at what precisely is meant by herding, the causes of herd behavior, the success of existing studies in identifying the phenomenon, and the effect that herding has on financial markets. The paper also surveys a selected number of studies that evaluated the demand for money using the error-correction model approach in the 1990s across a range of industrial and developing countries.

Download or read book Three Essays on Financial Contracts written by Diego García and published by . This book was released on 2000 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on the Sale of Information and Investment Services in Financial Markets written by Tarun Chordia and published by . This book was released on 1993 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book CFA Program Curriculum 2020 Level III Volumes 1 6 written by CFA Institute and published by John Wiley & Sons. This book was released on 2019-08-09 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2019 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2020 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2020 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management.

Download or read book Essays on Institutional Ownership written by William C. Gerken and published by . This book was released on 2009 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Economic Decisions Under Uncertainty written by Jacques Drèze and published by CUP Archive. This book was released on 1990-05-25 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.

Download or read book Advances in Behavioral Finance Volume II written by Richard H. Thaler and published by Princeton University Press. This book was released on 2005-07-05 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances. Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life. The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, François Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser.

Download or read book Portfolio Construction Measurement and Efficiency written by John B. Guerard, Jr. and published by Springer. This book was released on 2016-09-23 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume, inspired by and dedicated to the work of pioneering investment analyst, Jack Treynor, addresses the issues of portfolio risk and return and how investment portfolios are measured. In a career spanning over fifty years, the primary questions addressed by Jack Treynor were: Is there an observable risk-return trade-off? How can stock selection models be integrated with risk models to enhance client returns? Do managed portfolios earn positive, and statistically significant, excess returns and can mutual fund managers time the market? Since the publication of a pair of seminal Harvard Business Review articles in the mid-1960’s, Jack Treynor has developed thinking that has greatly influenced security selection, portfolio construction and measurement, and market efficiency. Key publications addressed such topics as the Capital Asset Pricing Model and stock selection modeling and integration with risk models. Treynor also served as editor of the Financial Analysts Journal, through which he wrote many columns across a wide spectrum of topics. This volume showcases original essays by leading researchers and practitioners exploring the topics that have interested Treynor while applying the most current methodologies. Such topics include the origins of portfolio theory, market timing, and portfolio construction in equity markets. The result not only reinforces Treynor’s lasting contributions to the field but suggests new areas for research and analysis.

Download or read book Essays on Market Microstructure with Uncertain Information Precision Optimal Information Sales and Overconfidence written by Simon Gervais and published by . This book was released on 1997 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2007 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Intermediate Financial Theory written by Jean-Pierre Danthine and published by Academic Press. This book was released on 2014-09-30 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt: Targeting readers with backgrounds in economics, Intermediate Financial Theory, Third Edition includes new material on the asset pricing implications of behavioral finance perspectives, recent developments in portfolio choice, derivatives-risk neutral pricing research, and implications of the 2008 financial crisis. Each chapter concludes with questions, and for the first time a freely accessible website presents complementary and supplementary material for every chapter. Known for its rigor and intuition, Intermediate Financial Theory is perfect for those who need basic training in financial theory and those looking for a user-friendly introduction to advanced theory. - Completely updated edition of classic textbook that fills a gap between MBA- and PhD-level texts - Focuses on clear explanations of key concepts and requires limited mathematical prerequisites - Online solutions manual available - Updates include new structure emphasizing the distinction between the equilibrium and the arbitrage perspectives on valuation and pricing, and a new chapter on asset management for the long-term investor