Download or read book Options allocation optimale de richesse et co ts de transaction written by Nader Trabelsi and published by . This book was released on 2008 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: L'objectif principal de ce présent travail est la mise en évidence de l'apport des options à l'optimisation de la richesse des investisseurs et à l'efficacité globale du système financier. En présence de coûts de transaction et pour des taux de rendement d'actifs volatils, l'investissement dynamique apparaît onéreux ou à défaut, sous-estimé. Le recours à une stratégie Buy and Hold permet de pallier les conséquences de ces coûts, mais accroît la perte en capital. Dans ce travail, nous montrons que l'introduction d'options améliore et stabilise les revenus, de certaines politiques et notamment, l'allocation optimale d'actifs. Notre méthodologie se fonde sur le principe de réplication adopté par Black et Scholes (1973). Dans le contexte d'un Buy and Hold à base d'options, la réplication de l'allocation standard revient à optimiser deux fonctions objectifs : minimisation de MSE (Mean-squared Errors) et minimisation de WMSE (Weigted Mean-squared Errors). Les portefeuilles Buy and Hold sélectionnés sont ceux ayant un coût de réplication inférieur aux coûts prévus par l'investissement dynamique. Les tests de vérification de l'efficacité des stratégies de réplications portent, sur le placement optimal d'un investisseur averse au risque sur un horizon de 10 ans. Les options sont supposées être de gré à gré : des prix d'exercice sont approximés par un arbre binomial multipériodique. Les premiers résultats mettent en évidence l'existence de plusieurs stratégies Buy and Hold contenant des options, plus performantes que l'allocation de Samuelson et Merton (1969). En supposant que les coûts de transaction sont proportionnels aux volumes des actifs financiers, l'espace de révision dynamique de portefeuille se définit par la présence d'une région de non-activité. L'analyse de la gestion ex ante coût/profit, nous a permis de prévoir l'activité du gestionnaire de fonds et son coût spécifique. Le rapprochement de ces coûts de gestion avec les coûts de réplication soutient la conception de tout un bloc de portefeuilles de répliques plus performants que l'allocation dynamique de fonds. Le comportement optimal de l'agent économique, la diversification de fonds en l'occurrence, est fonction du nombre, du type, ainsi que de sa position sur les options. Afin de fixer sa décision, il choisit, depuis la négociation avec son banquier, l'une des stratégies maximisant ses préférences, indépendamment des imperfections du marché. Par la suite, la vérification empirique s'intéresse au placement à court terme sur l'indice CAC 40 et des options d'achat à échéances 6 mois, lancées sur le MONEP. Les résultats prouvent l'efficacité du portefeuille réplique en permettant à l'investisseur d'avoir une richesse terminale quasi-égale à celle attendue par l'allocation standard. Une certaine analogie a été constatée entre les stratégies répliques et les mécanismes de produits de couverture à base d'option et actif support, en l'occurrence le capital garanti, Covered Call Writing et Protected Put.

Download or read book The Birth of Biopolitics written by Michel Foucault and published by Picador. This book was released on 2010-03-02 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sixth volume in Foucault's prestigious, groundbreaking series of lectures at the Collège de France from 1970 to 1984.

Download or read book Design Theory written by Pascal Le Masson and published by Springer. This book was released on 2017-04-06 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook presents the core of recent advances in design theory and its implications for design methods and design organization. Providing a unified perspective on different design methods and approaches, from the most classic (systematic design) to the most advanced (C-K theory), it offers a unique and integrated presentation of traditional and contemporary theories in the field. Examining the principles of each theory, this guide utilizes numerous real life industrial applications, with clear links to engineering design, industrial design, management, economics, psychology and creativity. Containing a section of exams with detailed answers, it is useful for courses in design theory, engineering design and advanced innovation management. "Students and professors, practitioners and researchers in diverse disciplines, interested in design, will find in this book a rich and vital source for studying fundamental design methods and tools as well as the most advanced design theories that work in practice". Professor Yoram Reich, Tel Aviv University, Editor-in-Chief, Research In Engineering Design. "Twenty years of research in design theory and engineering have shown that training in creative design is indeed possible and offers remarkably operational methods - this book is indispensable for all leaders and practitioners who wish to strengthen theinnovation capacity of their company." Pascal Daloz, Executive Vice President, Dassault Systèmes

Download or read book The New Spirit of Capitalism written by Luc Boltanski and published by Verso. This book was released on 2005 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: A century after the publication of Max Weber's The Protestant Ethic and the "Spirit" of Capitalism , a major new work examines network-based organization, employee autonomy and post-Fordist horizontal work structures.

Download or read book Risk Classification in Life Insurance written by J. David Cummins and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research project leading to this book was initiated in the fall of 1979 when the American Council of Life Insurance (ACLI) contacted Dan McGill, chairman of the Wharton School Insurance Department, about conducting a study on risk classification in life insurance. The ACLI was concerned about legislative and judicial activity in this area and its potential effects on the life insurance industry. A meeting was held at the ACLI offices in Washington, D.C., between several members of the ACLI staff and Dan McGill and David Cummins representing the Wharton School insurance department. An agreement was reached that a study would be conducted at Wharton dealing with issues in risk classification. Although the staff of the ACLI suggested directions the study might take, it was agreed that the design and execution of the study would be solely under the control of the researchers. The researchers also retained unrestricted publication rights in the results of the study. This agreement has been honored by the ACLI during the course of the project.

Download or read book The Jevons Paradox and the Myth of Resource Efficiency Improvements written by Blake Alcott and published by Taylor & Francis. This book was released on 2012-04-27 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Jevons Paradox, which was first expressed in 1865 by William Stanley Jevons in relation to use of coal, states that an increase in efficiency in using a resource leads to increased use of that resource rather than to a reduction. This has subsequently been proved to apply not just to fossil fuels, but other resource use scenarios. For example, doubling the efficiency of food production per hectare over the last 50 years (due to the Green Revolution) did not solve the problem of hunger. The increase in efficiency increased production and worsened hunger because of the resulting increase in population. The implications of this in todays world are substantial. Many scientists and policymakers argue that future technological innovations will reduce consumption of resources; the Jevons Paradox explains why this may be a false hope. This is the first book to provide a historical overview of the Jevons Paradox, provide evidence for its existence and apply it to complex systems. Written and edited by world experts in the fields of economics, ecological economics, technology and the environment, it explains the myth of efficiency and explores its implications for resource usage (particularly oil). It is a must-read for policymakers, natural resource managers, academics and students concerned with the effects of efficiency on resource use.

Download or read book Information and Entropy Econometrics written by Amos Golan and published by Now Publishers Inc. This book was released on 2008 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: Information and Entropy Econometrics - A Review and Synthesis summarizes the basics of information theoretic methods in econometrics and the connecting theme among these methods. The sub-class of methods that treat the observed sample moments as stochastic is discussed in greater details. I Information and Entropy Econometrics - A Review and Synthesis -focuses on inter-connection between information theory, estimation and inference. -provides a detailed survey of information theoretic concepts and quantities used within econometrics and then show how these quantities are used within IEE. -pays special attention for the interpretation of these quantities and for describing the relationships between information theoretic estimators and traditional estimators. Readers need a basic knowledge of econometrics, but do not need prior knowledge of information theory. The survey is self contained and interested readers can replicate all results and examples provided. Whenever necessary the readers are referred to the relevant literature. Information and Entropy Econometrics - A Review and Synthesis will benefit researchers looking for a concise introduction to the basics of IEE and to acquire the basic tools necessary for using and understanding these methods. Applied researchers can use the book to learn improved new methods, and applications for extracting information from noisy and limited data and for learning from these data.

Download or read book Recent Econometric Techniques for Macroeconomic and Financial Data written by Gilles Dufrénot and published by Springer Nature. This book was released on 2020-11-21 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides a comprehensive overview of the latest econometric methods for studying the dynamics of macroeconomic and financial time series. It examines alternative methodological approaches and concepts, including quantile spectra and co-spectra, and explores topics such as non-linear and non-stationary behavior, stochastic volatility models, and the econometrics of commodity markets and globalization. Furthermore, it demonstrates the application of recent techniques in various fields: in the frequency domain, in the analysis of persistent dynamics, in the estimation of state space models and new classes of volatility models. The book is divided into two parts: The first part applies econometrics to the field of macroeconomics, discussing trend/cycle decomposition, growth analysis, monetary policy and international trade. The second part applies econometrics to a wide range of topics in financial economics, including price dynamics in equity, commodity and foreign exchange markets and portfolio analysis. The book is essential reading for scholars, students, and practitioners in government and financial institutions interested in applying recent econometric time series methods to financial and economic data.

Download or read book World Intellectual Property Report 2011 The Changing Face of Innovation written by World Intellectual Property Organization and published by WIPO. This book was released on 2011 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: WIPO's World Intellectual Property Report 2011 focuses on the Changing Face of Innovation. It describes key trends in the innovation landscape - including the increasingly open, international and collaborative character of the innovation process; the causes of the increased demand for IP rights; and the rising importance of technology markets.

Download or read book World Development Report 2017 written by World Bank Group and published by World Bank Publications. This book was released on 2017-01-23 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why are carefully designed, sensible policies too often not adopted or implemented? When they are, why do they often fail to generate development outcomes such as security, growth, and equity? And why do some bad policies endure? World Development Report 2017: Governance and the Law addresses these fundamental questions, which are at the heart of development. Policy making and policy implementation do not occur in a vacuum. Rather, they take place in complex political and social settings, in which individuals and groups with unequal power interact within changing rules as they pursue conflicting interests. The process of these interactions is what this Report calls governance, and the space in which these interactions take place, the policy arena. The capacity of actors to commit and their willingness to cooperate and coordinate to achieve socially desirable goals are what matter for effectiveness. However, who bargains, who is excluded, and what barriers block entry to the policy arena determine the selection and implementation of policies and, consequently, their impact on development outcomes. Exclusion, capture, and clientelism are manifestations of power asymmetries that lead to failures to achieve security, growth, and equity. The distribution of power in society is partly determined by history. Yet, there is room for positive change. This Report reveals that governance can mitigate, even overcome, power asymmetries to bring about more effective policy interventions that achieve sustainable improvements in security, growth, and equity. This happens by shifting the incentives of those with power, reshaping their preferences in favor of good outcomes, and taking into account the interests of previously excluded participants. These changes can come about through bargains among elites and greater citizen engagement, as well as by international actors supporting rules that strengthen coalitions for reform.

Download or read book Business the Speed of Thought written by Bill Gates and published by Grand Central Publishing. This book was released on 2009-09-26 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his new book, Microsoft chairman and CEO Bill Gates discusses how technology can help run businesses better today and how it will transform the nature of business in the near future. Gates stresses the need for managers to view technology not as overhead but as a strategic asset, and offers detailed examples from Microsoft, GM, Dell, and many other successful companies. Companion Web site.

Download or read book Foundations of Location Analysis written by H. A. Eiselt and published by Springer Science & Business Media. This book was released on 2011-01-13 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Location analysis has matured from an area of theoretical inquiry that was designed to explain observed phenomena to a vibrant field which can be and has been used to locate items as diverse as landfills, fast food outlets, gas stations, as well as politicians and products in issue and feature spaces. Modern location science is dealt with by a diverse group of researchers and practitioners in geography, economics, operations research, industrial engineering, and computer science. Given the tremendous advances location science has seen from its humble beginnings, it is time to look back. The contributions in this volume were written by eminent experts in the field, each surveying the original contributions that created the field, and then providing an up-to-date review of the latest contributions. Specific areas that are covered in this volume include: • The three main fields of inquiry: minisum and minimax problems and covering models • Nonstandard location models, including those with competitive components, models that locate undesirable facilities, models with probabilistic features, and problems that allow interactions between facilities • Descriptions and detailed examinations of exact techniques including the famed Weiszfeld method, and heuristic methods ranging from Lagrangean techniques to Greedy algorithms • A look at the spheres of influence that the facilities generate and that attract customers to them, a topic crucial in planning retail facilities • The theory of central places, which, other than in mathematical games, where location science was born

Download or read book Statistical Size Distributions in Economics and Actuarial Sciences written by Christian Kleiber and published by John Wiley & Sons. This book was released on 2003-10-24 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive account of economic size distributions around the world and throughout the years In the course of the past 100 years, economists and applied statisticians have developed a remarkably diverse variety of income distribution models, yet no single resource convincingly accounts for all of these models, analyzing their strengths and weaknesses, similarities and differences. Statistical Size Distributions in Economics and Actuarial Sciences is the first collection to systematically investigate a wide variety of parametric models that deal with income, wealth, and related notions. Christian Kleiber and Samuel Kotz survey, compliment, compare, and unify all of the disparate models of income distribution, highlighting at times a lack of coordination between them that can result in unnecessary duplication. Considering models from eight languages and all continents, the authors discuss the social and economic implications of each as well as distributions of size of loss in actuarial applications. Specific models covered include: Pareto distributions Lognormal distributions Gamma-type size distributions Beta-type size distributions Miscellaneous size distributions Three appendices provide brief biographies of some of the leading players along with the basic properties of each of the distributions. Actuaries, economists, market researchers, social scientists, and physicists interested in econophysics will find Statistical Size Distributions in Economics and Actuarial Sciences to be a truly one-of-a-kind addition to the professional literature.

Download or read book Equilibrium and Disequilibrium in Economic Theory written by G. Schwödiauer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 768 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is the result of a conference held at the Institute for Advanced Studies, Vienna. There is still a gap reflected both in fundamental meth odological differences and in the style of analysis between the Walrasian (and Edgeworthian) tradition of general equilibrium theory and the theo retical and policy problems raised in the framework of Keynesian and post-Keynesian macroeconomics. The conference succeeded in bringing together economic theorists working in fields ranging from abstract prob lems of mathematical equilibrium analysis to applied macroeconomic theory, and it is hoped that the present volume will contribute to bridging the above-mentioned hiatus. As organizer of the meeting and editor of its proceedings I want to thank the Institute for Advanced Studies for providing facilities and funds. I am also sincerely grateful to all my colleagues from the Institute for their generous help, in particular to Mrs Monika Herkner without whose assistance and organizational talent the conference would certainly not have been the success it in fact - in the opinion of all participants - turned out to have been. Furthermore, I wish to express my gratitude towards all participants in the meeting and contributors to the volume whose patient support of the whole enterprise proved indispensable. To Mrs Elfriede Auracher I am deeply indebted for her skillful and effective general management of the editorial work and her invaluable assistance in compiling the indexes.

Download or read book Forest Restoration in Landscapes written by Stephanie Mansourian and published by Springer Science & Business Media. This book was released on 2006-02-23 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, published in cooperation with WWF International, integrates the restoration of forest functions into landscape conservation plans. The contents represent the collective body of knowledge and experience of WWF and its many partners - collected here for the first time. This guide will serve as a first stop for practitioners and researchers in many organizations and regions, and as a key reference on the subject.

Download or read book Theories of Surplus and Transfer Routledge Revivals written by Helen Heslop and published by Routledge. This book was released on 2014-10-10 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1990, this is an analysis of the history of western economics from Petty to Supply-Side, through the prism of the controversies over productive labour and its product. It treats the early economists’ "productive-unproductive" dichotomies as shorthands for many other sets of distinctions relevant for boundaries, value and welfare. Central to the debates is the question of whether the economy is said to generate a ‘surplus’. Economists and politicians with views on these matters include the Physiocrats, Smith and Ricardo, Marx and his Soviet and western admirers, the marginalists, Keynes, Polanyi, Becker, and Reagan. The book maps the shifting emphases that economists and social thinkers have placed on markets and ‘mode’ of production generally. This reissue will be useful to students of economic thought, welfare theory and policy, growth economics and economic systems.

Download or read book Political Competition Innovation and Growth written by Peter Bernholz and published by Springer. This book was released on 2012-01-21 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume confronts an important historical hypothesis with empirical evidence from selected periods of history. The hypothesis in question states that competition among political and legal organisations in developing rules has been a crucial condition for liberty, innovation and growth in the history of mankind. It is due to Immanuel Kant, Edward Gibbon and Max Weber and has been revived and further developed by Nobel-Laureate Douglass C. North who contributes the first chapter. The volume brings together political economists, historians and legal scholars to discuss the role of political competition in the rise and decline of nations - both in theory and in a large number of case studies.