Download or read book Uncertainty Premia Sovereign Default Risk and State Contingent Debt written by Mr. Francisco Roch and published by International Monetary Fund. This book was released on 2021-03-12 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze how concerns for model misspecification on the part of international lenders affect the desirability of issuing state-contingent debt instruments in a standard sovereign default model à la Eaton and Gersovitz (1981). We show that for the commonly used threshold state-contingent bond structure (e.g., the GDP-linked bond issued by Argentina in 2005), the model with robustness generates ambiguity premia in bond spreads that can explain most of what the literature has labeled as novelty premium. While the government would be better off with this bond when facing rational expectations lenders, this additional source of premia leads to welfare losses when facing robust lenders. Finally, we characterize the optimal design of the state-contingent bond and show how it varies with the level of robustness. Our findings rationalize the little use of these instruments in practice and shed light on their optimal design.
Download or read book Introductory Econometrics for Finance written by Chris Brooks and published by Cambridge University Press. This book was released on 2008-05-22 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: This best-selling textbook addresses the need for an introduction to econometrics specifically written for finance students. Key features: • Thoroughly revised and updated, including two new chapters on panel data and limited dependent variable models • Problem-solving approach assumes no prior knowledge of econometrics emphasising intuition rather than formulae, giving students the skills and confidence to estimate and interpret models • Detailed examples and case studies from finance show students how techniques are applied in real research • Sample instructions and output from the popular computer package EViews enable students to implement models themselves and understand how to interpret results • Gives advice on planning and executing a project in empirical finance, preparing students for using econometrics in practice • Covers important modern topics such as time-series forecasting, volatility modelling, switching models and simulation methods • Thoroughly class-tested in leading finance schools. Bundle with EViews student version 6 available. Please contact us for more details.
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 Model Selection and Model Averaging written by Gerda Claeskens and published by . This book was released on 2008-07-28 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: First book to synthesize the research and practice from the active field of model selection.
Download or read book Crosswinds written by Fouad Ajami and published by Hoover Press. This book was released on 2020-09-15 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fouad Ajami presents a firsthand look at the political culture in Saudi Arabia and its conduct and influence in foreign lands from the early 1990s to around 2010. From the influence of Islam in public life to Saudi rulers' attitudes toward the George W. Bush and Obama administrations, the author fills a significant gap in our understanding of that country.
Download or read book Geopolitical Risk on Stock Returns Evidence from Inter Korea Geopolitics written by Seungho Jung and published by International Monetary Fund. This book was released on 2021-10-22 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.
Download or read book Cracking DES written by Electronic Frontier Foundation and published by O'Reilly. This book was released on 1998 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: In clear, easy to read and understand language, this controversial book reveals the full technical details on how researchers and data recovery engineers can build a DES cracker. It includes design specifications and board schematics, as well as full source code for the custom chip.
Download or read book The Bloody Flag written by Niklas Frykman and published by University of California Press. This book was released on 2020-09-01 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutiny tore like wildfire through the wooden warships of the age of revolution. While commoners across Europe laid siege to the nobility and enslaved workers put the torch to plantation islands, out on the oceans, naval seamen by the tens of thousands turned their guns on the quarterdeck and overthrew the absolute rule of captains. By the early 1800s, anywhere between one-third and one-half of all naval seamen serving in the North Atlantic had participated in at least one mutiny, many of them in several, and some even on ships in different navies. In The Bloody Flag, historian Niklas Frykman explores in vivid prose how a decade of violent conflict onboard gave birth to a distinct form of radical politics that brought together the egalitarian culture of North Atlantic maritime communities with the revolutionary era’s constitutional republicanism. The attempt to build a radical maritime republic failed, but the red flag that flew from the masts of mutinous ships survived to become the most enduring global symbol of class struggle, economic justice, and republican liberty to this day.
Download or read book Handbook Of Global Financial Markets Transformations Dependence And Risk Spillovers written by Sabri Boubaker and published by World Scientific. This book was released on 2019-06-27 with total page 828 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this handbook is to provide the readers with insights about current dynamics and future potential transformations of global financial markets. We intend to focus on four main areas: Dynamics of Financial Markets; Financial Uncertainty and Volatility; Market Linkages and Spillover Effects; and Extreme Events and Financial Transformations and address the following critical issues, but not limited to: market integration and its implications; crisis risk assessment and contagion effects; financial uncertainty and volatility; role of emerging financial markets in the global economy; role of complex dynamics of economic and financial systems; market linkages, asset valuation and risk management; exchange rate volatility and firm-level exposure; financial effects of economic, political and social risks; link between financial development and economic growth; country risks; and sovereign debt markets.
Download or read book Stalin written by Ronald Grigor Suny and published by Princeton University Press. This book was released on 2022-03-29 with total page 912 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This biography of the young Stalin is more than the story of how a revolutionary was made: it is the first serious investigation, using the full range of Russian and Georgian archives, to explain Stalin's evolution from a romantic and idealistic youth into a hardened political operative. Suny takes seriously the first half of Stalin's life: his intellectual development, his views on issue of nationalities and nationalism, and his role in the Social Democratic debates of the late nineteenth and early twentieth centuries. This book narrates an almost tragic downfall; we see Stalin transform from a poor provincial seminarian, who wrote romantic nationalist poetry, into a fearsome and brutal ruler. Many biographers of Stalin turn to shallow psychological analysis in seeking to explain his embrace of revolution, focusing on the beatings he suffered at the hands of his father or his hero-worship of Lenins, or sensationalizing Stalin's involvement in violent activity. Suny seeks to show Stalin in the complex context of the oppressive tsarist police-state in which he lived and debates and party politics that animated the revolutionary circles in which he moved. Though working from fragmentary evidence from disparate sources, Suny is able to place Stalin in his intellectual and political context and reveal, not only a different analysis of the man's psychological and intellectual transformation, but a revisionist history of the revolutionary movements themselves before 1917"--
Download or read book Pioneering Portfolio Management written by David F. Swensen and published by Simon and Schuster. This book was released on 2009-01-06 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls. Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.
Download or read book Journal of Social Sciences COES RJ JSS Vol 8 No 3 written by COES&RJ LLC. and published by Lulu.com. This book was released on 2019-08-15 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Journal of Social Sciences (COES&RJ-JSS) is an open access, double-blind, peer-reviewed and refereed journal published by Center of Excellence for Scientific & Research Journalism (COES&RJ LLC.), USA. The main objective of COES&RJ-JSS is to provide an intellectual platform for the international scholars. COES&RJ-JSS aims to promote interdisciplinary studies in humanities and social science and become the leading journal in humanities and social science in the world. The journal is published quarterly, in both print and online versions. COES&RJ-JSS publishes original papers, review papers, conceptual framework, analytical and simulation models, case studies, empirical research, technical notes, and book reviews. Special Issues devoted to important topics in humanities and social science will occasionally be published.
Download or read book Volatility and Correlation written by Riccardo Rebonato and published by John Wiley & Sons. This book was released on 2005-07-08 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Volatility and Correlation 2nd edition: The Perfect Hedger and the Fox, Rebonato looks at derivatives pricing from the angle of volatility and correlation. With both practical and theoretical applications, this is a thorough update of the highly successful Volatility & Correlation – with over 80% new or fully reworked material and is a must have both for practitioners and for students. The new and updated material includes a critical examination of the ‘perfect-replication’ approach to derivatives pricing, with special attention given to exotic options; a thorough analysis of the role of quadratic variation in derivatives pricing and hedging; a discussion of the informational efficiency of markets in commonly-used calibration and hedging practices. Treatment of new models including Variance Gamma, displaced diffusion, stochastic volatility for interest-rate smiles and equity/FX options. The book is split into four parts. Part I deals with a Black world without smiles, sets out the author’s ‘philosophical’ approach and covers deterministic volatility. Part II looks at smiles in equity and FX worlds. It begins with a review of relevant empirical information about smiles, and provides coverage of local-stochastic-volatility, general-stochastic-volatility, jump-diffusion and Variance-Gamma processes. Part II concludes with an important chapter that discusses if and to what extent one can dispense with an explicit specification of a model, and can directly prescribe the dynamics of the smile surface. Part III focusses on interest rates when the volatility is deterministic. Part IV extends this setting in order to account for smiles in a financially motivated and computationally tractable manner. In this final part the author deals with CEV processes, with diffusive stochastic volatility and with Markov-chain processes. Praise for the First Edition: “In this book, Dr Rebonato brings his penetrating eye to bear on option pricing and hedging.... The book is a must-read for those who already know the basics of options and are looking for an edge in applying the more sophisticated approaches that have recently been developed.” —Professor Ian Cooper, London Business School “Volatility and correlation are at the very core of all option pricing and hedging. In this book, Riccardo Rebonato presents the subject in his characteristically elegant and simple fashion...A rare combination of intellectual insight and practical common sense.” —Anthony Neuberger, London Business School
Download or read book Systems Analysis and Design written by Gary Spurrier and published by . This book was released on 2020-06-15 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Venture Capital at the Crossroads written by William D. Bygrave and published by Harvard Business Press. This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the role of venture capital in the creation of new businesses. The book provides information on the size of the industry and how risk-taking and the time perspectives of its practitioners are changing, and shows how venture capital is more than a question of lending money.
Download or read book The Law of Outer Space written by Tanja L. Masson-Zwaan and published by BRILL. This book was released on 2010-09-10 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is a remarkable achievement to write a book that almost four decades after its publication has lost virtually none of its relevance. Manfred Lachs’ famous treatise on the Law of Outer Space was originally published in 1972, yet it is still a classic and must-read text for space law students today, even though copies can nowadays be rarely found. The reissue of this remarkable work is therefore timely indeed. Its aim is to make the brilliance, foresight and clarity of Lachs’ thinking once more easily accessible to a new generation of scholars. Issued on the occasion of the 50th anniversary of the International Institute of Space Law, of which Lachs was President, this volume reproduces the original text of Lachs' work in full, with a new preface, introduction and index supplied by the editors.
Download or read book Atlas at War written by Michael Vassallo and published by Naval Institute Press. This book was released on 2020-06-17 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Atlas at War! collects fifty hard-hitting stories from Atlas Comics, the company that became Marvel Comics and published more war titles than anyone in the industry between the years 1951 and 1960. Comics historian Dr. Michael J. Vassallo has chosen the best of the best, many of which are coming back into print for the first time, from sixteen different Atlas war titles and featuring the artwork of twenty different artists--giants of the genre, including Russ Heath, John Severin, Bernie Krigstein, Joe Maneely, Jerry Robinson, Steve Ditko, and Jack Kirby. Each page has been meticulously restored from its first printing by comic art restorer Allan Harvey. Atlas at War! covers the brutal pre-code period where graphic depictions of war action were rendered by artists who were World War II veterans themselves, as well as the post-code period, where code restrictions forced creators to tell stories without graphic violence but produced some of the most beautiful comic art of the genre. In addition to the artists, stories cover all aspects of war--from famous campaigns, weaponry, and personal soldier stories to political topics, Nazi atrocities, and even one story tinged with pre-code horror! Often overlooked in favor of its competitors, Atlas at War! will finally show that Atlas' war titles were second to no one.
