Download or read book The Economic Efficiency of Financial Markets written by Jan Mossin and published by . This book was released on 1977 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Introduction to the Economics of Financial Markets written by James Bradfield and published by Oxford University Press. This book was released on 2007-02-08 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are many textbooks for business students that provide a systematic, introductory development of the economics of financial markets. However, there are as yet no introductory textbooks aimed at more easily daunted undergraduate liberal arts students. Introduction to the Economics of Financial Markets fills this gap by providing an extremely accessible introductory exposition of how economists analyze both how, and how well, financial markets organize the intertemporal allocation of scarce resources. The central theme is that the function of a system of financial markets is to enable consumers, investors, and managers of firms to effect mutually beneficial intertemporal exchanges. James Bradfield uses the standard concept of economic efficiency (Pareto Optimality) to assess the efficacy of the financial markets. He presents an intuitive, and introductory, understanding of the primary theoretical and empirical models that economists use to analyze financial markets, and then uses these models to discuss implications for public policy. Students who use this text will acquire an understanding of the economics of financial markets that will enable them to read, with some sophistication, articles in the public press about financial markets and about public policy toward those markets. The book is addressed to undergraduate students in the liberal arts, but will also be useful for undergraduate and beginning graduate students in programs of business administration who want an understanding of how economists assess financial markets against the criteria of allocative and informational efficiency.
Download or read book Econophysics of Stock and other Markets written by Arnab Chatterjee and published by Springer Science & Business Media. This book was released on 2007-12-31 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews the latest econophysics researches on the fluctuations in stock, forex and other markets. The statistical modeling of markets, using various agent-based game theoretical approaches, and their scaling analysis have been discussed. The leading researchers in these fields have reported on their recent work and also reviewed the contemporary literature. Some historical perspectives as well as some comments and debates on recent issues in econophysics research have also been included.
Download or read book The Economics of Financial Markets written by Hendrik S. Houthakker and published by Oxford University Press, USA. This book was released on 1996 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing a comprehensive introduction to the subject of financial markets, this study includes unique analyses of the pricing of options and futures, particularly futures in Eurodollars. The authors assume a basic understanding of economics.
Download or read book Creating an Efficient Financial System written by Thorsten Beck and published by World Bank Publications. This book was released on 2006 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial sector development fosters economic growth and reduces poverty by widening and broadening access to finance and allocating society's savings more efficiently. The author first discusses three pillars on which sound and efficient financial systems are built: macroeconomic stability and effective and reliable contractual and informational frameworks. He then describes three different approaches to government involvement in the financial sector: the laissez-faire view, the market-failure view and the market-enabling view. Finally, the author analyzes the sequencing of financial sector reforms and discusses the benefits and challenges that emerging markets face when opening their financial systems to international capital markets.
Download or read book Financial Markets Theory written by Emilio Barucci and published by Springer. This book was released on 2017-06-08 with total page 843 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: "Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!"Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University "This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field."Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech "The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance."Michel Crouhy, Head of Research and Development, NATIXIS
Download or read book Global Financial Centers Economic Power and In Efficiency written by Fikret Čaušević and published by Springer Nature. This book was released on 2019-12-26 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book scrutinizes global financial flows and stocks, both financial assets and liabilities and their impact on the global balance of economic power, especially as they affect the largest and fastest-growing countries in both the developed and the developing world. It shows how financial flows can promote economic growth and financial capital can serve as a tool for higher growth rates in emerging market economies, but also that the huge amounts of financial capital currently being spent in advanced countries to promote economic growth has produced at best very modest improvements and in some cases negative results. The book opens with an analysis of global capital flows and their concentration. It then offers an analysis of rates of relative economic growth (or decline). The final section deals with the (decreasing) economic efficiency of financial flows and the (un)sustainability of economic growth, especially during the past eight years of economic recovery. Tackling one of the most serious problems in the global economy today, this book will be of interest to academics, researchers, and students of capital markets, financial crisis, and financial economics.
Download or read book A Reappraisal of the Efficiency of Financial Markets written by Rui M.C. Guimaraes and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 799 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behaviour of market prices is a fascinating subject for researchers. Opinions vary substantially. from the view that prices accurately and quickly reflect relevant information to the other extreme that prices are not rationally determined and are hence to some degree predictable. This diversity of belief about the efficiency of markets is reflected in these proceedings of the NATO Advanced Research Workshop on "A reappraisal of the efficiency of financial markets". The thirty-one workshop papers cover stock. currency and commodity markets. We are pleased to have contributions on markets in eleven NATO countries: Belgium. Canada. Denmark. France. Germany. Greece. Italy. the Netherlands. Portugal. the United Kingdom and the United States. The workshop papers thus provide a wide-ranging account of contemporary research into financial markets worldwide. The workshop was held at the Hotel do Mar. Sesimbra. Portugal from April 11 th to April 15th. 1988. We record our gratitude to Jose Cabral for ensuring the smooth progress of the workshop. The generous financial assistance of NATO was supplemented by contributions from: The Chicago Board of Trade. Alianca Seguradora. Banco Comercial Portugues. Fundacao Luso-Americana Para 0 Desenvolvimento. Junta Nacional de Investigacao Cientifica e Tecnologica. We speak for all the workshop participants in expressing our thanks to all our sponsors. Rui M. Campos Guimaraes. University of Porto.
Download or read book Fads Martingales and Market Efficiency written by Bruce Neal Lehmann and published by . This book was released on 1988 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Transforming the U S Financial System written by Gary Dymski and published by M.E. Sharpe. This book was released on 1993 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work challenges the conventional understanding of Hong Kong's political culture as one of indifference. It takes a historical look at political participation in the former colony and includes an in-depth analysis of 13 selected cases.
Download or read book Financial Markets Theory written by Emilio Barucci and published by Springer. This book was released on 2011-12-26 with total page 467 pages. Available in PDF, EPUB and Kindle. Book excerpt: A presentation of classical asset pricing theory, this textbook is the only one to address the economic foundations of financial markets theory from a mathematically rigorous standpoint and to offer a self-contained critical discussion based on empirical results. Tools for understanding the economic analysis are provided, and mathematical models are presented in discrete time/finite state space for simplicity. Examples and exercises included.
Download or read book Beyond the Market written by Jens Beckert and published by Princeton University Press. This book was released on 2009-01-10 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beyond the Market launches a sociological investigation into economic efficiency. Prevailing economic theory, which explains efficiency using formalized rational choice models, often simplifies human behavior to the point of distortion. Jens Beckert finds such theory to be particularly weak in explaining such crucial forms of economic behavior as cooperation, innovation, and action under conditions of uncertainty--phenomena he identifies as the proper starting point for a sociology of economic action. Beckert levels an enlightened critique at neoclassical economics, arguing that understanding efficiency requires looking well beyond the market to the social, cultural, political, and cognitive factors that influence the coordination of economic action. Beckert searches social theory for the components of an alternative theory of action, one that accounts for the social embedding of economic behavior. In Durkheim and Parsons he finds especially useful approaches to cooperation; in Luhmann, a way to understand how people act under highly contingent conditions; and in Giddens, an understanding of creative action and innovation. Together, these provide building blocks for a research program that will yield a theoretically sophisticated understanding of how economic processes are coordinated and the ways that markets are embedded in social, cultural, and cognitive structures. Containing one of the most fully informed critiques of the neoclassical analysis of economic efficiency--as well as one of the most thoughtful blueprints for economic sociology--this book reclaims for sociology the study of one of the most important arenas of human action.
Download or read book Stock Market Efficiency and Economic Efficiency written by James Dow and published by . This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a capitalist economy prices serve to equilibrate supply and demand for goods and services, continually changing to reallocate resources to their most efficient uses. However, secondary stock market prices, often viewed as the most 'informationally efficient' prices in the economy, have no direct role in the allocation of equity capital since managers have discretion in determining the level of investment. What is the link between stock price informational efficiency and economic efficiency? We present a model of the stock market in which: (i) managers have discretion in making investments and must be given the right incentives; and (ii) stock market traders may have important information that managers do not have about the value of prospective investment opportunities. In equilibrium, information in stock prices will guide investment decisions because managers will be compensated based on informative stock prices in the future. The stock market indirectly guides investment by transferring two kinds of information: information about investment opportunities and information about managers' past decisions. The fact that stock prices only have an indirect role suggests that the stock market may not be a necessary institution for the efficient allocation of equity. We emphasize this by providing an example of a banking system that performs as well.
Download or read book Information and Learning in Markets written by Xavier Vives and published by Princeton University Press. This book was released on 2010-01-25 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts
Download or read book The Existence of Efficient Market Hypothesis EMH in the International Financial Markets written by Caroline Mutuku and published by GRIN Verlag. This book was released on 2018-05-09 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2018 in the subject Economics - Finance, grade: 1, , language: English, abstract: The Efficient Market Hypothesis (EMH) theory commonly referred to as the Random Walk Theory is one of the most debated topics in finance studies over the years because of the growing concerns that investors can trade on the available information so as to make abnormal profits in the market. EMH states that the price of a security (current stock prices) in the market reflects all the available information on its fundamental value at all times, hence investors cannot make any abnormal profits above the market prices using this information. EMH explains why changes in security prices occur and how those changes happen, hence very crucial to investors as they make their investment decisions in the security market. Many investors both domestic and global invest on securities that are undervalued as they expect their value to increase in the future. Other investors including investment managers also stress that they are able to choose those securities that can outperform the market prices with the core objective of gaining more profits. EMH argues that none of these assumptions is effective because the advantage gained is less than the transaction costs incurred such as research costs on the information hence not in a position to outperform the market price of these securities
Download or read book Transforming the U S Financial System An Equitable and Efficient Structure for the 21st Century written by Gary Dymski and published by Routledge. This book was released on 2016-09-16 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work challenges the conventional understanding of Hong Kong's political culture as one of indifference. It takes a historical look at political participation in the former colony and includes an in-depth analysis of 13 selected cases.
Download or read book The Ascent of Market Efficiency written by Simone Polillo and published by Cornell University Press. This book was released on 2020-08-15 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Ascent of Market Efficiency weaves together historical narrative and quantitative bibliometric data to detail the path financial economists took in order to form one of the central theories of financial economics—the influential efficient-market hypothesis—which states that the behavior of financial markets is unpredictable. As the notorious quip goes, a blindfolded monkey would do better than a group of experts in selecting a portfolio of securities, simply by throwing darts at the financial pages of a newspaper. How did such a hypothesis come to be so influential in the field of financial economics? How did financial economists turn a lack of evidence about systematic patterns in the behavior of financial markets into a foundational approach to the study of finance? Each chapter in Simone Polillo's fascinating meld of economics, science, and sociology focuses on these questions, as well as on collaborative academic networks, and on the values and affects that kept the networks together as they struggled to define what the new field of financial economics should be about. In doing so, he introduces a new dimension—data analysis—to our understanding of the ways knowledge advances. There are patterns in the ways knowledge is produced, and The Ascent of Market Efficiency helps us make sense of these patterns by providing a general framework that can be applied equally to other social and human sciences.
