Download or read book The Mind of Wall Street written by Leon Levy and published by PublicAffairs. This book was released on 2009-03-25 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: As stock prices and investor confidence have collapsed in the wake of Enron, WorldCom, and the dot-com crash, people want to know how this happened and how to make sense of the uncertain times to come. Into the breach comes one of Wall Street's legendary investors, Leon Levy, to explain why the market so often confounds us, and why those who ought to understand it tend to get chewed up and spat out. Levy, who pioneered many of the innovations and investment instruments that we now take for granted, has prospered in every market for the past fifty years, particularly in today's bear market. In The Mind of Wall Street he recounts stories of his successes and failures to illustrate how investor psychology and willful self-deception so often play critical roles in the process. Like his peers George Soros and Warren Buffett, Levy takes a long and broad view of the rhythms of the markets and the economy. He also offers a provocative analysis of the spectacular Internet bubble, showing that the market has not yet completely recovered from its bout of "irrational exuberance." The Mind of Wall Street is essential reading for all of us, whether we are active traders or simply modest contributors to our 401(k) plans, as volatile and unnerving markets come to define so much of our net worth.

Download or read book How Novelty and Narratives Drive the Stock Market written by Nicholas Mangee and published by Cambridge University Press. This book was released on 2021-10-14 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Animal spirits' is a term that describes the instincts and emotions driving human behaviour in economic settings. In recent years, this concept has been discussed in relation to the emerging field of narrative economics. When unscheduled events hit the stock market, from corporate scandals and technological breakthroughs to recessions and pandemics, relationships driving returns change in unforeseeable ways. To deal with uncertainty, investors engage in narratives which simplify the complexity of real-time, non-routine change. This book assesses the novelty-narrative hypothesis for the U.S. stock market by conducting a comprehensive investigation of unscheduled events using big data textual analysis of financial news. This important contribution to the field of narrative economics finds that major macro events and associated narratives spill over into the churning stream of corporate novelty and sub-narratives, spawning different forms of unforeseeable stock market instability.

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 Financial Economics written by Antonio Mele and published by MIT Press. This book was released on 2022-11-22 with total page 1147 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive reference for financial economics, balancing theoretical explanations, empirical evidence, and the practical relevance of knowledge in the field. This volume offers a comprehensive, integrated treatment of financial economics, tracking the major milestones in the field and providing methodological tools. Doing so, it balances theoretical explanations, empirical evidence, and practical relevance. It illustrates nearly a century of theoretical advances with a vast array of models, showing how real phenomena (and, at times, market practice) have helped economists reformulate existing theories. Throughout, the book offers examples and solved problems that help readers understand the main lessons conveyed by the models analyzed. The book provides a unique and authoritative reference for the field of financial economics. Part I offers the foundations of the field, introducing asset evaluation, information problems in asset markets and corporate finance, and methods of statistical inference. Part II explains the main empirical facts and the challenges these pose for financial economists, which include excess price volatility, market liquidity, market dysfunctionalities, and the countercyclical behavior of market volatility. Part III covers the main instruments that protect institutions against the volatilities and uncertainties of capital markets described in part II. Doing so, it relies on models that have become the market standard, and incorporates practices that emerged from the 2007–2008 financial crisis.

Download or read book Focus on Finance and Accounting Research written by Michael H. Neelan and published by Nova Publishers. This book was released on 2007 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface; The Role of Revenues and Costs in CEO Compensation; The Importance of Intellectual Capital Reporting: Perspectives from Finance Professionals; Has Regulation Changed the Market's Reward for Meeting or Beating Expectations?; Reaction of the Brazilian Stock Market to Positive and Negative Shocks; Earnings Management to Meet Earnings Benchmarks: Evidence from Japan; Audit in Ukraine; Auditor Reputation and Auditor Independence: Evidence from an Emerging Market; Trends of the Returns-Earnings Associations Over the Last Three Decades; Managers' Discretionary Behaviour, Earnings Management and Corporate Governance: An Empirical International Analysis; Index.

Download or read book Rethinking Valuation and Pricing Models written by Carsten Wehn and published by Academic Press. This book was released on 2012-11-08 with total page 658 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is widely acknowledged that many financial modelling techniques failed during the financial crisis, and in our post-crisis environment many techniques are being reconsidered. This single volume provides a guide to lessons learned for practitioners and a reference for academics. Including reviews of traditional approaches, real examples, and case studies, contributors consider portfolio theory; methods for valuing equities and equity derivatives, interest rate derivatives, and hybrid products; and techniques for calculating risks and implementing investment strategies. Describing new approaches without losing sight of their classical antecedents, this collection of original articles presents a timely perspective on our post-crisis paradigm. Highlights pre-crisis best classical practices, identifies post-crisis key issues, and examines emerging approaches to solving those issues Singles out key factors one must consider when valuing or calculating risks in the post-crisis environment Presents material in a homogenous, practical, clear, and not overly technical manner

Download or read book The Economics of Continuous Time Finance written by Bernard Dumas and published by MIT Press. This book was released on 2017-11-10 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to economic applications of the theory of continuous-time finance that strikes a balance between mathematical rigor and economic interpretation of financial market regularities. This book introduces the economic applications of the theory of continuous-time finance, with the goal of enabling the construction of realistic models, particularly those involving incomplete markets. Indeed, most recent applications of continuous-time finance aim to capture the imperfections and dysfunctions of financial markets—characteristics that became especially apparent during the market turmoil that started in 2008. The book begins by using discrete time to illustrate the basic mechanisms and introduce such notions as completeness, redundant pricing, and no arbitrage. It develops the continuous-time analog of those mechanisms and introduces the powerful tools of stochastic calculus. Going beyond other textbooks, the book then focuses on the study of markets in which some form of incompleteness, volatility, heterogeneity, friction, or behavioral subtlety arises. After presenting solutions methods for control problems and related partial differential equations, the text examines portfolio optimization and equilibrium in incomplete markets, interest rate and fixed-income modeling, and stochastic volatility. Finally, it presents models where investors form different beliefs or suffer frictions, form habits, or have recursive utilities, studying the effects not only on optimal portfolio choices but also on equilibrium, or the price of primitive securities. The book strikes a balance between mathematical rigor and the need for economic interpretation of financial market regularities, although with an emphasis on the latter.

Download or read book How to Make Money in Stocks A Winning System in Good Times or Bad written by William J. O'Neil and published by McGraw Hill Professional. This book was released on 1994-09-22 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: William J. O'Neil's proven investment advice has earned him millions of loyal followers. And his signature bestseller, How to Make Money in Stocks, contains all the guidance readers need on the entire investment processfrom picking a broker to diversifying a portfolio to making a million in mutual funds. For self-directed investors of all ages and expertise, William J. O'Neil's proven CAN SLIM investment strategy is helping those who follow O'Neil to select winning stocks and create a more powerful portfolio. Based on a 40-year study of the most successful stocks of all time, CAN SLIM is an easy-to-use tool for picking the winners and reducing risk in today's volatile economic environment.

Download or read book High Frequency Trading written by Irene Aldridge and published by John Wiley and Sons. This book was released on 2009-12-22 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: A hands-on guide to the fast and ever-changing world of high-frequency, algorithmic trading Financial markets are undergoing rapid innovation due to the continuing proliferation of computer power and algorithms. These developments have created a new investment discipline called high-frequency trading. This book covers all aspects of high-frequency trading, from the business case and formulation of ideas through the development of trading systems to application of capital and subsequent performance evaluation. It also includes numerous quantitative trading strategies, with market microstructure, event arbitrage, and deviations arbitrage discussed in great detail. Contains the tools and techniques needed for building a high-frequency trading system Details the post-trade analysis process, including key performance benchmarks and trade quality evaluation Written by well-known industry professional Irene Aldridge Interest in high-frequency trading has exploded over the past year. This book has what you need to gain a better understanding of how it works and what it takes to apply this approach to your trading endeavors.

Download or read book High Frequency Financial Econometrics written by Luc Bauwens and published by Springer Science & Business Media. This book was released on 2007-12-31 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shedding light on some of the most pressing open questions in the analysis of high frequency data, this volume presents cutting-edge developments in high frequency financial econometrics. Coverage spans a diverse range of topics, including market microstructure, tick-by-tick data, bond and foreign exchange markets, and large dimensional volatility modeling. The volume is of interest to graduate students, researchers, and industry professionals.

Download or read book Complexity and Artificial Markets written by Klaus Schredelseker and published by Springer Science & Business Media. This book was released on 2008-07-30 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, agent-based simulation has become a widely accepted tool when dealing with complexity in economics and other social sciences. The contributions presented in this book apply agent-based methods to derive results from complex models related to market mechanisms, evolution, decision making, and information economics. In addition, the applicability of agent-based methods to complex problems in economics is discussed from a methodological perspective. The papers presented in this collection combine approaches from economics, finance, computer science, natural sciences, philosophy, and cognitive sciences.

Download or read book Stochastic Methods in Finance written by CIME-EMS Summer School and published by Springer Science & Business Media. This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Asset Pricing and Portfolio Choice Theory written by Kerry E. Back and published by Oxford University Press. This book was released on 2017-01-04 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 2nd edition of Asset Pricing and Portfolio Choice Theory, Kerry E. Back offers a concise yet comprehensive introduction to and overview of asset pricing. Intended as a textbook for asset pricing theory courses at the Ph.D. or Masters in Quantitative Finance level with extensive exercises and a solutions manual available for professors, the book is also an essential reference for financial researchers and professionals, as it includes detailed proofs and calculations as section appendices. The first two parts of the book explain portfolio choice and asset pricing theory in single-period, discrete-time, and continuous-time models. For valuation, the focus throughout is on stochastic discount factors and their properties. A section on derivative securities covers the usual derivatives (options, forwards and futures, and term structure models) and also applications of perpetual options to corporate debt, real options, and optimal irreversible investment. A chapter on "explaining puzzles" and the last part of the book provide introductions to a number of additional current topics in asset pricing research, including rare disasters, long-run risks, external and internal habits, asymmetric and incomplete information, heterogeneous beliefs, and non-expected-utility preferences. Each chapter includes a "Notes and References" section providing additional pathways to the literature. Each chapter also includes extensive exercises.

Download or read book Pandora s Risk written by Kent Osband and published by Columbia University Press. This book was released on 2011-07-05 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: Author of the acclaimed work Iceberg Risk: An Adventure in Portfolio Theory, Kent Osband argues that uncertainty is central rather than marginal to finance. Markets don't trade mainly on changes in risk. They trade on changes in beliefs about risk, and in the process, markets unite, stretch, and occasionally defy beliefs. Recognizing this truth would make a world of difference in investing. Belittling uncertainty has created a rift between financial theory and practice and within finance theory itself, misguiding regulation and stoking huge financial imbalances. Sparking a revolution in the mindset of the investment professional, Osband recasts the market as a learning machine rather than a knowledge machine. The market continually errs, corrects itself, and makes new errors. Respecting that process, without idolizing it, will promote wiser investment, trading, and regulation. With uncertainty embedded at its core, Osband's rational approach points to a finance theory worthy of twenty-first-century investing.

Download or read book Financial Markets and Public Information written by Andreas Storkenmaier and published by KIT Scientific Publishing. This book was released on 2014-08-22 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last decades have seen dramatic changes in trading technology and the way that financial markets operate. As trading technology advances, news providers have kept pace and deliver news to market participants around the world within fractions of a second using electronic systems. Currently, most news is still interpreted by humans but news providers have started to offer newswire products with machine learning systems that specifically cater to algorithmic traders. In practice, newswire messagesmake up a major part of the public information set available to investors. This book studies how newswire messages impact modern electronic equity markets.

Download or read book J K Lasser s Buy Sell or Hold written by Michael C. Thomsett and published by John Wiley & Sons. This book was released on 2002-10-15 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: SIMPLE MARKET GUIDANCE FOR THE INDIVIDUAL INVESTOR Today, investors are bogged down with information overload and market falsehoods, which stem from a variety of sources. To move beyond the mentality of popular, yet untrue, market assumptions and identify how the market actually works, you must carefully filter information to make the important buy, sell, or hold decisions that will maintain and grow your portfolio. J.K. Lasser's Buy, Sell, or Hold seeks to clear the air for investors by providing honest, down-to-earth advice on how to cope with excessive information, and how to find good, basic facts that will improve your skills in personal portfolio management. Filled with sound methods and proven techniques, this accessible book provides you with the knowledge needed to study stocks and decide whether you should buy, sell, or hold. By exploring ten areas of study that every investor needs to master, J.K. Lasser's Buy, Sell, or Hold shows you how to avoid the common pitfalls of the market and head down the path of successful investing. Critical coverage will help you: * Make intelligent investment decisions based on logical and reasonable information * Manage your portfolio to maximize analysis, minimize risk, and earn profits * Understand and interpret volatility * Decide on what type of professional advice-if any-is right for you J.K. Lasser--Practical Guides for All Your Financial Needs Please visit our Web site at www.jklasser.com

Download or read book The Global Financial and Economic Crisis in the South written by Leon-Manriquez, Jose Luis and published by CODESRIA. This book was released on 2017-05-03 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the outcome of a South-South conference jointly organized by the Asian Political and International Studies Association (APISA), the Latin American Council of Social Sciences (CLACSO) and the Council for the Development of Social Science Research in Africa (CODESRIA) in Dakar, Senegal, May 2012. The conference was organised in response to the financial crisis of 2008 which started in the United States and Europe, with reverberating effects on a global scale. Economic problems emanating from such crises usually leave major social and structural impacts on important sectors of the society internationally. They affect living standards and constrain the well-being of people, especially in poor countries. Persistent problems include high unemployment, increased debt and low growth in developed countries, as well as greater difficulties in accessing finance for investment in the developing world. There is a need for countries in the South to examine the available options for appropriate national and regional responses to the different problems emanating from the economic crisis. This book attempts to provide ideas on some strategic responses to the disastrous impact of the crisis, while keeping in mind the global common interest of the South. It is hoped that the book will contribute significantly towards the agenda to rethink development and the quest for alternative paradigms for a just, stable and equitable global political, economic and social system. A system in which Africa, Asia, and Latin America are emancipated from the shackles of hegemonic and anachronistic neoliberal dictates that have nothing more to offer than crises, vulnerabilities and dependency.