A new, evolutionary explanation of markets and investor behavior
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework--the Adaptive Markets Hypothesis--in which rationality and irrationality coexist. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
Описание: A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial marketsIn today's financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading-automated high-frequency trading or HFT-began and then spread throughout the world.
HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms. In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal-light in a vacuum-can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges' systems and to the location of the microwave towers that carry signals between computer datacenters.
Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others. Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.
Описание: Conducting an experiment Theresa Herrmann investigates why nonprofessional investors fail to incorporate disclosures on fair value estimates into their investment decision and what causes this exclusion. Differentiating between different types of disclosures and the development of the fair value (gain vs. loss) the results indicate that with a fair value gain, none of the disclosure information increases decision usefulness, irrespective of the presentation format. When a fair value loss occurs, fair value disclosures presented in a salient presentation format decrease decision usefulness. Thus, investors have varying information needs that are strongly linked to the development of a firm’s key asset.
Do you want to learn how start and be successful in dividend investing? If yes, then keep reading...
It's very clear that the world we live in requires more money, as there are plenty of temptations out there, which can empty your wallet and your bank account. Unfortunately, almost nobody is keen on saving money, as most people live in debt, work 2-3 jobs to pay their mortgage and other debts. Clearly, this lifestyle can lead you to the madhouse, as something has to change to relieve yourself from these shackles. Saving money and depositing it into a bank account is clearly not the best way to get a handsome return on your money. Some people already tried different types of investment, more or less risky, to generate more income for them.
Investing in dividend-paying stocks is something to look for in the long run, as you probably will not feel too rich in a few months. Think of it just like planting a seed, and letting it grow in the years to come. It can be the perfect retirement strategy if you are looking for an additional income. However, there are plenty of investors out there who are impatient and simply don't have the time to wait for an income. After all, with dividends, you are being paid to wait. But you will need to wait for an extremely long period of time, and see how money is being sent to you by the companies you invested in.
Studies have shown that dividend-paying stocks are performing a lot better than the rest of the stocks, so this can be an extra reason why investors should consider investing in them. Finding the right stocks to invest in is not an easy task, as you will need to analyze indicators like EPS (earning per share), DPR (dividend pay-out ratio), the value of the dividends, but also the dividend growth rate or total return. If you are skilled enough, then you know how to avoid the traps like way too high DPR, high yields with small return rates and so on. You will always need to ask yourself if the company can support paying the dividends for a longer period of time, as some of them are luring the investors with extremely attractive DPRs, which are simply not sustainable for a longer period of time.
This book covers the following topics:
An introduction to dividend stocks;
Choosing dividend stocks for your investment portfolio;
Dividend income and taxes;
Fundamental analysis;
Beginning your investment plans;
Investment strategies for dividend stocks;
Investing using funds;
Factors to consider when investing in dividend stocks;
The benefits of investing in dividend stocks;
MLPS: strike oil or make money off those who do;
Momentum trading strategy;
...And much more.
This book will put things in perspective, both when it comes to how dividends work and how to make the most out of them and when it comes to their role in an investment portfolio. More than that, I hope that my book has given you hope and a push of ambition. Dividend investing is not easy, but it's not rocket science either - and that makes it the perfect choice for those of you who are ready to put a bit of effort and see considerable results growing over the years.
Описание: Some may never be able to retire.Investors and savers of every age and stripe will want to pay careful attention to the concentrated wisdom in this book and take proactive steps to protect themselves while there`s still time.
Автор: Gregory Название: Unmasking Financial Psychopaths ISBN: 1137370750 ISBN-13(EAN): 9781137370754 Издательство: Springer Рейтинг: Цена: 8384.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Unmasking Financial Psychopaths suggests that an increasing number of financiers labeled "financial psychopaths" are not truly psychopathic, but instead are by-products of a rapidly changing personal and professional environment.
Автор: Carlisle Tobias E Название: Deep Value ISBN: 1118747968 ISBN-13(EAN): 9781118747964 Издательство: Wiley Рейтинг: Цена: 10771.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: The economic climate is ripe for another golden age of shareholder activism. This book offers an exploration of deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond.
Автор: Prisman Eliezer Z Название: Lecture Notes In Fixed Income Fundamentals ISBN: 9813149760 ISBN-13(EAN): 9789813149762 Издательство: World Scientific Publishing Рейтинг: Цена: 6336.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Written for undergraduates, this book is dedicated to fixed income fundamentals that do not require modeling the dynamics of interest rates. The book concentrates on understanding and explaining the pillars of fixed income markets, using the modern finance approach implied by the 'no free lunch' condition. It focuses on conceptual understanding so that novice readers will be familiar with tools needed to analyze bond markets. Institutional information is covered only to the extent that is necessary to obtain full appreciation of concepts.This volume will equip readers with a solid and intuitive understanding of the No Arbitrage Condition -- its link to the existence and estimation of the term structure of interest rates, and to valuation of financial contracts. Using the modern approach of arbitrage arguments, the book addresses positions and contracts that do not require modeling evolution of interest rates. As such, it welcomes readers lacking the technical background for this modeling, and provides them with good intuition for interest rates, no arbitrage condition, bond markets and certain financial contracts.
Автор: Prisman Eliezer Z Название: Lecture Notes In Fixed Income Fundamentals ISBN: 9813149752 ISBN-13(EAN): 9789813149755 Издательство: World Scientific Publishing Рейтинг: Цена: 12830.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Written for undergraduates, this book is dedicated to fixed income fundamentals that do not require modeling the dynamics of interest rates. The book concentrates on understanding and explaining the pillars of fixed income markets, using the modern finance approach implied by the 'no free lunch' condition. It focuses on conceptual understanding so that novice readers will be familiar with tools needed to analyze bond markets. Institutional information is covered only to the extent that is necessary to obtain full appreciation of concepts.This volume will equip readers with a solid and intuitive understanding of the No Arbitrage Condition -- its link to the existence and estimation of the term structure of interest rates, and to valuation of financial contracts. Using the modern approach of arbitrage arguments, the book addresses positions and contracts that do not require modeling evolution of interest rates. As such, it welcomes readers lacking the technical background for this modeling, and provides them with good intuition for interest rates, no arbitrage condition, bond markets and certain financial contracts.
Описание: India's financial sector has undergone significant changes following the start of the economic liberalization in the early 1990s. In addition to providing important information on monetary and financial issues in India, this book also provides examples to analyze a developing economy by using macro-financial data. The book also focuses on three main topics, that is, monetary policy, financial markets and finance-poverty nexus, and provides new insights into these issues by applying some recently developed quantitative techniques.
Technical analysis is defined as the tracking and prediction of asset price movements using charts and graphs in combination with various mathematical and statistical methods. More precisely, it is the quantitative criteria used in predicting the relative strength of buying and selling forces within a market to determine what to buy, what to sell, and when to execute trades.
This book introduces simple technical analysis tools like moving averages and Bollinger bands, and also advanced techniques such as wavelets and empirical mode decomposition. It first discusses some traditional tools in technical analysis, such as trend, trend Line, trend channel, Gann's Theory, moving averages, and Bollinger bands. It then introduces a recent indicator developed for stock market and two recent techniques used in the technical analysis field: wavelets and the empirical mode decomposition in financial time series. The book also discusses the theory to test the performance of the indicators and introduces the MATLAB Financial Toolbox, some of the functions/codes of which are used in our numerical experiments.
Описание: Provides what you need to get started on the right foot in the increasingly popular options market. This book helps you learn what options are and how they work, their pros and cons, their relationship with stocks, and how to use them to gain leverage, generate extra income, and protect against adverse price movements.
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