In most countries the economic structure and financial landscape are dominated by corporations. A critical examination of the various facets of the corporate economy is thus vitally important. In Managerial Finance in the Corporate Economy the authors use new theoretical apparatus and empirical evaluations to present such a study. The book includes new findings on mutual and pension funds, portfolio diversification, market volatility, financial institutions and corporate behaviour in the context of the international economy.
Emerging Markets and the Global Economy investigates analytical techniques suited to emerging market economies, which are typically prone to policy shocks. Despite the large body of emerging market finance literature, their underlying dynamics and interactions with other economies remain challenging and mysterious because standard financial models measure them imprecisely. Describing the linkages between emerging and developed markets, this collection systematically explores several crucial issues in asset valuation and risk management. Contributors present new theoretical constructions and empirical methods for handling cross-country volatility and sudden regime shifts. Usually attractive for investors because of the superior growth they can deliver, emerging markets can have a low correlation with developed markets. This collection advances your knowledge about their inherent characteristics. Foreword by Ali M. Kutan - Concentrates on post-crisis roles of emerging markets in the global economy - Reports on key theoretical and technical developments in emerging financial markets - Forecasts future developments in linkages among developed and emerging economies
Presents researches in linear and nonlinear modelling of economic and financial time-series. This book provides a comprehensive understanding of financial and economic dynamics in various aspects using modern financial econometric methods. It also presents and discusses research findings and their implications.
This book is a practical guide on the use of various data analytics and visualization techniques and tools in the banking and financial sectors. It focuses on how combining expertise from interdisciplinary areas, such as machine learning and business analytics, can bring forward a shared vision on the benefits of data science from the research point of view to the evaluation of policies. It highlights how data science is reshaping the business sector. It includes examples of novel big data sources and some successful applications on the use of advanced machine learning, natural language processing, networks analysis, and time series analysis and forecasting, among others, in the banking and finance. It includes several case studies where innovative data science models is used to analyse, test or model some crucial phenomena in banking and finance. At the same time, the book is making an appeal for a further adoption of these novel applications in the field of economics and finance so that they can reach their full potential and support policy-makers and the related stakeholders in the transformational recovery of our societies. The book is for stakeholders involved in research and innovation in the banking and financial sectors, but also those in the fields of computing, IT and managerial information systems, helping through this new theory to better specify the new opportunities and challenges. The many real cases addressed in this book also provide a detailed guide allowing the reader to realize the latest methodological discoveries and the use of the different Machine Learning approaches (supervised, unsupervised, reinforcement, deep, etc.) and to learn how to use and evaluate performance of new data science tools and frameworks
This edited book is a collection of selected papers, presented at the International Conference of Political Economy (ICOPEC 2016). The deliberate employment of the term “political economy” in the title “International Conference of Political Economy” implies the fact that economics is perceived as an integral part of social phenomena in the International Conference of Political Economy (ICOPEC). Accordingly, even if economic institutions and relations form the foundations of society in the contemporary world, economic development is dependent on social power and dynamics, while economic policies, per se, are shaped by not only technical processes but also diverse interests and choices. Within this context, politics is involved in every encounter between different economic classes, social groups and genders being shaped by the visions of a better life as the subject matter of philosophy, ethics and religion and at times it finds its best expression in art. Law, on the other hand, is the embodiment of all social relations which are, in their essence, political. Thus, this conference does not reduce society to market relations only, despite positioning the economy in the heart of social relations. Above all, it considers the society as a political entity. Indeed, everything constitutes the subject matter of politics. The arguments in favour of purifying market relations from the influence of politics and the discourse that they take place on their own right serve to disguise the conflicts of interest and power asymmetries inherent therein. This conference regards man as homo politicus, as Aristoteles put it, rather than homo economicus. In 2016, ICOPEC conferences were turned into a conference series with its 7th conference and the main theme of the 7th conference was determined as “State, Economic Policy, Taxation and Development". IJOPEC Publication has undertaken to publish selected papers, presented at this conference in English and Turkish, in five different edited books. In the 90s the phenomena of globalization managed to dominate political, popular, and academic debates. While reading a newspaper or a book, watching television, surfing the Internet, or participating in a demonstration we come across the links of globalization in our everyday lives. Globalization as a wide term is variously blamed or credited with a huge range of negative effects, e. g. it is often related to social problems ranging from famine to floods, from pollution to poverty, and from rural depopulation to urban overcrowding. On the contrary, globalization can be also considered as the source of success in development, for instance decrease in the poverty levels, economic prosperity and growth, better services, and enhanced awareness of human rights. Nevertheless, some sceptics of the benefits from globalization have also described the potential ways in transforming political, economic, and social relations within and between countries. This transformation may lead to the benefit of human welfare worldwide. T İsmail Şiriner, Bryan Christiansen, Julia Dobreva (Introduction: Political Economy of Globalization: Financialization & Crises) 10 Since the 80s, we can observe a significant increase in the role of the financial sector. This progress is often referred to as financialization. Financialization has many features and affects numerous different economic entities (Epstein 2015; Stockhammer 2013). One key component is the magnificent growth of the financial sector. Greenwood & Scharfstein (2013) point out a massive rise of the financial service sector in the USA during the last 30 years. The growth can be proved either by the financial sector’s share in GDP, the quantity of financial assets, or by employment and average wages in the financial sector. But this growth is not related to the USA; although to a softer scope, similar processes can also be observed in other OECD countries (Philippon & Reshel 2013). The financial rise has its base in the deregulation and liberalization of the financial (and economic) system. From this point of view, financialization is the cause rather than the effect. This is the major difference compared to the other approaches. Financialization can affect the macro-economy through four main channels. These are income distribution, investment in capital stock, household debt, and net exports and current account balances. As a correction, it is discussed that economic structures governed by financialization should be addressed on four dimensions: a) re-regulation and reduction of the financial sector, b) redistribution of income from top to bottom and from capital to labour, c) re-orientation of macroeconomic policies to stabilize domestic demand at non-inflationary full employment levels, and eventually d) re-creation of international monetary and economic policy coordination.
In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.
The first in-depth analysis of pairs trading Pairs trading is a market-neutral strategy in its most simple form. The strategy involves being long (or bullish) one asset and short (or bearish) another. If properly performed, the investor will gain if the market rises or falls. Pairs Trading reveals the secrets of this rigorous quantitative analysis program to provide individuals and investment houses with the tools they need to successfully implement and profit from this proven trading methodology. Pairs Trading contains specific and tested formulas for identifying and investing in pairs, and answers important questions such as what ratio should be used to construct the pairs properly. Ganapathy Vidyamurthy (Stamford, CT) is currently a quantitative software analyst and developer at a major New York City hedge fund.
