Essays on Market Microstructure with Uncertain Information Precision, Optimal Information Sales, and Overconfidence
Author: Simon Gervais
Publisher:
Published: 1997
Total Pages: 324
ISBN-13:
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Efficiency and Anomalies in Stock Markets
Author: Wing-Keung Wong
Publisher: Mdpi AG
Published: 2022-02-17
Total Pages: 232
ISBN-13: 9783036530802
DOWNLOAD EBOOKThe Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
MarketPsych
Author: Richard L. Peterson
Publisher: John Wiley & Sons
Published: 2010-07-30
Total Pages: 182
ISBN-13: 0470886773
DOWNLOAD EBOOKAn investor's guide to understanding the most elusive (yet most important) aspect of successful investing - yourself. Why is it that the investing performance of so many smart people reliably and predictably falls short? The answer is not that they know too little about the markets. In fact, they know too little about themselves. Combining the latest findings from the academic fields of behavioral finance and experimental psychology with the down-and-dirty real-world wisdom of successful investors, Drs. Richard Peterson and Frank Murtha guide both new and experienced investors through the psychological learning process necessary to achieve their financial goals. In an easy and entertaining style that masks the book’s scientific rigor, the authors make complex scientific insights readily understandable and actionable, shattering a number of investing myths along the way. You will gain understanding of your true investing motivations, learn to avoid the unseen forces that subvert your performance, and build your investor identity - the foundation for long-lasting investing success. Replete with humorous games, insightful self-assessments, entertaining exercises, and concrete planning tools, this book goes beyond mere education. MarketPsych: How to Manage Fear and Build Your Investor Identity functions as a psychological outfitter for your unique investing journey, providing the tools, training and equipment to help you navigate the right paths, stay on them, and see your journey through to success.
Earnings Management
Author: Joshua Ronen
Publisher: Springer Science & Business Media
Published: 2008-08-06
Total Pages: 587
ISBN-13: 0387257713
DOWNLOAD EBOOKThis book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Handbook of Financial Markets: Dynamics and Evolution
Author: Thorsten Hens
Publisher: Elsevier
Published: 2009-06-12
Total Pages: 607
ISBN-13: 0080921434
DOWNLOAD EBOOKThe models of portfolio selection and asset price dynamics in this volume seek to explain the market dynamics of asset prices. Presenting a range of analytical, empirical, and numerical techniques as well as several different modeling approaches, the authors depict the state of debate on the market selection hypothesis. By explicitly assuming the heterogeneity of investors, they present models that are descriptive and normative as well, making the volume useful for both finance theorists and financial practitioners. - Explains the market dynamics of asset prices, offering insights about asset management approaches - Assumes a heterogeneity of investors that yields descriptive and normative models of portfolio selections and asset pricing dynamics
The Microstructure of Foreign Exchange Markets
Author: Jeffrey A. Frankel
Publisher: University of Chicago Press
Published: 2009-05-15
Total Pages: 358
ISBN-13: 0226260232
DOWNLOAD EBOOKThe foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate. These nine innovative essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behavior of market participants. They examine the volume of transactions, heterogeneity of traders, the time of day and location of trading, the bid-ask spread, and the high level of exchange rate volatility that has puzzled many observers. They also consider the structure of the market, including such issues as nontransparency, asymmetric information, liquidity trading, the use of automated brokers, the relationship between spot and derivative markets, and the importance of systemic risk in the market. This timely volume will be essential reading for anyone interested in the economics of international finance.
The New Financial Order
Author: Robert J. Shiller
Publisher: Princeton University Press
Published: 2009-02-09
Total Pages: 385
ISBN-13: 1400825474
DOWNLOAD EBOOKIn his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy.
The Microstructure of Financial Markets
Author: Frank de Jong
Publisher: Cambridge University Press
Published: 2009-05-14
Total Pages: 209
ISBN-13: 1139478443
DOWNLOAD EBOOKThe analysis of the microstructure of financial markets has been one of the most important areas of research in finance and has allowed scholars and practitioners alike to have a much more sophisticated understanding of the dynamics of price formation in financial markets. Frank de Jong and Barbara Rindi provide an integrated graduate level textbook treatment of the theory and empirics of the subject, starting with a detailed description of the trading systems on stock exchanges and other markets and then turning to economic theory and asset pricing models. Special attention is paid to models explaining transaction costs, with a treatment of the measurement of these costs and the implications for the return on investment. The final chapters review recent developments in the academic literature. End-of-chapter exercises and downloadable data from the book's companion website provide opportunities to revise and apply models developed in the text.
Heuristics, Probability, and Casuality
Author: Rina Dechter
Publisher:
Published: 2010
Total Pages: 565
ISBN-13: 9781904987666
DOWNLOAD EBOOKThe field of Artificial Intelligence has changed a great deal since the 80s, and arguably no one has played a larger role in that change than Judea Pearl. Judea Pearl's work made probability the prevailing language of modern AI and, perhaps more significantly, it placed the elaboration of crisp and meaningful models, and of effective computational mechanisms, at the center of AI research. This book is a collection of articles in honor of Judea Pearl, written by close colleagues and former students. Its three main parts, heuristics, probabilistic reasoning, and causality, correspond to the titles of the three ground-breaking books authored by Judea, and are followed by a section of short reminiscences. In this volume, leading authors look at the state of the art in the fields of heuristic, probabilistic, and causal reasoning, in light of Judea's seminal contributors. The authors list include Blai Bonet, Eric Hansen, Robert Holte, Jonathan Schaeffer, Ariel Felner, Richard Korf, Austin Parker, Dana Nau, V. S. Subrahmanian, Hector Geffner, Ira Pohl, Adnan Darwiche, Thomas Dean, Rina Dechter, Bozhena Bidyuk, Robert Matescu, Emma Rollon, Michael I. Jordan, Michael Kearns, Daphne Koller, Brian Milch, Stuart Russell, Azaria Paz, David Poole, Ingrid Zukerman, Carlos Brito, Philip Dawid, Felix Elwert, Christopher Winship, Michael Gelfond, Nelson Rushton, Moises Goldszmidt, Sander Greenland, Joseph Y. Halpern, Christopher Hitchcock, David Heckerman, Ross Shachter, Vladimir Lifschitz, Thomas Richardson, James Robins, Yoav Shoham, Peter Spirtes, Clark Glymour, Richard Scheines, Robert Tillman, Wolfgang Spohn, Jian Tian, Ilya Shpitser, Nils Nilsson, Edward T. Purcell, and David Spiegelhalter.
Alphanomics
Author: Charles Lee
Publisher: Now Publishers
Published: 2015-12-16
Total Pages: 212
ISBN-13: 9781601988928
DOWNLOAD EBOOKAlphanomics: The Informational Underpinnings of Market Efficiency is intended to be a compact introduction to academic research on market efficiency, behavioral finance, and fundamental analysis and is dedicated to the kind of decision-driven and prospectively-focused research that is much needed in a market constantly seeking to become more efficient. The authors refer to this type of research as Alphanomics, the informational economics behind market efficiency. Alpha refers to the abnormal returns, which provide the incentive for some subpopulation of investors to engage in information acquisition and costly arbitrage activities. Nomics refers to the economics of alpha extraction, which encompasses the costs and incentives of informational arbitrage as a sustainable business proposition. Some of the questions that are addressed include: why do we believe markets are efficient?; what problems have this belief engendered?; what factors can impede and/or facilitate market efficiency?; what roles do investor sentiment and costly arbitrage play in determining an equilibrium level of informational efficiency?; what is the essence of value investing?; how is it related to fundamental analysis (the study of historical financial data)?; and how might we distinguish between risk and mispricing based explanations for predictability patterns in returns? The first two sections review the evolution of academic thinking on market efficiency and introduce the noise trader model as a rational alternative. Section 3 surveys the literature on investor sentiment and its role as a source of both risks and returns. Section 4 discusses the role of fundamental analysis in value investing. Section 5 reviews the literature on limits to arbitrage, and section 6 discusses research methodology issues associated with the need to distinguish mispricing from risk.
