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Author: Mr.Jahangir Aziz Publisher: International Monetary Fund ISBN: 1451947925 Category : Business & Economics Languages : en Pages : 34
Book Description
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author: Mr.Jahangir Aziz Publisher: International Monetary Fund ISBN: 1451947925 Category : Business & Economics Languages : en Pages : 34
Book Description
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author: Jahangir Aziz Publisher: ISBN: Category : Languages : en Pages : 34
Book Description
Against the backdrop of emerging stock markets, this paper examines an asset market where investors behave strategically based on their private information. It is shown that if the investor base expands in the form of more informed traders entering the market, in contrast to the commonly held view, price volatility actually increases. Moreover, if entry is endogenized using transaction costs (brokerage fees), it turns out that the level of participation is stochastic and the market displays quot;excess volatilityquot; in price. Informed traders participate in trading only when they believe that the probability of making speculative profits is large and therefore informed trading is discretionary. An extension of the model opens up the possibility of the market displaying informational herding-like behavior despite traders having long trading horizons.
Author: Deniz Ozenbas Publisher: Springer Nature ISBN: 3030748170 Category : Business enterprises Languages : en Pages : 111
Book Description
This open access book addresses four standard business school subjects: microeconomics, macroeconomics, finance and information systems as they relate to trading, liquidity, and market structure. It provides a detailed examination of the impact of trading costs and other impediments of trading that the authors call rictions It also presents an interactive simulation model of equity market trading, TraderEx, that enables students to implement trading decisions in different market scenarios and structures. Addressing these topics shines a bright light on how a real-world financial market operates, and the simulation provides students with an experiential learning opportunity that is informative and fun. Each of the chapters is designed so that it can be used as a stand-alone module in an existing economics, finance, or information science course. Instructor resources such as discussion questions, Powerpoint slides and TraderEx exercises are available online.
Author: Robert Carver Publisher: Harriman House Limited ISBN: 0857194453 Category : Business & Economics Languages : en Pages : 326
Book Description
This is not just another book with yet another trading system. This is a complete guide to developing your own systems to help you make and execute trading and investing decisions. It is intended for everyone who wishes to systematise their financial decision making, either completely or to some degree. Author Robert Carver draws on financial theory, his experience managing systematic hedge fund strategies and his own in-depth research to explain why systematic trading makes sense and demonstrates how it can be done safely and profitably. Every aspect, from creating trading rules to position sizing, is thoroughly explained. The framework described here can be used with all assets, including equities, bonds, forex and commodities. There is no magic formula that will guarantee success, but cutting out simple mistakes will improve your performance. You'll learn how to avoid common pitfalls such as over-complicating your strategy, being too optimistic about likely returns, taking excessive risks and trading too frequently. Important features include: - The theory behind systematic trading: why and when it works, and when it doesn't. - Simple and effective ways to design effective strategies. - A complete position management framework which can be adapted for your needs. - How fully systematic traders can create or adapt trading rules to forecast prices. - Making discretionary trading decisions within a systematic framework for position management. - Why traditional long only investors should use systems to ensure proper diversification, and avoid costly and unnecessary portfolio churn. - Adapting strategies depending on the cost of trading and how much capital is being used. - Practical examples from UK, US and international markets showing how the framework can be used. Systematic Trading is detailed, comprehensive and full of practical advice. It provides a unique new approach to system development and a must for anyone considering using systems to make some, or all, of their investment decisions.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451957092 Category : Business & Economics Languages : en Pages : 268
Book Description
This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simulation experiments suggest that a substantial long-term “peace dividend”—in the form of higher capacity output—may result from markedly lower military expenditure levels achieved in most regions during the late 1980s, and the further military spending cuts that would be possible if global peace could be secured.
Author: United States. Congress. House. Committee on Agriculture. Subcommittee on General Farm Commodities and Risk Management Publisher: ISBN: Category : Business & Economics Languages : en Pages : 104
Author: Markus K. Brunnermeier Publisher: OUP Oxford ISBN: 0191606928 Category : Business & Economics Languages : en Pages : 262
Book Description
Asset prices are driven by public news and information that is often dispersed among many market participants. These agents try to infer each other's information by analyzing price processes. In the past two decades, theoretical research in financial economics has significantly advanced our understanding of the informational aspects of price processes. This book provides a detailed and up-to-date survey of this important body of literature. The book begins by demonstrating how to model asymmetric information and higher-order knowledge. It then contrasts competitive and strategic equilibrium concepts under asymmetric information. It also illustrates the dependence of information efficiency and allocative efficiency on the security structure and the linkage between both efficiency concepts. No-Trade theorems and market breakdowns due to asymmetric information are then explained, and the existence of bubbles under symmetric and asymmetric information is investigated. The remainder of the survey is devoted to contrasting different market microstructure models that demonstrate how asymmetric information affects asset prices and traders' information , which provide a theoretical explanation for technical analysis and illustrate why some investors "chase the trend." The reader is then introduced to herding models and informational cascades, which can arise in a setting where agents' decision-making is sequential. The insights derived from herding models are used to provide rational explanations for stock market crashes. Models in which all traders are induced to search for the same piece of information are then presented to provide a deeper insight into Keynes' comparison of the stock market with a beauty contest. The book concludes with a brief summary of bank runs and their connection to financial crises.
Author: Mr.Jahangir Aziz
Author: Mr.Jahangir Aziz
Author: Jahangir Aziz
Author: Deniz Ozenbas
Author: Sanford J. Grossman
Author: Robert Carver
Author: C. E. V. Borio
Author: International Monetary Fund. Research Dept.
Author: United States. Congress. House. Committee on Agriculture. Subcommittee on General Farm Commodities and Risk Management
Author: Markus K. Brunnermeier
Author: