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Author: Francis A. Longstaff Publisher: ISBN: Category : Assets (Accounting) Languages : en Pages : 14
Book Description
There are many examples of markets where an agent who wants to get out of an investment position quickly may find himself trapped and forced to remain in that position because of a lack of liquidity. What are the asset-pricing implications when agents cannot always buy and sell assets immediately? We study this issue in a multi-asset exchange economy with heterogeneous agents. In this model, agents can trade initially, but then cannot trade again until after a trading blackout' period. The more liquid the market, the sooner agents can trade again. Faced with illiquidity, agents abandon diversification and choose highly polarized portfolios. Risky assets are held primarily by the less-patient short-horizon agents in the economy. Polarization causes the usual risk-return tradeo. to break down and an asset's price may have more to do with the demographics of who owns it than with the riskiness of its cash flows. Risky assets are generally more valuable in an illiquid market than in a liquid market. Market illiquidity can also have large effects on the equity premium.
Author: Francis A. Longstaff Publisher: ISBN: Category : Assets (Accounting) Languages : en Pages : 14
Book Description
There are many examples of markets where an agent who wants to get out of an investment position quickly may find himself trapped and forced to remain in that position because of a lack of liquidity. What are the asset-pricing implications when agents cannot always buy and sell assets immediately? We study this issue in a multi-asset exchange economy with heterogeneous agents. In this model, agents can trade initially, but then cannot trade again until after a trading blackout' period. The more liquid the market, the sooner agents can trade again. Faced with illiquidity, agents abandon diversification and choose highly polarized portfolios. Risky assets are held primarily by the less-patient short-horizon agents in the economy. Polarization causes the usual risk-return tradeo. to break down and an asset's price may have more to do with the demographics of who owns it than with the riskiness of its cash flows. Risky assets are generally more valuable in an illiquid market than in a liquid market. Market illiquidity can also have large effects on the equity premium.
Author: Neil Atkinson Publisher: WaterBrook ISBN: 0307552381 Category : Business & Economics Languages : en Pages : 256
Book Description
If financial freedom seems like an unattainable dream–wake up! Let Neil Atkinson open your eyes to the truth about wealth in this biblically based, practical, readable, funny, and encouraging guide. If you want to get a grip on your finances, you’ ve got to let go of your misconceptions about what it means to be shrewd. The Shrewd Christian will enable you to conquer money, not merely solve money problems. When you change your thinking, you’ll see your lifestyle change. And when your lifestyle changes, you’ll experience true wealth. Neil Atkinson started out where you are. And now he’s ready to show you how to achieve authentic, biblical financial freedom for the rest of your life.
Author: Jaroslaw Morawski Publisher: Springer Science & Business Media ISBN: 3834999555 Category : Business & Economics Languages : en Pages : 467
Book Description
Jaroslaw Morawski offers a practicable and theoretically well-founded solution to the problems encountered when investing in illiquid assets and develops a model of the liquidation process for this category of investments. The result is a coherent investment decision framework designed specifically for private real estate but applicable also to other illiquid assets.
Author: Clive M. Corcoran Publisher: John Wiley & Sons ISBN: 0470065311 Category : Business & Economics Languages : en Pages : 358
Book Description
Hedge funds are now the largest volume players in the capital markets. They follow a wide assortment of strategies but their activities have replaced and overshadowed the traditional model of the long only portfolio manager. Many of the traditional technical indicators and commonly accepted trading strategies have become obsolete or ineffective. The focus throughout the book is to describe the principal innovations that have been made within the equity markets over the last several years and that have changed the ground rules for trading activities. By understanding these changes the active trader is far better equipped to profit in today’s more complex and risky markets. Long/Short Market Dynamics includes: A completely new technique, Comparative Quantiles Analysis, for identifying market turning points is introduced. It is based on statistical techniques that can be used to recognize money flow and price/momentum divergences that can provide substantial profit opportunities. Power laws, regime shifts, self-organized criticality, phase transitions, network dynamics, econophysics, algorithmic trading and other ideas from the science of complexity are examined. All are described as concretely as possible and avoiding unnecessary mathematics and formalism. Alpha generation, portfolio construction, hedge ratios, and beta neutral portfolios are illustrated with case studies and worked examples. Episodes of financial contagion are illustrated with a proposed explanation of their origins within underlying market dynamics
Author: Kerry Pechter Publisher: John Wiley & Sons ISBN: 1394168586 Category : Business & Economics Languages : en Pages : 375
Book Description
Looking for steady retirement income? Read this book! Turning retirement savings into a steady income is a big step toward a worry-free retirement. This book introduces you to how to add annuities to your investment mix. It helps you evaluate how to select the best annuities for your needs and steer clear of the worst. You’ll learn how different types of annuities can help you turn your retirement savings into a monthly paycheck, protect your investments from market ups and downs, postpone taxes, stay in your home for the rest of your life, and even buy long-term care insurance for less.. Written by an annuity thought leader who is a frequent guest-expert on webcasts, podcasts and radio broadcasts as well as editor and publisher of Retirement Income Journal, the book offers the knowledge earned from interviews with hundreds of annuity industry insiders on their own turf. Get insight into which annuities do (or don’t) provide near-retirees and retirees with solid value. Stretch your savings into lifelong income Ask smarter questions when talking to an agent, broker or adviser Retire with less anxiety about the market Feel more in control of your financial life Annuities For Dummies is the must-have guide for anyone making retirement plans or managing their retirement savings.
Author: Glen O. Gabbard Publisher: American Psychiatric Pub ISBN: 158562540X Category : Medical Languages : en Pages : 1250
Book Description
The definitive treatment textbook in psychiatry, this fifth edition of Gabbard's Treatments of Psychiatric Disorders has been thoroughly restructured to reflect the new DSM-5® categories, preserving its value as a state-of-the-art resource and increasing its utility in the field. The editors have produced a volume that is both comprehensive and concise, meeting the needs of clinicians who prefer a single, user-friendly volume. In the service of brevity, the book focuses on treatment over diagnostic considerations, and addresses both empirically-validated treatments and accumulated clinical wisdom where research is lacking. Noteworthy features include the following: Content is organized according to DSM-5® categories to make for rapid retrieval of relevant treatment information for the busy clinician. Outcome studies and expert opinion are presented in an accessible way to help the clinician know what treatment to use for which disorder, and how to tailor the treatment to the patient. Content is restricted to the major psychiatric conditions seen in clinical practice while leaving out less common conditions and those that have limited outcome research related to the disorder, resulting in a more streamlined and affordable text. Chapters are meticulously referenced and include dozens of tables, figures, and other illustrative features that enhance comprehension and recall. An authoritative resource for psychiatrists, psychologists, and psychiatric nurses, and an outstanding reference for students in the mental health professions, Gabbard's Treatments of Psychiatric Disorders, Fifth Edition, will prove indispensable to clinicians seeking to provide excellent care while transitioning to a DSM-5® world.
Author: Emilio Barucci Publisher: Springer ISBN: 1447173228 Category : Mathematics Languages : en Pages : 843
Book Description
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
Author: Susan Finkelstein Publisher: Taylor & Francis ISBN: 1000773213 Category : Psychology Languages : en Pages : 216
Book Description
This collection addresses the theory of claustro-agoraphobic anxieties and schizoid phenomena. It provides psychoanalytic case studies of the transference and counter-transference dynamic inherent in these agonizing disorders. In The Claustro-Agoraphobic Dilemma in Psychoanalysis: Fear of Madness, Susan Finkelstein and Heinz Weiss gather both classic papers and new essays, presenting a timely assessment of claustro-agoraphobia as first developed by Henri Rey. This volume includes papers by Helene Deutsch, Bertram Lewin, Edoardo Weiss, Esther Bick, Donald Meltzer, Albert Mason, John Steiner, and Claudia Frank, as well as a chapter by Kristin White on working remotely with psychoanalytic patients during the Covid-19 pandemic. Applying a Freudian, Kleinian, and Bionian methodology, this collection argues for a long-term approach to psychoanalytic treatment in order to help claustro-agoraphobic patients work through the unconscious conflicts that interfere with their capacity to engage in a committed relationship. This book is essential reading for psychoanalysts in practice and training and will appeal to academics and historians interested in the universality of spiritual and mythic motifs.
Author: George M. Constantinides Publisher: Newnes ISBN: 0444594736 Category : Business & Economics Languages : en Pages : 873
Book Description
The 12 articles in this second of two parts condense recent advances on investment vehicles, performance measurement and evaluation, and risk management into a coherent springboard for future research. Written by world leaders in asset pricing research, they present scholarship about the 2008 financial crisis in contexts that highlight both continuity and divergence in research. For those who seek authoritative perspectives and important details, this volume shows how the boundaries of asset pricing have expanded and at the same time have grown sharper and more inclusive. - Offers analyses by top scholars of recent asset pricing scholarship - Explains how the 2008 financial crises affected theoretical and empirical research - Covers core and newly developing fields
Author: Richard Heinberg Publisher: New Society Publishers ISBN: 1550924834 Category : Business & Economics Languages : en Pages : 359
Book Description
Economics has failed us ... but there is life after growth! Economists insist that recovery is at hand, yet unemployment remains high, real estate values continue to sink, and governments stagger under record deficits. The End of Growth proposes a startling diagnosis: humanity has reached a fundamental turning point in its economic history. The expansionary trajectory of industrial civilization is colliding with non-negotiable natural limits. Richard Heinberg’s latest landmark work goes to the heart of the ongoing financial crisis, explaining how and why it occurred, and what we must do to avert the worst potential outcomes. Written in an engaging, highly readable style, it shows why growth is being blocked by three factors: Resource depletion Environmental impacts Crushing levels of debt These converging limits will force us to re-evaluate cherished economic theories and to reinvent money and commerce. The End of Growth describes what policy makers, communities, and families can do to build a new economy that operates within Earth’s budget of energy and resources. We can thrive during the transition if we set goals that promote human and environmental well-being, rather than continuing to pursue the now-unattainable prize of ever-expanding GDP. Richard Heinberg is the author of nine previous books, including The Party's Over , Peak Everything , and Blackout . A senior fellow of the Post Carbon Institute, Heinberg is one of the world's foremost peak oil educators and an effective communicator of the urgent need to transition away from fossil fuels.
Author: Francis A. Longstaff
Author: Francis A. Longstaff
Author: Neil Atkinson
Author: Jaroslaw Morawski
Author: Clive M. Corcoran
Author: Kerry Pechter
Author: Glen O. Gabbard
Author: Emilio Barucci
Author: Susan Finkelstein
Author: George M. Constantinides
Author: Richard Heinberg