A Tale Between Finance And Economics
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A Tale Between Finance And Economics
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Author : Thomas Delcey
language : en
Publisher:
Release Date : 2021
A Tale Between Finance And Economics written by Thomas Delcey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
This thesis provides a historical and methodological analysis of the efficient market hypothesis, which represents one of the theoretical pillars of financial economics, but also one of the most controversial notions in the field. This research aims to shed light on the debates about this central and ambiguous concept, whose history is characterized by the diversity of its formulations and interpretations. In this thesis, I study these formulations and the contexts in which they emerged. I analyze the evolution of this hypothesis, from its origins in the 1920s to the recent transformations of the early 1980s. I interpret the efficient market hypothesis as a bridge between financial economics and economics, that is, as a concept at the heart of the identity of financial economics, but also as the main object through which this sub-discipline dialogues with the rest of the discipline. This intellectual history is structured around four articles, which discuss in detail these interactions. In the first episode, I examine the pioneering analyses of financial markets pursued by agricultural economists during the inter-war period and their influence on modern financial economics. In the second episode, I focus on the modern development of this hypothesis during the emergence of financial economics in the 1960s and on the close relationship between economists and early financial economists. The third episode explores the growing role of macroeconomists in the 1970s and early 1980s, which ultimately led to the questioning and reformulation of the hypothesis. Finally, the fourth chapter offers a methodological analysis that investigates the link between market efficiency and Hayek's information theory. In this fourth episode, I analyze the conceptual similarities and differences between these two theories of price formation.
Finance In America
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Author : Kevin R. Brine
language : en
Publisher: University of Chicago Press
Release Date : 2017-11-14
Finance In America written by Kevin R. Brine and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-14 with Business & Economics categories.
The economic crisis of 2008 led to an unprecedented focus on the world of high finance—and revealed it to be far more arcane and influential than most people could ever have imagined. Any hope of avoiding future crises, it’s clear, rest on understanding finance itself. To understand finance, however, we have to learn its history, and this book fills that need. Kevin R. Brine, an industry veteran, and Mary Poovey, an acclaimed historian, show that finance as we know it today emerged gradually in the late nineteenth century and only coalesced after World War II, becoming ever more complicated—and ever more central to the American economy. The authors explain the models, regulations, and institutions at the heart of modern finance and uncover the complex and sometimes surprising origins of its critical features, such as corporate accounting standards, the Federal Reserve System, risk management practices, and American Keynesian and New Classic monetary economics. This book sees finance through its highs and lows, from pre-Depression to post-Recession, exploring the myriad ways in which the practices of finance and the realities of the economy influenced one another through the years. A masterwork of collaboration, Finance in America lays bare the theories and practices that constitute finance, opening up the discussion of its role and risks to a broad range of scholars and citizens.
Narrative Economics
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Author : Robert J. Shiller
language : en
Publisher: Princeton University Press
Release Date : 2020-09-01
Narrative Economics written by Robert J. Shiller and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-01 with Business & Economics categories.
From Nobel Prize–winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events—and why financial panics can spread like epidemic viruses Stories people tell—about financial confidence or panic, housing booms, or Bitcoin—can go viral and powerfully affect economies, but such narratives have traditionally been ignored in economics and finance because they seem anecdotal and unscientific. In this groundbreaking book, Robert Shiller explains why we ignore these stories at our peril—and how we can begin to take them seriously. Using a rich array of examples and data, Shiller argues that studying popular stories that influence individual and collective economic behavior—what he calls "narrative economics"—may vastly improve our ability to predict, prepare for, and lessen the damage of financial crises and other major economic events. The result is nothing less than a new way to think about the economy, economic change, and economics. In a new preface, Shiller reflects on some of the challenges facing narrative economics, discusses the connection between disease epidemics and economic epidemics, and suggests why epidemiology may hold lessons for fighting economic contagions.
Financial Markets And Economic Performance
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Author : John E. Silvia
language : en
Publisher: Springer Nature
Release Date : 2021-07-31
Financial Markets And Economic Performance written by John E. Silvia and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-31 with Business & Economics categories.
Effective decision making requires understanding of the underlying principles of financial markets and economics. Intellectually, economics and financial markets are genetically intertwined although when it comes to popular commentary they are treated separately. In fact, academic economic thinking appears separate from financial market equity strategy in most financial market commentary. Historically, macroeconomics tended to assume away financial frictions and financial intermediation whereas financial economists did not necessarily consider the negative macroeconomic spill overs from financial market outcomes. In more recent years, the economic discipline has gone through a serious self-reflection after the global crisis. This book explores the interplay between financial markets and macroeconomic outcomes with a conceptual framework that combines the actions of investors and individuals. Of interest to graduate students and those professionals working in the financial markets, it provides insight into why market prices move and credit markets interact and what factors participants and policy makers can monitor to anticipate market change and future price paths.
Economics For Financial Markets
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Author : Brian Kettell
language : en
Publisher: Elsevier
Release Date : 2001-11-23
Economics For Financial Markets written by Brian Kettell and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-11-23 with Business & Economics categories.
Successful trading, speculating or simply making informed decisions about financial markets means it is essential to have a firm grasp of economics. Financial market behaviour revolves around economic concepts, however the majority of economic textbooks do not tell the full story. To fully understand the behaviour of financial markets it is essential to have a model that enables new information to be absorbed and analysed with some predictive implications. That model is provided by the business cycle. 'Economics for Financial Markets' takes the reader from the basics of financial market valuation to a more sophisticated understanding of the actions that traders take which ultimately drives the volatility in the financial markets. The author shows traders, investment managers, risk managers and finance professionals how to distil the flow of information and show what needs to be concentrated on, covering topics such as: * Why are financial markets subject to economic fashions? * How has the New Economy changed financial market behaviour? * Does the creation of the euro fundamentally change the behaviour of the currency markets? Shows how to distil the vast amount of information in financial markets and identify what is important Demonstrates how the "New Economy" had changed financial market behaviour Explains how to follow the behaviour of central banks
Adventures In Financial Data Science The Empirical Properties Of Financial And Economic Data Second Edition
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Author : Graham L Giller
language : en
Publisher: World Scientific
Release Date : 2022-06-27
Adventures In Financial Data Science The Empirical Properties Of Financial And Economic Data Second Edition written by Graham L Giller and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-27 with Business & Economics categories.
This book provides insights into the true nature of financial and economic data, and is a practical guide on how to analyze a variety of data sources. The focus of the book is on finance and economics, but it also illustrates the use of quantitative analysis and data science in many different areas. Lastly, the book includes practical information on how to store and process data and provides a framework for data driven reasoning about the world.The book begins with entertaining tales from Graham Giller's career in finance, starting with speculating in UK government bonds at the Oxford Post Office, accidentally creating a global instant messaging system that went 'viral' before anybody knew what that meant, on being the person who forgot to hit 'enter' to run a hundred-million dollar statistical arbitrage system, what he decoded from his brief time spent with Jim Simons, and giving Michael Bloomberg a tutorial on Granger Causality.The majority of the content is a narrative of analytic work done on financial, economics, and alternative data, structured around both Dr Giller's professional career and some of the things that just interested him. The goal is to stimulate interest in predictive methods, to give accurate characterizations of the true properties of financial, economic and alternative data, and to share what Richard Feynman described as 'The Pleasure of Finding Things Out.'
The Myth Of The Rational Market
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Author : Justin Fox
language : en
Publisher: Harriman House
Release Date : 2013-10
The Myth Of The Rational Market written by Justin Fox and has been published by Harriman House this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10 with Business & Economics categories.
Chronicling the rise and fall of the efficient market theory and the century-long making of the modern financial industry, Justin Fox's "The Myth of the Rational Market" is as much an intellectual whodunit as a cultural history of the perils and possibilities of risk. The book brings to life the people and ideas that forged modern finance and investing, from the formative days of Wall Street through the Great Depression and into the financial calamity of today. It's a tale that features professors who made and lost fortunes, battled fiercely over ideas, beat the house in blackjack, wrote bestselling books, and played major roles on the world stage. It's also a tale of Wall Street's evolution, the power of the market to generate wealth and wreak havoc, and free market capitalism's war with itself. The efficient market hypothesis - long part of academic folklore but codified in the 1960s at the University of Chicago - has evolved into a powerful myth. It has been the maker and loser of fortunes, the driver of trillions of dollars, the inspiration for index funds and vast new derivatives markets, and the guidepost for thousands of careers. The theory holds that the market is always right, and that the decisions of millions of rational investors, all acting on information to outsmart one another, always provide the best judge of a stock's value. That myth is crumbling. Celebrated journalist and columnist Fox introduces a new wave of economists and scholars who no longer teach that investors are rational or that the markets are always right. Many of them now agree with Yale professor Robert Shiller that the efficient markets theory "represents one of the most remarkable errors in the history of economic thought." Today the theory has given way to counterintuitive hypotheses about human behavior, psychological models of decision making, and the irrationality of the markets. Investors overreact, underreact, and make irrational decisions based on imperfect data. In his landmark treatment of the history of the world's markets, Fox uncovers the new ideas that may come to drive the market in the century ahead.
Against The Gods
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Author : Peter L. Bernstein
language : en
Publisher: John Wiley & Sons
Release Date : 2012-09-11
Against The Gods written by Peter L. Bernstein and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-11 with Business & Economics categories.
A Business Week, New York Times Business, and USA Today Bestseller "Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." —The New York Times "An extraordinarily entertaining and informative book." —The Wall Street Journal "A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it." —Business Week "Deserves to be, and surely will be, widely read." —The Economist "[A] challenging book, one that may change forever the way people think about the world." —Worth "No one else could have written a book of such central importance with so much charm and excitement." —Robert Heilbroner author, The Worldly Philosophers "With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it." —John Kenneth Galbraith Professor of Economics Emeritus, Harvard University In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today. "An extremely readable history of risk." —Barron's "Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face." —Money "A singular achievement." —Times Literary Supplement "There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company." —The Australian
The Price Of Time
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Author : Edward Chancellor
language : en
Publisher: Penguin UK
Release Date : 2022-07-07
The Price Of Time written by Edward Chancellor and has been published by Penguin UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-07 with Business & Economics categories.
The first book of the next crisis. A history of interest rates by a leading financial commentator, updated with a new postscript. *Winner of the 2023 Hayek Book Prize* *Longlisted for the 2022 Financial Times Business Book of the Year Award* All economic and financial activities take place across time. Interest coordinates these activities. The story of capitalism is thus the story of interest: the price that individuals, companies and nations pay to borrow money. In The Price of Time, Edward Chancellor traces the history of interest from its origins in ancient Mesopotamia, through debates about usury in Restoration Britain and John Law ' s ill-fated Mississippi scheme, to the global credit booms of the twenty-first century. We generally assume that high interest rates are harmful, but Chancellor argues that, whenever money is too easy, financial markets become unstable. He takes the story to the present day, when interest rates have sunk lower than at any time in the five millennia since they were first recorded - including the extraordinary appearance of negative rates in Europe and Japan - and highlights how this has contributed to profound economic insecurity and financial fragility. Chancellor reveals how extremely low interest rates not only create asset price inflation but are also largely responsible for weak economic growth, rising inequality, zombie companies, elevated debt levels and the pensions crises that have afflicted the West in recent years - conditions under which economies cannot possibly thrive. At the same time, easy money in China has inflated an epic real estate bubble, accompanied by the greatest credit and investment boom in history. As the global financial system edges closer to yet another crisis, Chancellor shows that only by understanding interest can we hope to face the challenges ahead.
Stories Of Capitalism
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Author : Stefan Leins
language : en
Publisher: University of Chicago Press
Release Date : 2018-01-29
Stories Of Capitalism written by Stefan Leins and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-29 with Social Science categories.
The financial crisis and the recession that followed caught many people off guard, including experts in the financial sector whose jobs involve predicting market fluctuations. Financial analysis offices in most international banks are supposed to forecast the rise or fall of stock prices, the success or failure of investment products, and even the growth or decline of entire national economies. And yet their predictions are heavily disputed. How do they make their forecasts—and do those forecasts have any actual value? Building on recent developments in the social studies of finance, Stories of Capitalism provides the first ethnography of financial analysis. Drawing on two years of fieldwork in a Swiss bank, Stefan Leins argues that financial analysts construct stories of possible economic futures, presenting them as coherent and grounded in expert research and analysis. In so doing, they establish a role for themselves—not necessarily by laying bare empirically verifiable trends but rather by presenting the market as something that makes sense and is worth investing in. Stories of Capitalism is a nuanced look at how banks continue to boost investment—even in unstable markets—and a rare insider’s look into the often opaque financial practices that shape the global economy.