Speculation Trading And Bubbles
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Speculation Trading And Bubbles
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Author : José A. Scheinkman
language : en
Publisher: Columbia University Press
Release Date : 2014-07-08
Speculation Trading And Bubbles written by José A. Scheinkman and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-08 with Business & Economics categories.
As long as there have been financial markets, there have been bubbles—those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book José A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles—such as the rise in trading volume and the coincidence between increases in supply and bubble implosions—Scheinkman offers a model, based on differences in beliefs among investors, that explains these observations. Other top economists also offer their own thoughts on the issue: Sanford J. Grossman and Patrick Bolton expand on Scheinkman's discussion by looking at factors that contribute to bubbles—such as excessive leverage, overconfidence, mania, and panic in speculative markets—and Kenneth J. Arrow and Joseph E. Stiglitz contextualize Scheinkman's findings.
Boom And Bust
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Author : William Quinn
language : en
Publisher: Cambridge University Press
Release Date : 2020-08-06
Boom And Bust written by William Quinn and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-06 with Business & Economics categories.
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? Boom and Bust reveals why bubbles happen, and why some bubbles have catastrophic economic, social and political consequences, whilst others have actually benefited society.
Handbook On Systemic Risk
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Author : Jean-Pierre Fouque
language : en
Publisher: Cambridge University Press
Release Date : 2013-05-23
Handbook On Systemic Risk written by Jean-Pierre Fouque and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-23 with Mathematics categories.
The Handbook on Systemic Risk, written by experts in the field, provides researchers with an introduction to the multifaceted aspects of systemic risks facing the global financial markets. The Handbook explores the multidisciplinary approaches to analyzing this risk, the data requirements for further research, and the recommendations being made to avert financial crisis. The Handbook is designed to encourage new researchers to investigate a topic with immense societal implications as well as to provide, for those already actively involved within their own academic discipline, an introduction to the research being undertaken in other disciplines. Each chapter in the Handbook will provide researchers with a superior introduction to the field and with references to more advanced research articles. It is the hope of the editors that this Handbook will stimulate greater interdisciplinary academic research on the critically important topic of systemic risk in the global financial markets.
The Art Of Speculation
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Author : Philip L. Carret
language : en
Publisher: Pickle Partners Publishing
Release Date : 2015-11-06
The Art Of Speculation written by Philip L. Carret and has been published by Pickle Partners Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-06 with Business & Economics categories.
Philip L. Carret (1896-1998) was a famed investor and founder of The Pioneer Fund (Fidelity Mutual Trust), one of the first Mutual Funds in the United States. A former Barron’s reporter and WWI aviator, Carret launched the Mutual Trust in 1928 after managing money for his friends and family. The initial effort evolved into Pioneer Investments. He ran the fund for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett said of him that he had “the best long term investment record of anyone I know” He is most famous for the long successful track record he achieved investing in Common Stocks and for being one of Warren Buffett’s role models. This book comprises a series of articles written for Barron’s and published in book form in 1930.—Print Ed.
Early Speculative Bubbles Increases In The Supply Of Money
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Author : Douglas E. French
language : en
Publisher: Palmetto Publishing
Release Date : 2024-03-05
Early Speculative Bubbles Increases In The Supply Of Money written by Douglas E. French and has been published by Palmetto Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-05 with Business & Economics categories.
Dive into the Untold Story of Historical Bubbles: Discover the Monetary Secrets Behind World's Greatest Economic Mysteries. For the discerning reader with a passion for economic history, Early Speculative Bubbles & Increases In The Supply of Money: 4th Expanded Edition opens the vault to the past's most captivating financial enigmas. Douglas E. French masterfully charts a course through history's turbulent monetary waters, revealing the underlying currents that drove the world's most talked-about economic bubbles. Dive deep into the heart of 17th-century Netherlands, a realm where the simple tulip bulb became the center of an economic whirlwind, the legendary Tulipmania. But was it mere human folly that drove this frenzy? French challenges popular theories, spotlighting the unobserved governmental interventions and money supply explosions that truly fanned the flames. Travel from the illustrious trading floors where the South Sea Bubble and Panic of 1857 were born, to the gilded coasts of California during its monumental gold rush. Each tale unravels a consistent thread: the hidden hand of government meddling and the intoxication of rapid money creation. This 4th edition, building upon French's esteemed Master's thesis and expanded with fresh insights, serves as a bridge connecting past economic phenomena with present-day market dynamics. Readers will be astounded by the striking parallels between yesteryears' bubbles and today's financial headlines, each underscored by similar patterns of low interest rates, easy credit, and sweeping public euphoria. With Early Speculative Bubbles & Increases In The Supply of Money, you're not just reading economic history. You're gaining a lens to view, understand, and anticipate the financial ebbs and flows of tomorrow.
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.
Bubbles And Crashes
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Author : Brent Goldfarb
language : en
Publisher: Stanford University Press
Release Date : 2023-05-25
Bubbles And Crashes written by Brent Goldfarb and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-25 with Business & Economics categories.
"An interesting take on some factors that facilitate the development and bursting of bubbles in technology industries. . . . Highly recommended." — Choice Financial market bubbles are recurring, often painful, reminders of the costs and benefits of capitalism. While many books have studied financial manias and crises, most fail to compare times of turmoil with times of stability. In Bubbles and Crashes, Brent Goldfarb and David A. Kirsch give us new insights into the causes of speculative booms and busts. They identify a class of assets—major technological innovations—that can, but does not necessarily, produce bubbles. This methodological twist is essential: Only by comparing similar events that sometimes lead to booms and busts can we ascertain the root causes of bubbles. Using a sample of eighty-eight technologies spanning 150 years, Goldfarb and Kirsch find that four factors play a key role in these episodes: the degree of uncertainty surrounding a particular innovation; the attentive presence of novice investors; the opportunity to directly invest in companies that specialize in the technology; and whether or not a technology is a good protagonist in a narrative. Goldfarb and Kirsch consider the implications of their analysis for technology bubbles that may be in the works today, offer tools for investors to identify whether a bubble is happening, and propose policy measures that may mitigate the risks associated with future speculative episodes.
Stabilizing An Unstable Economy
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Author : Hyman P. Minsky
language : en
Publisher: McGraw Hill Professional
Release Date : 2008-05-01
Stabilizing An Unstable Economy written by Hyman P. Minsky and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-01 with Business & Economics categories.
“Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance” and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction. A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.
Asset Price Bubbles
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Author : Ms.Anna Scherbina
language : en
Publisher: International Monetary Fund
Release Date : 2013-02-21
Asset Price Bubbles written by Ms.Anna Scherbina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-21 with Business & Economics categories.
Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model the common characteristics of historical bubble episodes and offer insights for how bubbles are initiated and sustained, the reasons they burst, and why arbitrage forces do not routinely step in to squash them. The latest U.S. real estate bubble is described in the context of this literature.
Radical Uncertainty Decision Making Beyond The Numbers
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Author : John Kay
language : en
Publisher: W. W. Norton & Company
Release Date : 2020-03-17
Radical Uncertainty Decision Making Beyond The Numbers written by John Kay and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-17 with Business & Economics categories.
Much economic advice is bogus quantification, warn two leading experts in this essential book, now with a preface on COVID-19. Invented numbers offer a false sense of security; we need instead robust narratives that give us the confidence to manage uncertainty. “An elegant and careful guide to thinking about personal and social economics, especially in a time of uncertainty. The timing is impeccable." — Christine Kenneally, New York Times Book Review Some uncertainties are resolvable. The insurance industry’s actuarial tables and the gambler’s roulette wheel both yield to the tools of probability theory. Most situations in life, however, involve a deeper kind of uncertainty, a radical uncertainty for which historical data provide no useful guidance to future outcomes. Radical uncertainty concerns events whose determinants are insufficiently understood for probabilities to be known or forecasting possible. Before President Barack Obama made the fateful decision to send in the Navy Seals, his advisers offered him wildly divergent estimates of the odds that Osama bin Laden would be in the Abbottabad compound. In 2000, no one—not least Steve Jobs—knew what a smartphone was; how could anyone have predicted how many would be sold in 2020? And financial advisers who confidently provide the information required in the standard retirement planning package—what will interest rates, the cost of living, and your state of health be in 2050?—demonstrate only that their advice is worthless. The limits of certainty demonstrate the power of human judgment over artificial intelligence. In most critical decisions there can be no forecasts or probability distributions on which we might sensibly rely. Instead of inventing numbers to fill the gaps in our knowledge, we should adopt business, political, and personal strategies that will be robust to alternative futures and resilient to unpredictable events. Within the security of such a robust and resilient reference narrative, uncertainty can be embraced, because it is the source of creativity, excitement, and profit.