Activist retail investors and the future of financial markets,
Автор: MacKenzie Donald Название: Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets ISBN: 0691211388 ISBN-13(EAN): 9780691211381 Издательство: Wiley Рейтинг: Цена: 36960.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: A remarkable look at how the growth, technology, and politics of high-frequency trading have altered global financial marketsIn today's financial markets, trading floors on which brokers buy and sell shares face-to-face have increasingly been replaced by lightning-fast electronic systems that use algorithms to execute astounding volumes of transactions. Trading at the Speed of Light tells the story of this epic transformation. Donald MacKenzie shows how in the 1990s, in what were then the disreputable margins of the US financial system, a new approach to trading-automated high-frequency trading or HFT-began and then spread throughout the world.
HFT has brought new efficiency to global trading, but has also created an unrelenting race for speed, leading to a systematic, subterranean battle among HFT algorithms. In HFT, time is measured in nanoseconds (billionths of a second), and in a nanosecond the fastest possible signal-light in a vacuum-can travel only thirty centimeters, or roughly a foot. That makes HFT exquisitely sensitive to the length and transmission capacity of the cables connecting computer servers to the exchanges' systems and to the location of the microwave towers that carry signals between computer datacenters.
Drawing from more than 300 interviews with high-frequency traders, the people who supply them with technological and communication capabilities, exchange staff, regulators, and many others, MacKenzie reveals the extraordinary efforts expended to speed up every aspect of trading. He looks at how in some markets big banks have fought off the challenge from HFT firms, and how exchanges sometimes engineer technical systems to favor certain types of algorithms over others. Focusing on the material, political, and economic characteristics of high-frequency trading, Trading at the Speed of Light offers a unique glimpse into its influence on global finance and where it could lead us in the future.
Автор: Lo Andrew W. Название: Adaptive Markets: Financial Evolution at the Speed of Thought ISBN: 0691191360 ISBN-13(EAN): 9780691191362 Издательство: Wiley Рейтинг: Цена: 20050.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание:
A new, evolutionary explanation of markets and investor behavior
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework--the Adaptive Markets Hypothesis--in which rationality and irrationality coexist. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
Автор: Linton David E. Название: Foundations of Investment Management: Mastering Financial Markets, Asset Classes, and Investment Strategies ISBN: 1604271655 ISBN-13(EAN): 9781604271652 Издательство: Mare Nostrum (Eurospan) Рейтинг: Цена: 50120.00 T Наличие на складе: Невозможна поставка. Описание: Foundations of Investment Management: Mastering Financial Markets, Asset Classes, and Investment Strategies shows how to navigate today's world of complex financial instruments, investment opportunities, and devastating pitfalls. This reader-friendly guide details stocks, bonds, and alternative investments, who invests in these asset classes, how, and why. It uses real-world examples in addition to citing the latest academic research. Additionally, seven industry experts have co-authored select chapters to greatly expand the depth and utility of this book for the reader. This unique guide is perfect for financial analysts, portfolio managers, client-facing representatives, product specialists, and anybody early in their finance career who wishes to understand how clients, products, and investors relate and interact.
Foundations of Investment Management provides a complete overview of the investment management industry; defines key terms and participants; identifies investment vehicles, strategies, and asset classes; and analyzes each strategy focusing on its relative utility and potential inclusion in a well-diversified portfolio. Despite the subject mater's complexity, each topic is distilled in a way that is highly relatable and intuitive, ensuring the reader knows how to better manage their investments or interact with clients. Lastly, every chapter closes with a summary and investment implications to maximize the information presented. Key Features:
Defines various fund structures, discusses the growth of the mutual fund industry, explains the benefits and disadvantages of comingled vehicles and details other investment options including fund of funds, annuities, and separately managed accounts
Presents detailed descriptions of different institutional investors; elaborates on their investment considerations, objectives, and reaction functions; and concludes with implications for an institutions
propensity to respond similarly to market developments
Supplies tools and techniques to construct and optimize a fixed income portfolio
Reviews the history of the Bank of England and U.S. Federal Reserve and describes central bank objectives, tools, and reaction functions
Illustrates the difference between investing and speculating by introducing different valuation methods and approaches to developing an investment thesis
Examines the growth of high frequency trading and identifies rebalancing strategies
Identifies different stock investment approaches as well as introduces several equity valuation methods
Describes mean variance optimization and conviction-based portfolio construction approaches
Reviews bond basics including bond income, interest rate sensitivity, and sources of risk such as credit and liquidity
Examines the history of real assets, defines each real asset, details the drivers of their return, and explains how an investor may gain exposure to each asset through the utilization of financial instruments or investment vehicles
Presents the theory behind and history of factors and factor investing from both an academic and practitioner perspective.
Presents the development of our understanding of behavioral biases, explains how these biases impact investment decisions, and provides tips and techniques to avoid their pitfalls
Автор: Campbell, John W. Название: The econometrics of financial markets ISBN: 0691043019 ISBN-13(EAN): 9780691043012 Издательство: Wiley Рейтинг: Цена: 73920.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Covers the spectrum of empirical finance, including the predictability of asset returns, tests of the Random Walk Hypothesis, the microstructure of securities markets, event analysis, the Capital Asset Pricing Model and the Arbitrage Pricing Theory, and the term structure of interest rates, dynamic models of economic equilibrium.
Автор: L. Liebenberg Название: The Electronic Financial Markets of the Future ISBN: 033399860X ISBN-13(EAN): 9780333998601 Издательство: Springer Рейтинг: Цена: 213360.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: The Electronic Financial Markets of the Future is concerned with e-business as it applies to financial institutions who operate within these markets. The model identifies two primary inter-related technological causes of change and the elegance and simplicity of the model and format provide a means to evaluate devlopments in the financial markets.
Автор: Marino R. Название: Submerging Markets: The Impact of Increased Financial Regulations on the Future Growth Rates of BRICS Countries ISBN: 1349348627 ISBN-13(EAN): 9781349348626 Издательство: Springer Рейтинг: Цена: 46570.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Submerging Markets is a valuable resource asset to the world academic community, government agencies, global business organizations and anyone interested in the impact of the new financial regulations and reforms implemented after the 2008 crisis, relative to the possible and probable future economic growth rates of the emerging markets (BRICS).
Автор: Marino Rich Название: Submerging Markets ISBN: 0230362737 ISBN-13(EAN): 9780230362734 Издательство: Springer Рейтинг: Цена: 83850.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Submerging Markets is a valuable resource asset to the world academic community, government agencies, global business organizations and anyone interested in the impact of the new financial regulations and reforms implemented after the 2008 crisis, relative to the possible and probable future economic growth rates of the emerging markets (BRICS).
Автор: Bouchaud, Jean-philippe Bonart, Julius (university Название: Trades, quotes and prices ISBN: 110715605X ISBN-13(EAN): 9781107156050 Издательство: Cambridge Academ Рейтинг: Цена: 77090.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: For decades, discussions of financial markets have primarily centred on prices. In this book for practitioners, researchers and advanced students, the authors present an alternative approach - the microstructure approach - by considering the micro-scale actions of individual traders, and addressing many long-standing questions regarding market fairness, stability, and optimal trading.
Автор: Brown Название: The News And The Noise: An Investor`S Guide To Financial Media ISBN: 0071817921 ISBN-13(EAN): 9780071817929 Издательство: McGraw-Hill Рейтинг: Цена: 26300.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Provides what you need to get started on the right foot in the increasingly popular options market. This book helps you learn what options are and how they work, their pros and cons, their relationship with stocks, and how to use them to gain leverage, generate extra income, and protect against adverse price movements.
Автор: D. Gregory Название: Unmasking Financial Psychopaths ISBN: 1349475394 ISBN-13(EAN): 9781349475391 Издательство: Springer Рейтинг: Цена: 46570.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Unmasking Financial Psychopaths suggests that an increasing number of financiers labeled "financial psychopaths" are not truly psychopathic, but instead are by-products of a rapidly changing personal and professional environment.
Автор: Morecroft Название: The Origins of Asset Management from 1700 to 1960 ISBN: 3319847589 ISBN-13(EAN): 9783319847580 Издательство: Springer Рейтинг: Цена: 46570.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: This book explores the origins and development of the asset management profession in Britain as a distinct activity within financial services, independent of banks and stockbrokers.
Автор: Theresa Herrmann Название: The Decision Usefulness of Additional Fair Value Disclosures ISBN: 3658248319 ISBN-13(EAN): 9783658248314 Издательство: Springer Рейтинг: Цена: 46570.00 T Наличие на складе: Нет в наличии. Описание: Conducting an experiment Theresa Herrmann investigates why nonprofessional investors fail to incorporate disclosures on fair value estimates into their investment decision and what causes this exclusion. Differentiating between different types of disclosures and the development of the fair value (gain vs. loss) the results indicate that with a fair value gain, none of the disclosure information increases decision usefulness, irrespective of the presentation format. When a fair value loss occurs, fair value disclosures presented in a salient presentation format decrease decision usefulness. Thus, investors have varying information needs that are strongly linked to the development of a firm’s key asset.
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