Catalogue Search | MBRL
Are you sure you want to remove the book from the shelf?
{{itemTitle}}
107,539
result(s) for
"Market theory"
Sort by:
The origin of financial crises : central banks, credit bubbles and the efficient market fallacy
\"[This book] provides a compelling analysis of the forces behind the recent economic crisis. In a series of disarmingly simple arguments George Cooper challenges the core principles of today's economic orthodoxy, explaining why financial markets do not obey the efficient market principles but are instead inherently unstable and habitually crisis prone. First published in the summer of 2008 in the midst of the crisis, the author accurately pinpointed the fundamental problems in policy and economic theory that led to the banking crisis. Now updated to reflect the massive upheavals since then and providing even more forthright opinions, the book is essential reading for anyone looking to find the root cause of [financial crises].\"--Publisher's description.
The Ascent of Market Efficiency
The Ascent of Market Efficiency weaves together historical narrative and quantitative bibliometric data to detail the path financial economists took in order to form one of the central theories of financial economics-the influential efficient-market hypothesis-which states that the behavior of financial markets is unpredictable. As the notorious quip goes, a blindfolded monkey would do better than a group of experts in selecting a portfolio of securities, simply by throwing darts at the financial pages of a newspaper. How did such a hypothesis come to be so influential in the field of financial economics? How did financial economists turn a lack of evidence about systematic patterns in the behavior of financial markets into a foundational approach to the study of finance? Each chapter in Simone Polillo's fascinating meld of economics, science, and sociology focuses on these questions, as well as on collaborative academic networks, and on the values and affects that kept the networks together as they struggled to define what the new field of financial economics should be about. In doing so, he introduces a new dimension-data analysis-to our understanding of the ways knowledge advances. There are patterns in the ways knowledge is produced, and The Ascent of Market Efficiency helps us make sense of these patterns by providing a general framework that can be applied equally to other social and human sciences.
eBook
Information and Learning in Markets
The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures.
eBook
Stock market uncertainty determination with news headlines: A digital twin approach
We present a novel digital twin model that implements advanced artificial intelligence techniques to robustly link news and stock market uncertainty. On the basis of central results in financial economics, our model efficiently identifies, quantifies, and forecasts the uncertainty encapsulated in the news by mirroring the human mind's information processing mechanisms. After obtaining full statistical descriptions of the timeline and contextual patterns of the appearances of specific words, the applied data mining techniques lead to the definition of regions of homogeneous knowledge. The absence of a clear assignment of informative elements to specific knowledge regions is regarded as uncertainty, which is then measured and quantified using Shannon Entropy. As compared with standard models, the empirical analyses demonstrate the effectiveness of this approach in anticipating stock market uncertainty, thus showcasing a meaningful integration of natural language processing, artificial intelligence, and information theory to comprehend the perception of uncertainty encapsulated in the news by market agents and its subsequent impact on stock markets.
Journal Article
An extraordinary time : the end of the postwar boom and the return of the ordinary economy
\"Levinson recounts the global collapse of the postwar economy in the 1970s. While economists struggle to return us to the high economic growth rates of the past, Levinson counterintuitively argues that the boom years of the 1950s and 1960s were an anomaly; slow economic growth is the norm--no matter what economists and politicians may say. Yet these atypical years left the public with unreasonable expectations of what government can achieve. When the economy failed to revive, suspicion of government and liberal institutions rose sharply, laying the groundwork for the political and economic polarization that we're still grappling with today\"-- Provided by publisher.
Book
Market Size, Competition, and the Product Mix of Exporters
We build a theoretical model of multi-product firms that highlights how competition across market destinations affects both a firm f s exported product range and product mix. We show how tougher competition in an export market induces a firm to skew its export sales toward its best performing products. We find very strong confirmation of this competitive effect for French exporters across export market destinations. Theoretically, this within-firm change in product mix driven by the trading environment has important repercussions on firm productivity. A calibrated fit to our theoretical model reveals that these productivity effects are potentially quite large.
Journal Article
Roman artisans and the urban economy
\"This book offers the first comprehensive study of economic conditions and economic life in Roman cities during the late Republic and early Empire. By employing a sophisticated methodology based upon comparative evidence and contemporary economic theory, the author develops interlocking arguments about the relationship between four key attributes of urban economic life in Roman antiquity: the nature and magnitude of consumer demand; the structure of urban labour markets; the strategies devised by urban artisans in their efforts to navigate their social and economic environments; and the factors that served to limit both the overall performance of the Roman economy, and its potential for intensive growth. While the author's methodology and conclusions will be of particular interest to specialists in economic history, other readers will profit from his discussion of topics such as slavery and manumission, the economic significance of professional associations, and the impact of gender on economic behaviour\"-- Provided by publisher.
Book
The Global Crisis and Equity Market Contagion
We analyze the transmission of the 2007 to 2009 financial crisis to 415 country-industry equity portfolios. We use a factor model to predict crisis returns, defining unexplained increases in factor loadings and residual correlations as indicative of contagion. While we find evidence of contagion from the United States and the global financial sector, the effects are small. By contrast, there has been substantial contagion from domestic markets to individual domestic portfolios, with its severity inversely related to the quality of countries' economic fundamentals. This confirms the \"wake-up call\" hypothesis, with markets focusing more on country-specific characteristics during the crisis.
Journal Article