Adaptive Markets

Author: Andrew W. Lo
Publisher: Princeton University Press
ISBN: 1400887763
Size: 27.55 MB
Format: PDF, ePub, Mobi
View: 6713
Download
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—and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. 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 isn't wrong but merely 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. A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications—including how hedge funds have become the Galápagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises. An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.

Taking The Floor

Author: Daniel Beunza
Publisher: Princeton University Press
ISBN: 0691185999
Size: 67.95 MB
Format: PDF, Mobi
View: 5909
Download
Debates about financial reform have led to the recognition that a healthy financial system doesn’t depend solely on how it is structured—organizational culture matters as well. Based on extensive research in a Wall Street derivatives-trading room, Taking the Floor considers how the culture of financial organizations might change in order for them to remain healthy, even in times of crises. In particular, Daniel Beunza explores how the extensive use of financial models and trading technologies over the recent decades has exerted a far-ranging and troubling influence on Wall Street. How have models reshaped financial markets? How have models altered moral behavior in organizations? Beunza takes readers behind the scenes in a bank unit that, within its firm, is widely perceived to be “a class act,” and he considers how this trading room unit might serve as a blueprint solution for the ills of Wall Street’s unsustainable culture. Beunza demonstrates that the integration of traders across desks reduces the danger of blind spots created by models. Warning against the risk of moral disengagement posed by the use of models, he also contends that such disengagement could be avoided by instituting moral norms and social relations. Providing a unique perspective on a complex subject, Taking the Floor profiles what an effective, responsible trading room can and should look like.

The Usa And The World 2019 2020

Author:
Publisher: Rowman & Littlefield Publishers
ISBN: 1475852444
Size: 40.90 MB
Format: PDF, Docs
View: 7408
Download
Instant interpretive history is a difficult and demanding task, and certainly more of an art than some would suggest. USA and the World describes not only what happened, but puts events in the context of the past and criticizes policy actions as appropriate. The result goes deeper than most of what appears in current publications. Updated annually and part of the renowned “World Today Series,” USA and the World presents an unusually penetrating look into America and its relationship to the rest of the world. The combination of factual accuracy and up-to-date detail along with its informed projections make this an outstanding resource for researchers, practitioners in international development, media professionals, government officials, potential investors and students. Now in its 15th edition, the content is thorough yet perfect for a one-semester introductory course or general library reference. Available in both print and e-book formats and priced low to fit student budgets.

Investing The Last Liberal Art

Author: Robert G. Hagstrom
Publisher: Columbia University Press
ISBN: 023153101X
Size: 11.28 MB
Format: PDF, Kindle
View: 5928
Download
Robert G. Hagstrom is one of the best-known authors of investment books for general audiences. Turning his extensive experience as a portfolio manager at Legg Mason Capital Management into valuable guidance for professionals and nonprofessionals alike, he is the author of six successful books on investment, including The Warren Buffett Way, a New York Times best-seller that has sold more than a million copies. In this updated second edition of Investing: The Last Liberal Art, Hagstrom explores basic and fundamental investing concepts in a range of fields outside of economics, including physics, biology, sociology, psychology, philosophy, and literature. He discusses, for instance, how the theory of evolution disrupts the notion of the efficient market and how reading strategies for literature can be gainfully applied to investing research. Building on Charlie Munger's famous "latticework of mental models" concept, Hagstrom argues that it is impossible to make good investment decisions based solely on a strong knowledge of finance theory alone. He reinforces his concepts with additional data and a new chapter on mathematics, and updates his text throughout to reflect the developments of the past decade, particularly the seismic economic upheaval of 2008. He has also added a hundred new titles to the invaluable reading list concluding the book. Praise for the first edition: "I read this book in one sitting: I could not put it down."—Peter L. Bernstein, author of Against the Gods: The Remarkable Story of Risk "Elegant and irresistible. Robert G. Hagstrom makes the complex clear as he confidently crisscrosses through the disciplines of finance, biology, physics, and literature. The only way to understand investing better, [Investing] shows, is to understand the world better. Ideas spark off the page at every turn. This is simply a gem of a book."—James Surowiecki, New Yorker "Investing is a brisk and engaging read, and it is a pleasure to be in the presence of Hagstrom's agile mind."—International Herald Tribune

Simulated Evolution And Learning

Author: Xin Yao
Publisher: Springer
ISBN: 9783540633990
Size: 56.42 MB
Format: PDF, Docs
View: 5848
Download
This book constitutes the thoroughly refereed post-conference documentation of the First Asia-Pacific Conference on Simulated Evolution and Learning, SEAL'96, held in Taejon, Korea, in November 1996. The 23 revised full papers were selected for inclusion in this book on the basis of 2 rounds of reviewing and improvements. Also included are invited papers by John L. Casti and Lawrence J. Fogel. The volume covers a wide range of current topics in simulated evolution and learning e.g. evolutionary optimization, evolutionary learning, artificial life, hybrid evolutionary fuzzy systems, evolutionary artificial neural networks, co-evolution, novel evolutionary approaches to computer tomography image reconstruction, power systems load flow control, and water flow control in cropped soils.

Sd

Author:
Publisher:
ISBN:
Size: 46.33 MB
Format: PDF, Docs
View: 5950
Download

The Social Impact Of Computers

Author: Richard S. Rosenberg
Publisher: San Diego, Calif. ; Toronto : Academic Press
ISBN:
Size: 30.38 MB
Format: PDF, ePub, Docs
View: 6337
Download
This Second Edition of The Social Impact of Computers serves as a guide to the social implications of current and future applications of computers. Beginning with three chapters of basic background and historical information on computers and technology, the book covers major computing applications in business, medicine, education, and government and their social implications. The book also includes an in depth discussion of the major social issues being affected by the use of computers including computer crime, privacy, free speech, and work. Updated to reflect the latest trends, the Second Edition analyzes new computing technologies and problems with special emphasis on the Internet. Topics that are covered include: industry regulation, electronic funds transfer systems, international competition, national industrial policies, robotics and industrial automation, productivity, the information society, videotext, ethics, and professionalism in computing. Each chapter contains extensive notes and additional readings, which supplement the material in the book. An appendix lists relevant publications and professional societies for those who are interested in further study. Accessible to students or general readers with only a basic computing background, yet sophisticated enough for computer science majors, this book provides an excellent base for a thought-provoking course on computers in society. Key Features * Analyzes computing applications in business, medicine, education, and government and the related social implications * Major social issues including computer crime, intellectual property rights, privacy, free speech, access, and work, including descriptions of relevant legislation * New computer technologies and problems: @subbul* industry regulation, electronic financial systems, electronic stock markets, international competition, and productivity * Deals with ethics and professionalism in computing