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Irrational Exuberance

Irrational Exuberance
Revised and Expanded Third Edition

by Robert J. Shiller

  • Publisher : Princeton University Press
  • Release : 2016-08-16
  • Pages : 392
  • ISBN : 0691173125
  • Language : En, Es, Fr & De
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In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize–winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008–9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets—and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity—and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read this book.

Irrational Exuberance

Irrational Exuberance
A Book

by Robert J. Shiller

  • Publisher : Broadway Business
  • Release : 2005
  • Pages : 304
  • ISBN : 9780767923637
  • Language : En, Es, Fr & De
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An expert on market volatility offers a timely updated edition of his best-selling study that shows that the value of the stock market may be significantly inflated and urges cautious optimism, predicting that the market may show poorer performance in the future. Reprint. 15,000 first printing.

Comparative Economics in a Transforming World Economy, third edition

Comparative Economics in a Transforming World Economy, third edition
A Book

by J. Barkley Rosser, Jr.,Marina V. Rosser

  • Publisher : MIT Press
  • Release : 2018-01-26
  • Pages : 744
  • ISBN : 0262344211
  • Language : En, Es, Fr & De
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An approach to comparative economic systems that avoids simple dichotomies to examine a wide variety of institutional and systemic arrangements, with updated country case studies. Comparative economics, with its traditional dichotomies of socialism versus capitalism, private versus state, and planning versus market, is changing. This innovative textbook offers a new approach to understanding different economic systems that reflects both recent transformations in the world economy and recent changes in the field.This new edition examines a wide variety of institutional and systemic arrangements, many of which reflect deep roots in countries' cultures and histories. The book has been updated and revised throughout, with new material in both the historical overview and the country case studies. It offers a broad survey of economic systems, then looks separately at market capitalism, Marxism and socialism, and “new traditional economies” (with an emphasis on the role of religions, Islam in particular, in economic systems). It presents case studies of advanced capitalist nations, including the United States, Japan, Sweden, and Germany; alternative paths in the transition from socialist to market economies taken by such countries as Russia, the former Soviet republics, Poland, China, and the two Koreas; and developing countries, including India, Iran, South Africa, Mexico, and Brazil. The new chapters on Brazil and South Africa complete the book's coverage of all five BRICS nations; the chapter on South Africa extends the book's comparative treatment to another continent. The chapter on Brazil with its account of the role of the Amazon rain forest as a great carbon sink expands the coverage of global environmental and sustainability issues. Each chapter ends with discussion questions.

How Social Forces Impact the Economy

How Social Forces Impact the Economy
A Book

by Steven Pressman

  • Publisher : Routledge
  • Release : 2020-06-24
  • Pages : 234
  • ISBN : 100006297X
  • Language : En, Es, Fr & De
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Social forces are important determinants of how people behave, how economies work at the macroeconomic level, and the effectiveness of economic policies. However, this dimension is generally overlooked in mainstream economics. How Social Forces Impact the Economy demonstrates that a broader conception of social economics provides for a better understanding of how economies work as a whole. This book argues that adopting a truly social approach to economics opens the door to studying how people form preferences, and how they learn by taking cues from others about how to behave and what to consume. Each chapter contributor works to highlight the breadth of new insights and possibilities that emerge from a fuller understanding of social economics. Part I focuses on microeconomics, bringing individual behaviors and individual entrepreneurs into a more social context. Part II focuses on macroeconomic topics, such as how money and quasi-monies (like Bitcoins) are social, how money developed as a social institution, and how social forces matter for economic development. Finally, Part III looks at the consequences of considering social factors when it comes to policy: environmental policy, industrial policy, and policies promoting greater equality. This book is invaluable reading to anyone interested in the relationship between economics and sociology, how social forces affect policy effectiveness, human behavior, and the overall economy.

Introduction to Corporate Finance

Introduction to Corporate Finance
A Book

by Laurence Booth,W. Sean Cleary,Ian Rakita

  • Publisher : John Wiley & Sons
  • Release : 2020-02-18
  • Pages : 816
  • ISBN : 1119561582
  • Language : En, Es, Fr & De
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The fifth edition of Introduction to Corporate Finance is a student friendly and engaging course that provides the most thorough, accessible, accurate, and current coverage of the theory and application of corporate finance within a uniquely Canadian context. Introduction to Corporate Finance will provide students with the skills they need to succeed not only in the course, but in their future careers.

Bursting the Bubble: Rationality in a Seemingly Irrational Market

Bursting the Bubble: Rationality in a Seemingly Irrational Market
A Book

by David F. DeRosa

  • Publisher : CFA Institute Research Foundation
  • Release : 2021-04-02
  • Pages : 324
  • ISBN : 1952927110
  • Language : En, Es, Fr & De
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The presence of speculative bubbles in capital markets (an important area of interest in financial history) is widely accepted across many circles. Talk of them is pervasive in the media and especially in the popular financial press. Bubbles are thought to be found primarily in the stock market, which is our main interest, although bubbles are said to occur in other markets. Bubbles go hand in hand with the notion that markets can be irrational. The academic community has a great interest in bubbles, and it has produced scholarly literature that is voluminous. For some economists, doing bubble research is like joining the vanguard of a Kuhnian paradigm shift in economic thinking. Not so fast. If bubbles did exist, they would pose a serious challenge to neoclassical finance. Bubbles would contradict the ideas that markets are rational or work in an informationally efficient manner. That’s what makes the topic of bubbles interesting. This book reviews and evaluates the academic literature as well as some popular investment books on the possible existence of speculative bubbles in the stock market. The main question is whether there is convincing empirical evidence that bubbles exist. A second question is whether the theoretical concepts that have been advanced for bubbles make them plausible. The reader will discover that I am skeptical that bubbles actually exist. But I do not think I or anyone else will ever be able to conclusively prove that there has never been a bubble. From studying the literature and from reading history, I find that many famous purported bubbles reflect inaccurate history or mistakes in analysis or simply cannot be shown to have existed. In other instances, bubbles might have existed. But in each of those cases, there are credible rational explanations. And good evidence exists for the idea that even if bubbles do exist, they are not of great importance to understanding the stock market.

The Financial Storm Warning for Investors

The Financial Storm Warning for Investors
How to Prepare and Protect Your Wealth from Tax Hikes and Market Crashes

by Jeff Camarda

  • Publisher : Springer Nature
  • Release : 2021
  • Pages : 129
  • ISBN : 3030772713
  • Language : En, Es, Fr & De
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Upsold

Upsold
Real Estate Agents, Prices, and Neighborhood Inequality

by Max Besbris

  • Publisher : University of Chicago Press
  • Release : 2020-09-07
  • Pages : 208
  • ISBN : 022672140X
  • Language : En, Es, Fr & De
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What do you want for yourself in the next five, ten years? Do your plans involve marriage, kids, a new job? These are the questions a real estate agent might ask in an attempt to unearth information they can employ to complete a sale, which as Upsold shows, often results in upselling. In this book, sociologist Max Besbris shows how agents successfully upsell, inducing buyers to spend more than their initially stated price ceilings. His research reveals how face-to-face interactions influence buyers’ ideas about which neighborhoods are desirable and which are less-worthy investments and how these preferences ultimately contribute to neighborhood inequality. ​ Stratification defines cities in the contemporary United States. In an era marked by increasing income segregation, one of the main sources of this inequality is housing prices. A crucial part of wealth inequality, housing prices are also directly linked to the uneven distribution of resources across neighborhoods and to racial and ethnic segregation. Upsold shows how the interactions between real estate agents and buyers make or break neighborhood reputations and construct neighborhoods by price. Employing revealing ethnographic and quantitative housing data, Besbris outlines precisely how social influences come together during the sales process. In Upsold, we get a deep dive into the role that the interactions with sales agents play in buyers’ decision-making and how neighborhoods are differentiated, valorized, and deemed to be worthy of a certain price.

Financial Market Bubbles and Crashes, Second Edition

Financial Market Bubbles and Crashes, Second Edition
Features, Causes, and Effects

by Harold L. Vogel

  • Publisher : Springer
  • Release : 2018-07-02
  • Pages : 477
  • ISBN : 3319715283
  • Language : En, Es, Fr & De
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Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, and equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and can also be defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.

Selling Hope, Selling Risk

Selling Hope, Selling Risk
Corporations, Wall Street, and the Dilemmas of Investor Protection

by Donald C. Langevoort

  • Publisher : Oxford University Press
  • Release : 2016-05-06
  • Pages : 256
  • ISBN : 0190225688
  • Language : En, Es, Fr & De
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In the midst of globalization, technological change, and economic anxiety, we have deep doubts about how well the task of investor protection is being performed. In the U.S., the focus is on the Securities & Exchange Commission. Part of the explanation is economic and political: the failure to know the right balance between investor protection and capital formation, and the resulting battle among interest groups over their preferred solutions. In Selling Hope, Selling Risk, author Donald C. Langevoort argues that regulation is also frustrated at nearly every turn by human nature, as exhibited both on the buy-side (investors) and sell-side (corporate executives, bankers, stockbrokers). There is plenty of savvy and guile, but also ample hope, fear, ego, overconfidence, social contagion and the like that persistently filter and distort the messages regulators try to send. This book is the first sustained effort to link the key initiatives of securities regulation with our burgeoning awareness in the social sciences of how people and organizations really behave in economic settings. It examines why corporate fraud occurs and how best to deter it and compensate its victims; the search for an edge via insider trading; the disclosure apparatus and its gatekeepers; sales efforts and manipulation in Ponzi schemes, internet scams, private offerings and crowdfunding; and how this all helps explain the recent global financial crisis. It ends by turning these insights back on the task of regulation itself, and the strategies (and frustrations) of making regulation work in a financial world that is at once increasingly sophisticated yet deeply human and incurably flawed.

Rediscovering Social Economics

Rediscovering Social Economics
Beyond the Neoclassical Paradigm

by Roger D. Johnson

  • Publisher : Springer
  • Release : 2017-02-23
  • Pages : 191
  • ISBN : 331951265X
  • Language : En, Es, Fr & De
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This book argues that economists need to reengage with societal issues, such as justice and fairness in distribution, that inevitably arise when discussing the basic economic problem of unlimited human wants and finite resources. Approaching the problem through a history of economic thought, Johnson reexamines Adam Smith’s contributions to show how they reach beyond neoclassical models that are too simplistic to reflect the growing interdependencies of market economies. He breaks down supposedly value-free neoclassical postulates to expose normative assumptions about economics and justice, demonstrating, for example, that the concept of market equilibrium is problematic because need-based behavior can produce involuntary unemployment even when a competitive labor market achieves equilibrium.

Public Policy & Financial Economics: Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession

Public Policy & Financial Economics: Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession
A Book

by Evanoff Douglas D,Malliaris Anastasios G,Kaufman George G

  • Publisher : World Scientific
  • Release : 2018-03-08
  • Pages : 312
  • ISBN : 981322956X
  • Language : En, Es, Fr & De
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The central goal of this volume was to assemble outstanding scholars and policymakers in the field of financial markets and institutions and have them articulate significant market developments in their particular areas of expertise during the past few decades. Not just a celebratory volume, Public Policy and Financial Economics selected internationally recognized financial economists who have worked with Professor Kaufman during his years of scholarly research, and have a combined mastery of specialized financial markets themes and, very importantly, knowledge of public policies in the areas. All 15 chapters offer unique, innovative, and exciting expositions of several critical topics in financial economics. Contents: Background on George Kaufman's Contributions to the Finance Profession: Public Policy and Financial Economics: Comments to Honor George G Kaufman (Charles L Evans) 57 Years of Banking Changes and Ideas (Alex J Pollock) Theory vs Practice — and Promise — in Banking and Financial Regulation (Harvey Rosenblum) Central Banking and Regulation: Changes Through the Years: The Changing Fortunes of Central Banking (CAE Goodhart) Financial Safety Nets: The Good, the Bad, and the Ugly (Edward J Kane) Systemic Risk: Taming the Two 800-Pound Gorillas in the Room (Charles W Calomiris) Shadowing Capital Regulation: 1986–2015 (Richard J Herring) Public Policy Issues in Financial Markets: The Fed and Structural Reforms to Reduce Interconnectedness and Promote Financial Stability (Robert A Eisenbeis) The New Failure Resolution Regulation: The Good, the Bad, and the Unknowable (Robert Bliss and Franklin Edwards ) Monetary and Other Policy Problems (Allan H Meltzer) Defining, Measuring, and Mitigating Systemic Risk at Large Insurance Companies (Richard Rosen and Thanases Plestis) Asset Bubbles and Public Policy (Douglas D Evanoff and AG Malliaris) The New Realities of Market Structure and Liquidity: Where Have We Been? Where Are We Going?(Chester Spatt) Affordable Housing Goals, the Financial Crisis, and the Efficient Market Hypothesis (Peter J Wallison) Good and Bad Lessons in Finance From New Information (Robert Litan) Readership: Financial economists, economists with a concentration on monetary activities, policymakers in the financial markets sector, and students interested in the dynamics of economics, finance, and policymaking as a research and/or career reference. Keywords: Financial Markets;Financial Policy;Resolution;Financial Economics;Regulation;Asset Bubbles;Market Structure and Liquidity;Central Banking;Financial RegulationReview:0

Understanding the Investor

Understanding the Investor
A Maltese Study of Risk and Behavior in Financial Investment Decisions

by Antonietta Bonello

  • Publisher : Emerald Group Publishing
  • Release : 2019-06-19
  • Pages : 328
  • ISBN : 1789737079
  • Language : En, Es, Fr & De
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In finance, understanding investors and their motivations is key for any business and policy-maker. Understanding the Investor: A Maltese Study of Risk and Behavior in Financial Investment Decisions offers a nuanced view of the Maltese investor and the Malta Stock Exchange, and its implications on the wider financial world.

A Wealth of Buildings: Marking the Rhythm of English History

A Wealth of Buildings: Marking the Rhythm of English History
Volume II: 1688–Present

by Richard Barras

  • Publisher : Springer
  • Release : 2016-09-23
  • Pages : 431
  • ISBN : 1349949809
  • Language : En, Es, Fr & De
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This two-volume book explores how the great buildings of England bear witness to a thousand years of the nation’s history. In every age, investment in iconic buildings reaches a climax when the prevailing mode of production is operating most effectively, surplus wealth is most plentiful, and the dominant class rules supreme. During such periods of stability and prosperity, the demand for new buildings is strong, structural and stylistic innovations abound, and there is fierce competition to build for lasting fame. Each such climax produces a unique vintage of hegemonic buildings that are monuments to the wealth and power of those who ruled their world. This second volume presents three case studies of iconic building investment from the eighteenth century to the present day. During the eighteenth century the wealth of the great landed estates funded the golden age of country house building by aristocracy and gentry. During the nineteenth century the Industrial Revolution unleashed an unprecedented wave of infrastructure investment and civic building by the ascendant capitalist class. Since the late twentieth century the power of global financial capital has been symbolized by the relentless rise of city centre office towers. A final chapter argues that these different forms of hegemonic building are a physical manifestation of the underlying rhythm of English history.

The Politics of Land

The Politics of Land
A Book

by Tim Bartley

  • Publisher : Emerald Group Publishing
  • Release : 2019-03-13
  • Pages : 288
  • ISBN : 1787564290
  • Language : En, Es, Fr & De
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This volume renews the political sociology of land. Chapters examine dynamics of political control and contention in a range of settings, including land grabs in Asia and Africa, expulsions and territorial control in South America, environmental regulation in Europe, and controversies over fracking, gentrification, and property taxes in the USA.

The Macroeconomics of Developing Countries

The Macroeconomics of Developing Countries
An Intermediate Textbook

by Giovanni Andrea Cornia

  • Publisher : Oxford University Press
  • Release : 2020-03-26
  • Pages : 384
  • ISBN : 0192598686
  • Language : En, Es, Fr & De
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The Macroeconomics of Developing Countries provides a comprehensive discussion of the exogenous factors and macroeconomic policies that affect the business cycle, long term growth, and distribution of income in developing countries. It examines countries dependent on natural resources and affected by supply rigidities in agriculture. They also feature dualistic markets, a large informal sector, rapid population growth, a vulnerable export sector, and chronic dependence on a volatile global finance. The Macroeconomics of Developing Countries uses these examples to analyse the impact of stablization and adjustment politices on growth, inequality, and poverty. Despite the launch of the Sustainable Development Goals there is little consensus on how macroeconomic policies can be consistent with these objectives. The Macroeconomics of Developing Countries demonstrates that a critical application of standard models to developing countries can generate erroneous results and induce the adoption of incorrect policy. In order to address this, it discusses the key structural differences between advanced and developing countries in order to justify the construction of alternative models.

Great Debates in Commercial and Corporate Law

Great Debates in Commercial and Corporate Law
A Book

by Andrew Johnston,Lorraine Talbot

  • Publisher : Bloomsbury Publishing
  • Release : 2020-02-29
  • Pages : 255
  • ISBN : 1509958533
  • Language : En, Es, Fr & De
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An exciting new textbook which presents critical perspectives on corporate and commercial law. Focussing on the key areas of trade and transactions, intellectual property, corporations and finance, it covers each of the areas of commercial and company law that would typically be offered to undergraduate and postgraduate law students. The chapters are written by acknowledged experts in the field and are aimed at undergraduates, post graduates and lecturers who wish to further their understanding of this area. Each of the authors focuses on an area within their subject and draws out the political, the controversial and the discursive, providing essential reading for undergraduate dissertation topics and postgraduate analysis.

Effective Trading in Financial Markets Using Technical Analysis

Effective Trading in Financial Markets Using Technical Analysis
A Book

by Smita Roy Trivedi,Ashish H. Kyal

  • Publisher : Taylor & Francis
  • Release : 2020-10-29
  • Pages : 266
  • ISBN : 1000205096
  • Language : En, Es, Fr & De
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This book provides a comprehensive guide to effective trading in the financial markets through the application of technical analysis through the following: Presenting in-depth coverage of technical analysis tools (including trade set-ups) as well as backtesting and algorithmic trading Discussing advanced concepts such as Elliott Waves, time cycles and momentum, volume, and volatility indicators from the perspective of the global markets and especially India Blending practical insights and research updates for professional trading, investments, and financial market analyses Including detailed examples, case studies, comparisons, figures, and illustrations from different asset classes and markets in simple language The book will be essential for scholars and researchers of finance, economics and management studies, as well as professional traders and dealers in financial institutions (including banks) and corporates, fund managers, investors, and anyone interested in financial markets.

The End of Individualism and the Economy

The End of Individualism and the Economy
Emerging Paradigms of Connection and Community

by Ann E. Davis

  • Publisher : Routledge
  • Release : 2020-02-05
  • Pages : 244
  • ISBN : 0429840497
  • Language : En, Es, Fr & De
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Individualism has been one of the driving forces in the rise of modern capitalism, and methodological individualism has been dominant in social science for many years. In this paradigm the economy is seen as a machine to routinize production and improve efficiency, and the discipline of economics has come to focus on control and automation. Recent innovations in natural and social sciences, however, indicate a shift in thinking away from individualism and towards interconnectedness. The End of Individualism and the Economy: Emerging Paradigms of Connection and Community traces the origins of “the individual” in history, philosophy, economics, and social science. Drawing from linguistic philosophy, there is increasing attention to language as a social substrate for all institutions, including money and the market. One irony is that the "individual" is a key term, related to distinct institutions and associated expertise; that is, "the individual" is social. The book explores the influence of individualism in the subversion of class consciousness, the view of impersonality as a virtue, and the rise of financialization. The founding assumption of economics, the rational autonomous individual with exogenous tastes, undercuts social solidarity and blocks awareness of interconnections and interdependencies. The text looks forward and embraces the new paradigms and alternative forms of governance, economics, and science which can be developed based on collectives and communities, with new values, frameworks, and world views. This work is suitable for academics, students, scholars, and researchers with an interest in economic and social collectives and methodological individualism, as well as those studying the connections between economics and other disciplines in the social and natural sciences.

An Economist’s Guide to Economic History

An Economist’s Guide to Economic History
A Book

by Matthias Blum,Christopher L. Colvin

  • Publisher : Springer
  • Release : 2018-12-08
  • Pages : 479
  • ISBN : 3319965689
  • Language : En, Es, Fr & De
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Without economic history, economics runs the risk of being too abstract or parochial, of failing to notice precedents, trends and cycles, of overlooking the long-run and thus misunderstanding ‘how we got here’. Recent financial and economic crises illustrate spectacularly how the economics profession has not learnt from its past. This important and unique book addresses this problem by demonstrating the power of historical thinking in economic research. Concise chapters guide economics lecturers and their students through the field of economic history, demonstrating the use of historical thinking in economic research, and advising them on how they can actively engage with economic history in their teaching and learning. Blum and Colvin bring together important voices in the field to show readers how they can use their existing economics training to explore different facets of economic history. Each chapter introduces a question or topic, historical context or research method and explores how they can be used in economics scholarship and pedagogy. In a century characterised to date by economic uncertainty, bubbles and crashes, An Economist’s Guide to Economic History is essential reading. For further information visit http://www.blumandcolvin.org