Bøger i World Scientific Series in Finance serien

Volume 1 of ''The Strategic Analysis of Financial Markets,'' (Framework) is premised on the belief that markets can be understood only by dropping the assumptions of rationality and efficient markets in their extreme forms, and showing that markets still have an inherent order and inherent logic. But that order results primarily from the ''predictable irrationality'' of investors, as well as from people''s uncoordinated attempts to profit. The market patterns that result do not rely on rationality or efficiency.A framework is developed for understanding financial markets using a combination of psychology, statistics, game and gambling analysis, market history and the author''s experience. It expresses analytically how professional investors and traders think about markets ΓÇö as games in which other participants employ inferior, partially predictable strategies. Those strategies'' interactions can be toxic and lead to booms, bubbles, busts and crashes, or can be less dramatic, leading to various patterns that are mistakenly called ''market inefficiencies'' and ''stylized facts.''A logical case is constructed, starting from two foundations, the psychology of human decision making and the ''Fundamental Laws of Gambling.'' Applying the Fundamental Laws to trading leads to the idea of ''gambling rationality'' (grationality), replacing the efficient markets concept of ''rationality.'' By classifying things that are likely to have semi-predictable price impacts (price ''distorters''), one can identify, explore through data analysis, and create winning trading ideas and systems. A structured way of doing all this is proposed: the six-step ''Strategic Analysis of Market Method.'' Examples are given in this and the Volume 2.In a seminar I attended in 1993, Ed Seykota said words to the effect, ''Everything is known about trading ΓÇö there are no secrets.'' Maybe so, but lots of secrets are known only to a few traders. If this Volume and its companion are successful, lots of secrets will soon be known to lots more.Volume 2 of ''The Strategic Analysis of Financial Markets ΓÇö Trading Systems Analytics, continues the development of Volume 1 by introducing tools and techniques for developing trading systems and by illustrating them on real trading systems. The difference between these two Volumes and the rest of the literature is its rigor. It describes trading as a form of gambling that when properly executed, is quite logical, and is well known to professional gamblers and analytical traders. But even those elites might be surprised at the extent to which quantitative methods have been justified and applied, including a life cycle theory of trading systems.Apart from a few sections that develop background material, Volume 2 creates from scratch a trading system for Eurodollar futures (which took the author about 3 weeks to develop in November 2015) using principles of the Strategic Analysis of Markets Method (SAMM), a principled, step-by-step approach to developing profitable trading systems. It has an entire Chapter on mechanical methods for testing and improvement of trading systems, which transcends the rather unstructured and unsatisfactory ''backtesting'' literature. It presents a breakout trend following system developed using factor models. It presents a specific pairs trading system, and discusses its life cycle from an early, highly profitable period to its eventual demise. It discusses some recent developments in momentum trading and suggests improvements.

Successful startups and small businesses can play a significant role in economic growth and job creation. They also contribute to economic dynamism by spurring innovation and injecting competition. Startups are known to introduce new products and services that can create new value in the economy. It is notable that most startups exit within their first ten years, and most surviving young businesses do not grow but remain small. Startups and small businesses face several obstacles to their development. Accessing capital is a crucial constraint on their growth. Most startups and small businesses have difficulties getting the funds they need because of their lack of a performance track record and lack of collateral, making it difficult for lenders or investors to assess their risk. Besides, they are in the early stages of development and face a very high possibility of failure, which significantly raises financing and investment risk.Investment in Startups and Small Business Financing provides 12 thematic and case studies on new methods for bringing private investment (loans or equity) to startups and easing small businesses' access to finance (debt and capital). The contributors are senior-level policy experts and researchers from governments, think tanks, academia, and international organizations. The chapters are authored in a policy-oriented way to be understandable for the readers with a different background. This book is a precious source for the governments for adopting the right policies to develop small businesses and startups and valuable for the researchers in economics, business, and finance.

This book provides a comprehensive overview of the emerging field of cultural finance.

This book describes the latest advancements in molecular and cellular engineering approaches in addition to nanotechnology for cancer therapeutics and imaging. It also provides an excellent background and state-of-the-art developments in the fields of dru

Scholars and practitioners have known for a long time that risk plays an important, indeed central, role in determining the appropriate discount rate to be used in a sophisticated valuation model.

Promotes an interface between researchers in accounting and finance that enhances the understanding of the similarities and differences between these two fields.

This book consists of invaluable introductions, tutorials and problems which are helpful for teaching purposes and have a very broad appeal and usage.

Documents two public policy mistakes of the US Government that have been extremely costly. This study puts forth the notion of Social Security as a minimal safety net is consistent with the views of Adam Smith and Friedrich Hayek and that private social security accounts are inefficient and subject to moral hazard and huge productivity losses.

Discusses calendar or seasonal anomalies in worldwide equity markets as well as arbitrage and risk arbitrage. This title deals with US anomalies such as the January turn-of-the year, turn-of-the-month, January barometer, sell in May and go away, holidays, days of the week, options expiry and other effects concentrating on the futures markets.

Euro Bonds: Markets, Infrastructure and Trends presents the most recent developments in the Euro bond market. It discusses the problems of the Euro countries, the proposed solutions advocated by European as well as international institutions and investors. Particular emphasis is given to systemic risk and contagion as well as to specific innovative instruments such as structured financial products which protect various classes of investors. This self-contained title provides an organized and comprehensive overview of the current financial situation in Europe and accords the reader the opportunity to understand fully what is happening in the Euro financial market today, as well as some of the possible exit strategies from the crisis. It may be used as an advanced textbook by postgraduate students as well as ambitious undergraduates in finance and economics. It is also useful for non-experts in finance who wish to have an overview of problems in the Euro zone.

Shows the breadth and depth of stochastic programming applications. This title features papers that discuss such diverse problems as longevity risk management of individual investors, personal financial planning, intertemporal surplus management, asset management with benchmarks, dynamic portfolio management, and more.

Presents the achievements in risk measurement and management, as well as regulation of the financial industry, with contributions from prominent scholars and practitioners. This book provides an overview of emerging standards in risk management from a perspective.