Author: Rajdeep Singh
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Author:
Publisher:
ISBN:
Category : Dissertation abstracts
Languages : en
Pages : 872

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Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 572

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Author: Xiaoyun Yu
Publisher:
ISBN:
Category :
Languages : en
Pages : 222

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Author: John Y. Campbell
Publisher: OUP Oxford
ISBN: 019160691X
Category : Business & Economics
Languages : en
Pages : 272

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Book Description
Academic finance has had a remarkable impact on many financial services. Yet long-term investors have received curiously little guidance from academic financial economists. Mean-variance analysis, developed almost fifty years ago, has provided a basic paradigm for portfolio choice. This approach usefully emphasizes the ability of diversification to reduce risk, but it ignores several critically important factors. Most notably, the analysis is static; it assumes that investors care only about risks to wealth one period ahead. However, many investors—-both individuals and institutions such as charitable foundations or universities—-seek to finance a stream of consumption over a long lifetime. In addition, mean-variance analysis treats financial wealth in isolation from income. Long-term investors typically receive a stream of income and use it, along with financial wealth, to support their consumption. At the theoretical level, it is well understood that the solution to a long-term portfolio choice problem can be very different from the solution to a short-term problem. Long-term investors care about intertemporal shocks to investment opportunities and labor income as well as shocks to wealth itself, and they may use financial assets to hedge their intertemporal risks. This should be important in practice because there is a great deal of empirical evidence that investment opportunities—-both interest rates and risk premia on bonds and stocks—-vary through time. Yet this insight has had little influence on investment practice because it is hard to solve for optimal portfolios in intertemporal models. This book seeks to develop the intertemporal approach into an empirical paradigm that can compete with the standard mean-variance analysis. The book shows that long-term inflation-indexed bonds are the riskless asset for long-term investors, it explains the conditions under which stocks are safer assets for long-term than for short-term investors, and it shows how labor income influences portfolio choice. These results shed new light on the rules of thumb used by financial planners. The book explains recent advances in both analytical and numerical methods, and shows how they can be used to understand the portfolio choice problems of long-term investors.

Author: Anders Kjellman
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 180

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Author: John Y. Campbell
Publisher: Princeton University Press
ISBN: 0691160805
Category : Business & Economics
Languages : en
Pages : 476

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Book Description
From the field's leading authority, the most authoritative and comprehensive advanced-level textbook on asset pricing In Financial Decisions and Markets, John Campbell, one of the field’s most respected authorities, provides a broad graduate-level overview of asset pricing. He introduces students to leading theories of portfolio choice, their implications for asset prices, and empirical patterns of risk and return in financial markets. Campbell emphasizes the interplay of theory and evidence, as theorists respond to empirical puzzles by developing models with new testable implications. The book shows how models make predictions not only about asset prices but also about investors’ financial positions, and how they often draw on insights from behavioral economics. After a careful introduction to single-period models, Campbell develops multiperiod models with time-varying discount rates, reviews the leading approaches to consumption-based asset pricing, and integrates the study of equities and fixed-income securities. He discusses models with heterogeneous agents who use financial markets to share their risks, but also may speculate against one another on the basis of different beliefs or private information. Campbell takes a broad view of the field, linking asset pricing to related areas, including financial econometrics, household finance, and macroeconomics. The textbook works in discrete time throughout, and does not require stochastic calculus. Problems are provided at the end of each chapter to challenge students to develop their understanding of the main issues in financial economics. The most comprehensive and balanced textbook on asset pricing available, Financial Decisions and Markets is an essential resource for all graduate students and practitioners in finance and related fields. Integrated treatment of asset pricing theory and empirical evidence Emphasis on investors’ decisions Broad view linking the field to financial econometrics, household finance, and macroeconomics Topics treated in discrete time, with no requirement for stochastic calculus Solutions manual for problems available to professors

Author: Shino Takayama
Publisher:
ISBN:
Category :
Languages : en
Pages : 324

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Author: Barbara Fidanza
Publisher: Springer
ISBN: 3319950495
Category : Business & Economics
Languages : en
Pages : 185

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Book Description
In an organized and organic way, this book covers all the possible theoretical and empirical facets of delisting, adding to the well-developed literature on IPOs. IPO and delisting are strictly related; the reasons for delisting may be found in the loss of the incentives that drove the firm to the public market in the past. However, the book presents unique motivations not directly related to the IPO decision. This book covers what the existing literature has not in focusing on specific aspects such as market liquidity and microstructure, listing costs, market for corporate control, corporate governance issues and so on. Of interest to academics and students, this contribution puts all pieces in order and finds a thread that can link each theory to the others.

Author: Ming Fan
Publisher: Springer
ISBN: 3319696440
Category : Computers
Languages : en
Pages : 249

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Book Description
This book constitutes revised selected papers from the 15th Workshop on e-Business, WeB 2016, held in conjunction with the International Conference on Information Systems, ICIS, in Dublin, Ireland, in December 2016. WeB 2016 provided a forum for scholars to exchange ideas and share results from their research. Original articles addressing a broad coverage of technical, managerial, economic, and strategic issues related to consumers, businesses, industries, and governments were presented at the workshop, employing various IS research methods such as case study, survey, analytical modeling, experiments, computational models, and design science. The 15 full and 8 short papers presented in this volume were carefully reviewed and selected from 46 submissions. They deal with the “Internetworked World” focusing on digitalization, consumerization, global platforms, and transformative innovations in industry.