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Author: Mariana Mazzucato
Publisher: Edward Elgar Pub
ISBN: 9781848443525
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
This informative book studies the relationship between the volatility of stock prices and radical innovation in firms and industries. the inherent uncertainty in innovation, and the effect this has on future expected growth prospects of firms, is used to interpret how stock price volatility changes over the course of industry evolution. In doing so, it provides a Schumpeterian view of time varying risk and stock price bubbles, which applies as much to today's dynamic high tech industries as to 'mature' industries a century ago. the book provides firm level evidence that supports Carlota Perez's Technological Revolutions and Financial Capital.
Author: Mariana Mazzucato
Publisher: Edward Elgar Pub
ISBN: 9781848443525
Category : Business & Economics
Languages : en
Pages : 224
Get Book Here
Book Description
This informative book studies the relationship between the volatility of stock prices and radical innovation in firms and industries. the inherent uncertainty in innovation, and the effect this has on future expected growth prospects of firms, is used to interpret how stock price volatility changes over the course of industry evolution. In doing so, it provides a Schumpeterian view of time varying risk and stock price bubbles, which applies as much to today's dynamic high tech industries as to 'mature' industries a century ago. the book provides firm level evidence that supports Carlota Perez's Technological Revolutions and Financial Capital.
Author: Robert J. Shiller
Publisher: MIT Press
ISBN: 9780262691512
Category : Business & Economics
Languages : en
Pages : 486
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Book Description
Market Volatility proposes an innovative theory, backed by substantial statistical evidence, on the causes of price fluctuations in speculative markets. It challenges the standard efficient markets model for explaining asset prices by emphasizing the significant role that popular opinion or psychology can play in price volatility. Why does the stock market crash from time to time? Why does real estate go in and out of booms? Why do long term borrowing rates suddenly make surprising shifts? Market Volatility represents a culmination of Shiller's research on these questions over the last dozen years. It contains reprints of major papers with new interpretive material for those unfamiliar with the issues, new papers, new surveys of relevant literature, responses to critics, data sets, and reframing of basic conclusions. Included is work authored jointly with John Y. Campbell, Karl E. Case, Sanford J. Grossman, and Jeremy J. Siegel. Market Volatility sets out basic issues relevant to all markets in which prices make movements for speculative reasons and offers detailed analyses of the stock market, the bond market, and the real estate market. It pursues the relations of these speculative prices and extends the analysis of speculative markets to macroeconomic activity in general. In studies of the October 1987 stock market crash and boom and post-boom housing markets, Market Volatility reports on research directly aimed at collecting information about popular models and interpreting the consequences of belief in those models. Shiller asserts that popular models cause people to react incorrectly to economic data and believes that changing popular models themselves contribute significantly to price movements bearing no relation to fundamental shocks.
Author: Deepak Agrawal
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
This paper is among the first to use a unique controlled empirical setting - traditional firms' adoption of the Internet for commerce - to investigate the impact of changes in firms' technological environment on their stock return volatility. Using three distinct empirical methodologies we detect a significant increase in the idiosyncratic and total stock return volatility when a firm initiates eCommerce. Interestingly, this increase in volatility is observed only for firms that moved online post-June 1998, a period when Internet growth reached critical mass. We find that this increase in volatility is attributable to changes in the firms' product markets, specifically increased demand uncertainty, resulting from the adoption of a new technology-driven channel. We also find that the volatility increase is highest for retailers followed by manufacturers and service firms. Relevant controls rule out firm-specific characteristics as well as market microstructural factors as possible explanatory variables. Our results provide strong evidence of the impact of real activity within a firm on its stock return volatility and highlight the importance of understanding the impact of technological innovations on firms' risk-return profiles.
Author: Luboš Pástor
Publisher:
ISBN:
Category : Stocks
Languages : en
Pages : 64
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Book Description
We develop a general equilibrium model in which stock prices of innovative firms exhibit "bubbles" during technological revolutions. In the model, the average productivity of a new technology is uncertain and subject to learning. During technological revolutions, the nature of this uncertainty changes from idiosyncratic to systematic. The resulting "bubbles" in stock prices are observable ex post but unpredictable ex ante, and they are most pronounced for technologies characterized by high uncertainty and fast adoption. We find empirical support for the model's predictions in 1830-1861 and 1992-2005 when the railroad and Internet technologies spread in the United States.
Author: Robert A. Haugen
Publisher: Pearson
ISBN:
Category : Business & Economics
Languages : en
Pages : 170
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Book Description
It is now abundantly clear that stock volatility is a contagious disease that spreads virulently from market to market around the world. Price changes in one market drive subsequent price changes in that market as well as in others. In Beast, Haugen makes a compelling case for the fact that even under normal conditions, fully 80 percent of stock volatility is price driven. Moreover, this volatility is far from benign. It acts to reduce the level of investment spending and constitutes a significant and permanent drag on economic growth. Price-driven volatility is unstable. Dramatic and unpredictable explosions in price-driven volatility can send stock markets in a downward spiral and cause significant disruptions in economic activity. Haugen argues that this indeed happened in 1929 and 1930. If volatility in Asian markets persists, it can easily become the source of the problem rather than merely a symptom.
Author: Jean-Paul Chavas
Publisher: University of Chicago Press
ISBN: 022612892X
Category : Business & Economics
Languages : en
Pages : 394
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Book Description
"The conference was organized by the three editors of this book and took place on August 15-16, 2012 in Seattle."--Preface.
Author: Afees A. Salisu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Lance A Jackson
Publisher: Independently Published
ISBN:
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
"Discover the Secrets of Tech Titans: Your Guide to Mastering Volatility and Thriving in the Digital Age" In a world where technology reigns supreme, understanding the ins and outs of tech stocks is crucial for financial success. "Tech Titans" offers a comprehensive roadmap to navigating the unpredictable landscape of tech investing. From uncovering the historical context of market volatility to dissecting the latest trends shaping the industry, this book equips readers with the knowledge and strategies needed to thrive in today's dynamic market. Benefits for Readers: Gain insights into the historical context of tech stock volatility, empowering you to make informed investment decisions. Learn the key factors influencing tech stock performance, allowing you to anticipate market trends and capitalize on opportunities. Discover expert strategies for managing risk, diversifying your portfolio, and maximizing returns in the tech sector. Stay ahead of the curve with actionable advice on adapting to changing market conditions and embracing emerging technologies. Find inspiration and encouragement to stay informed, engaged, and resilient in the face of uncertainty. Whether you're a seasoned investor or new to the world of tech stocks, "Tech Titans" is your essential guide to unlocking the potential of the digital age and achieving financial success in an ever-evolving market landscape.
Author: Daniel Richard Siegel
Publisher: Irwin Professional Publishing
ISBN:
Category : Capital market
Languages : en
Pages : 272
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Book Description
Author: Willi Semmler
Publisher: Springer Science & Business Media
ISBN: 3540246967
Category : Business & Economics
Languages : en
Pages : 249
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Book Description
"Asset Prices, Booms and Recessions" is a book on Financial Economics from a dynamic perspective. It focuses on the dynamic interaction of financial markets and economic activity. The financial markets to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market. Economic activity is described by the activity of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market and how asset prices and financial market volatility feed back to economic activity. The focus in this book is on theories, dynamic models and empirical evidence. Empirical applications relate to episodes of financial instability and financial crises of the U.S., Latin American, Asian as well as Euro-area countries. The current version of the book has moved to a more extensive coverage of the topics in financial economics by updating the literature in the appropriate chapters. Moreover it gives a more extensive treatment of new and more advanced topics in financial economics such as international portfolio theory, multi-agent and evolutionary approaches, capital asset pricing beyond consumption-based models and dynamic portfolio decisions. Overall, the book presents material that researchers and practitioners in financial engineering need to know about economic dynamics and that economists, practitioners and policy makers need to know about the financial market.
