Author: George M. Frankfurter Publisher: World Scientific ISBN: 9812770003 Category : Business & Economics Languages : en Pages : 238
Book Description
The current literature on financial economics is dominated by neoclassical dogma and, supposedly, the notion of value-neutrality. However, the failure of neoclassical economics to deal with real financial phenomena suggests that this might be too simplistic of an approach. This book consists of a collection of essays dealing with financial markets'' imperfections, and the inability of neoclassical economics to deal with such imperfections. Its central argument is that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face. It also shows the direct relationship between economics and politics OCo something that is usually denied in academic models, given that science is supposed to be value-neutral. In this thought-provoking and avant-garde book, the author not only exposes what has gone wrong, but also suggests reforms to both the academic and the political-economic systems that might help make markets fair rather than efficient. Drawing on interdisciplinary fields, this book will appeal to readers who are interested in finance, economics, business, the political economy and philosophy. Sample Chapter(s). Foreword (37 KB). Chapter 1: Method and Methodology (146 KB). Contents: Method and Methodology; What is All Efficiency?; Still Autistic Finance; The Young Finance Faculty''s Guide to Publishing; Prolific Authors in Finance; For-Profit Education: An Idea That Should be Put to Rest?; Weep Not for Microsoft: Monopoly''s Fatal Exception; The Socio-Economics of Scandals; Desperately Seeking Toto; And Now for Something Entirely Different; After the Ball; Capitalism or Industrial Fiefdom; The Theory of Fair Markets (TFM): Toward a New Finance Paradigm. Readership: Graduate students of finance; students of economics, economic methodology and philosophy of science."
Author: Alina Ignatiuk Publisher: GRIN Verlag ISBN: 3640316096 Category : Languages : en Pages : 25
Book Description
Seminar paper from the year 2008 in the subject Business economics - Business Management, Corporate Governance, grade: A, St. Mary's University San Antonio, Texas, language: English, abstract: In this paper these issues will be discussed: -the main purpose and functions of the financial performance management and how it is related to the problem of shareholders value creation, company growth and managers decision making process and management motivation; -the appropriate measures of management performance from the shareholders point of view; -contradictions or goal incongruence between shareholders, management and company long-term growth.
Author: Tibor Scitovsky Publisher: Edward Elgar Publishing ISBN: Category : Business & Economics Languages : en Pages : 272
Book Description
This collection of non-technical papers attempts to bridge the gap between economic theory and economic reality. It focuses on two central themes: the necessity of market imperfections and power as conditions for the proper functioning of the market economy, and the impact of second-hand markets on the macroeconomy. This volume improves access to Professor Scitovsky's work, much of which was originally published either in foreign languages or outside the mainstream literature.
Author: Roger E. A. Farmer Publisher: Oxford University Press ISBN: 0199756376 Category : Business & Economics Languages : en Pages : 209
Book Description
"Of all the economic bubbles that have been pricked," the editors of The Economist recently observed, "few have burst more spectacularly than the reputation of economics itself." Indeed, the financial crisis that crested in 2008 destroyed the credibility of the economic thinking that had guided policymakers for a generation. But what will take its place? In How the Economy Works, one of our leading economists provides a jargon-free exploration of the current crisis, offering a powerful argument for how economics must change to get us out of it. Roger E. A. Farmer traces the swings between classical and Keynesian economics since the early twentieth century, gracefully explaining the elements of both theories. During the Great Depression, Keynes challenged the longstanding idea that an economy was a self-correcting mechanism; but his school gave way to a resurgence of classical economics in the 1970s-a rise that ended with the current crisis. Rather than simply allowing the pendulum to swing back, Farmer writes, we must synthesize the two. From classical economics, he takes the idea that a sound theory must explain how individuals behave-how our collective choices shape the economy. From Keynesian economics, he adopts the principle that markets do not always work well, that capitalism needs some guidance. The goal, he writes, is to correct the excesses of a free-market economy without stifling entrepreneurship and instituting central planning. Recent events have shown that we cannot afford to treat economics as an ivory-tower abstraction. It has a direct impact on our lives by guiding regulators and policymakers as they make decisions with far-reaching practical consequences. Written in clear, accessible language, How the Economy Works makes an argument that no one should ignore.
Author: Emilio Barucci Publisher: Springer ISBN: 1447173228 Category : Mathematics Languages : en Pages : 836
Book Description
This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: "Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!"Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University "This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field."Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech "The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance."Michel Crouhy, Head of Research and Development, NATIXIS
Author: Richard Bookstaber Publisher: Princeton University Press ISBN: 0691191859 Category : Business & Economics Languages : en Pages : 236
Book Description
An in-depth look at how to account for the human complexities at the heart of today’s financial system Our economy may have recovered from the Great Recession—but not our economics. The End of Theory discusses why the human condition and the radical uncertainty of our world renders the standard economic model—and the theory behind it—useless for dealing with financial crises. What model should replace it? None. At least not any version we’ve been using for the past two hundred years. Richard Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel perspective and more realistic framework to help prevent today's financial system from blowing up again.
Author: Sudipto Bhattacharya Publisher: World Scientific ISBN: 9812701028 Category : Business & Economics Languages : en Pages : 387
Book Description
The first edition of Theory of Valuation is a collection of important papers in the field of theoretical financial economics published from 1973 to 1986, and original accompanying essays contributed by eminent researchers including Robert C Merton, Edward C Prescott, Stephen A Ross, and Joseph E Stiglitz. Since then, with the perspective of major theoretical strides in the field, the book has more than fulfilled its original expectations. The realization that it remains today a compendium of classic articles and a must-read for any serious student in theoretical financial economics, has prompted the publication of a new edition. This second edition presents a summary statement of significant research in theoretical financial economics for both the specialist and non-specialist financial economist. It also provides material for PhD-level courses covering valuation theory, and elective reading for advanced MasterOCOs and undergraduate courses. In addition to reproducing the original contributions, this edition includes the seminal paper by Edward C Prescott and Rajnish Mehra, OC Recursive Competitive Equilibrium: The Case of Homogeneous Households, OCO originally published in Econometrica in 1980."
Author: George M. Frankfurter
Author: Alina Ignatiuk
Author: Tony Lawson
Author: Louis O. Kelso
Author: Stephen F. LeRoy
Author: Tibor Scitovsky
Author: Roger E. A. Farmer
Author: Emilio Barucci
Author: Richard Bookstaber
Author: Sudipto Bhattacharya