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Dieses Buch bildet die Entwicklung der Downside-orientierten Kapitalmarkttheorie umfassend ab. Die Autoren legen dabei Wert auf theoretische Fundierung der gefundenen Resultate. Zudem zeigen sie, wie Anwendungen im Sinne von empirischen Analysen umgesetzt werden können. Dabei streben sie nicht die endgültige Falsifikation von Gleichgewichtsmodellen an, sondern wollen die Konzepte des Downside-orientierten Portfoliomanagements mit historischen Daten für den deutschen Finanzmarkt veranschaulichen. Die Autoren sind Dozenten an einer Universität und haben deshalb Studierende als Leserkreis im Fokus. Der Band eignet sich besonders für eine Vorlesung oder ein Seminar in der Finance-Vertiefung des Masterprogramms und setzt deshalb schon Manches voraus: Sie sollten mit Begriffen wie Portfolioselektion und CAPM, Duration und Zinsstruktur, Black-Scholes-Formel und Optionsdelta bereits vertraut sein. Daher kommt auch ein Einsatz des Buches in einer Graduiertenvorlesung im Doktorandenprogramm in Frage. Der Inhalt • Downside-Risiko-Kriterien • Downside-minimale Portfolios • Downside-Restriktionen • Downside-Effizienz • Downside-orientierte Bewegung • Downside orientierte Portfolioabsicherung Die Autoren Professor Dr. Peter Reichling ist Inhaber des Lehrstuhls für Finanzierung und Banken an der Otto-von-Guericke-Universität Magdeburg. Gordon Schulze ist wissenschaftlicher Mitarbeiter am Lehrstuhl für Finanzierung und Banken an der Otto-von-Guericke-Universität Magdeburg.
Capital market. --- Capital Markets. --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory
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“We need to take cognition seriously.” (W. Brian Arthur, External Professor and Member of the Founders Society of the Santa Fe Institute) Dieses Werk trägt durch veränderte Perspektiven, neuartige Methoden und einen bewusst interdisziplinären Ansatz aktiv zur Erneuerung der traditionellen Wirtschafts- und Kapitalmarkttheorie bei. „Kapitalmärkte sind komplexe, adaptive und dynamische Systeme, die in hohem Maße von menschlichen Wahrnehmungen und Verhaltensweisen abhängen“, so die Autoren. Neue Erkenntnisse, etwa zu den Hintergründen von Blasen und Crashs, lassen sich folglich nur durch Einbeziehung neuester Forschungsergebnisse aus dem Bereich der Neuro- und Kognitionswissenschaften gewinnen. Die „Cognitive Finance“-Methodik ist ein vom FERI Cognitive Finance Institute unter der Leitung von Dr. Heinz-Werner Rapp entwickelter Analyse-Ansatz, der zentrale Erkenntnisse der Kognitionstheorie, der modernen Neurowissenschaften sowie der Komplexitätsforschung integriert . Dieser revolutionäre Ansatz bietet grundlegend neue Perspektiven und ermöglicht so ein deutlich besseres Verständnis für Wirtschaft und Kapitalmärkte. Der Inhalt • Kapitalmarkttheorie und Markteffizienz-Hypothese – Überfälliger Paradigmenwechsel • Ein realistischeres Bild der Kapitalmärkte • Verhaltenswissenschaftliche Ansätze und „Behavioral Finance“ • Neue Perspektiven aus Neurowissenschaft und Kognitionsforschung • Der nächste Schritt: „Cognitive Finance“ als neues Konzept Die Autoren Dr. Heinz-Werner Rapp ist Vorstand der FERI AG und Gründer des FERI Cognitive Finance Institute, Bad Homburg vor der Höhe. Alfons Cortés ist Senior Partner der Vermögensverwaltung Unifinanz Trust reg., Vaduz.
Capital market. --- Capital Markets. --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory
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Capital market. --- Economic history. --- Economic conditions --- History, Economic --- Economics --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory
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Capital market. --- Capital market --- Stability. --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory
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This text illustrates and assesses the dramatic recent transformations in capital markets worldwide and the impact of those transformations.
Algorithms. --- Capital market --- Computer simulation. --- Government policy. --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Algorism --- Algebra --- Arithmetic --- Foundations
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This book integrates technical analysis in the capital markets: stock market theories, valuation approaches, portfolio theories, company analysis. In addition to deepening the overall inspection of technical analysis, the book will challenge the corporate norm and offer alternative theories, sometimes even contrary theories, and explore related areas in the context of increasing investment efficiency. Unlike other research in this area, this approach does not consider technical analysis as an ultimate and absolute truth and recognizes that by studying all aspects of an interdisciplinary problem, the chances of success increase substantially. The book will be of specific interest to academics, students and practitioners of financial markets. Florin Cornel Dumiter is Full Professor of Finance at the Department of Economics and Technical Sciences, Faculty of Economics, Engineering and Informatics at ”Vasile Goldiș” Western University of Arad, Romania. He holds an economist and legal adviser diploma and received a PhD in Finance and a PhD in Tax Law at West University of Timișoara (Romania) and a Post-Doctoral Degree in Economics at the Romanian Academy. His research interests include International Finance, Capital Markets, Finance & Banking, Tax and Financial Law. He is also a practising chartered accountant and tax consultant and adviser with judicial and accounting and fiscal expertise. Florin Marius Turcaș is a General Manager at Smart Consult SRL, Arad where he has experience in valuation, appraisal (real estate, companies, financial instruments), corporate adviser (M&A, divisions, consultancy), technical & financial analyses of listed companies, financing proposals, business plans and feasibility studies.
Capital market. --- Macroeconomics. --- Capital Markets. --- Macroeconomics and Monetary Economics. --- Economics --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory
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Finance, Public. --- Capital market. --- Organisation for Economic Co-operation and Development. --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Cameralistics --- Public finance --- Public finances --- Currency question
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This book covers in detail the building blocks of Chinese capital markets at the financial instrument level, the analytical pricing term structure of those instruments, the macro and industry economic framework and progress of the liberalization processes at work in the respective markets, the interaction of various participants in the markets, their trading and investment objectives and rationales, some of the most frequently applied trading and investment strategies, and risk management techniques. The book will especially benefit financial practitioners with in-depth knowledge of their respective capital markets area regarding foreign exchange, money markets, fixed income, and related derivatives, and who have a keen interest in gaining deeper insights into the Chinese market so as to develop or strengthen their global strategy application and risk management practice.
Capital market --- Finance. --- Risk management. --- Capital market. --- Macroeconomics. --- Capital Markets. --- Macroeconomics/Monetary Economics//Financial Economics. --- Risk Management. --- Insurance --- Management --- Economics --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory
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China is currently the front-runner on the global crowdfunding market, even though this form of financing originated in the USA. Crowdfunding in China, however, differs significantly from its counterpart in the West. This book reveals that Chinese crowdfunding is a product of the country’s dynamic internet sector, which is based on mobile internet, e-commerce, and online/mobile payments, together with significant government support. The author presents a comprehensive theoretical, empirical and field-based work on crowdfunding in China. Adopting a new institutional economics approach, it maps and deciphers the origins and paths of informal finance that have led to internet finance and the rise of crowdfunding platforms. In addition, three case studies are analyzed and their implications for crowdfunding stakeholders in China are discussed.
Capital market. --- Evolutionary economics. --- Business enterprises-Finance. --- Capital Markets. --- Institutional/Evolutionary Economics. --- Business Finance. --- Economics --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Business enterprises—Finance.
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This book explores the integrity of equity markets, addressing such issues as the exchange vs. customer perspective on price discovery and the ways market participants deal with key regulatory concerns. Do market practitioners pass the integrity test? How does “market integrity” play out globally? What is the overall veracity of the marketplace? These are some of the key questions considered in this volume from the viewpoints of traders, economists, financial market strategists and exchange representative. Titled after the Baruch College Financial Markets Conference, Market Integrity: Do Our Equity Markets Pass the Test?, this book is of interest to market practitioners, trading professionals, academics and students in the field of financial markets. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well-delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.
Macroeconomics. --- Capital market. --- Business enterprises-Finance. --- Macroeconomics/Monetary Economics//Financial Economics. --- Capital Markets. --- Business Finance. --- Stock exchanges --- Economics --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Business enterprises—Finance.
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