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"Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist—the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work." -- Publisher's description.

Investments --- Stock exchanges. --- Efficient market theory. --- Psychological aspects. --- Market theory, Efficient --- Capital market --- Stock exchanges --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Efficient market theory --- Speculation --- Adaptive market hypothesis. --- Arbitrage. --- Asset. --- Bank run. --- Bank. --- Behavior. --- Behavioral economics. --- Biology. --- Broker-dealer. --- Calculation. --- Career. --- Central bank. --- Competition. --- Cryptocurrency. --- Currency. --- Customer. --- Debt. --- Decision-making. --- Economics. --- Economist. --- Ecosystem. --- Efficient-market hypothesis. --- Employment. --- Entrepreneurship. --- Equity Market. --- Evolution. --- Finance. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial economics. --- Financial innovation. --- Financial institution. --- Financial services. --- Financial technology. --- Forecasting. --- Fraud. --- Funding. --- Hedge Fund Manager. --- Hedge fund. --- Heuristic. --- Homo economicus. --- Human behavior. --- Incentive. --- Income. --- Insider. --- Insurance. --- Interest rate. --- Investment strategy. --- Investment. --- Investor. --- Leverage (finance). --- Macroeconomics. --- Margin (finance). --- Market (economics). --- Market Dynamics. --- Market liquidity. --- Market maker. --- Market price. --- Market trend. --- Myron Scholes. --- Narrative. --- Paul Samuelson. --- Ponzi scheme. --- Portfolio manager. --- Prediction. --- Prefrontal cortex. --- Probability matching. --- Probability. --- Psychology. --- Random walk hypothesis. --- Rational expectations. --- Rationality. --- Result. --- Risk aversion. --- Risk management. --- S&P 500 Index. --- Salary. --- Saving. --- Scientist. --- Share price. --- Sociobiology. --- Speculation. --- Stock market crash. --- Stock market. --- Supply (economics). --- Systemic risk. --- Technology. --- The Wisdom of Crowds. --- Theory. --- Thought experiment. --- Thought. --- Time series. --- Trade-off. --- Trader (finance). --- Trading strategy. --- Uncertainty. --- Venture capital. --- Warren Buffett. --- Wealth. --- Year.

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The hedge fund industry has grown dramatically over the last two decades, with more than eight thousand funds now controlling close to two trillion dollars. Originally intended for the wealthy, these private investments have now attracted a much broader following that includes pension funds and retail investors. Because hedge funds are largely unregulated and shrouded in secrecy, they have developed a mystique and allure that can beguile even the most experienced investor. In Hedge Funds, Andrew Lo--one of the world's most respected financial economists--addresses the pressing need for a systematic framework for managing hedge fund investments. Arguing that hedge funds have very different risk and return characteristics than traditional investments, Lo constructs new tools for analyzing their dynamics, including measures of illiquidity exposure and performance smoothing, linear and nonlinear risk models that capture alternative betas, econometric models of hedge fund failure rates, and integrated investment processes for alternative investments. In a new chapter, he looks at how the strategies for and regulation of hedge funds have changed in the aftermath of the financial crisis.

Financial economists. --- Funds. --- Hedge funds. --- Hedge funds --- Finance --- Business & Economics --- Investment & Speculation --- Mutual funds. --- Investment companies --- Investment trusts --- Open-end mutual funds --- Profit-sharing trusts --- UITs --- Unit investment trusts --- Unit trusts --- 332.64524 --- 333.605 --- AA / International- internationaal --- Funds, Hedge --- Mutual funds --- Nieuwe financiële instrumenten --- Money market. Capital market --- Investments --- Investment clubs --- E-books

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Business enterprises --- Capital assets pricing model --- Corporations --- Finance --- Stocks --- 305.91 --- AA / International- internationaal --- Common shares --- Common stocks --- Equities --- Equity capital --- Equity financing --- Shares of stock --- Stock issues --- Stock offerings --- Stock trading --- Trading, Stock --- Securities --- Bonds --- Going public (Securities) --- Stock repurchasing --- Stockholders --- Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Corporate power --- Disincorporation --- Trusts, Industrial --- Capital asset pricing model --- CAPM (Capital assets pricing model) --- Pricing model, Capital assets --- Capital --- Investments --- Business organizations --- Businesses --- Companies --- Enterprises --- Firms --- Organizations, Business --- Business --- Valuation&delete& --- Mathematical models --- Econometric models --- Prices&delete& --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles --- Quantitative methods (economics) --- Valuation --- Prices

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