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The behaviour of market prices is a fascinating subject for researchers. Opinions vary substantially. from the view that prices accurately and quickly reflect relevant information to the other extreme that prices are not rationally determined and are hence to some degree predictable. This diversity of belief about the efficiency of markets is reflected in these proceedings of the NATO Advanced Research Workshop on "A reappraisal of the efficiency of financial markets". The thirty-one workshop papers cover stock. currency and commodity markets. We are pleased to have contributions on markets in eleven NATO countries: Belgium. Canada. Denmark. France. Germany. Greece. Italy. the Netherlands. Portugal. the United Kingdom and the United States. The workshop papers thus provide a wide-ranging account of contemporary research into financial markets worldwide. The workshop was held at the Hotel do Mar. Sesimbra. Portugal from April 11 th to April 15th. 1988. We record our gratitude to Jose Cabral for ensuring the smooth progress of the workshop. The generous financial assistance of NATO was supplemented by contributions from: The Chicago Board of Trade. Alianca Seguradora. Banco Comercial Portugues. Fundacao Luso-Americana Para 0 Desenvolvimento. Junta Nacional de Investigacao Cientifica e Tecnologica. We speak for all the workshop participants in expressing our thanks to all our sponsors. Rui M. Campos Guimaraes. University of Porto.
The degree to which markets incorporate information is one of the most important questions facing economists today. This book provides a fascinating study of the existence and extent of information efficiency in financial markets, with a special focus on betting markets. Betting markets are selected for study because they incorporate features highly appropriate to a study of information efficiency, in particular the fact that each bet has a well-defined end point at which its value becomes certain. Using international examples, this book reviews and analyses the issue of information efficiency in both financial and betting markets. Part I is an extensive survey of the existing literature, while Part II presents a range of readings by leading academics. Insights gained from the book will interest students of financial economics, financial market analysts, mathematicians and statisticians, and all those with a special interest in finance or gambling.
Do traders in futures markets make use of all relevant information and is this reflected in prices? This collection of original essays by a team of international economists considers these and other questions central to futures markets.
Hardbound. The Handbook of Finance is a primary reference work for financial economics and financial modeling students, faculty and practitioners. The expository treatments are suitable for masters and PhD students, with discussions leading from first principles to current research, with reference to important research works in the area. The Handbook is intended to be a synopsis of the current state of various aspects of the theory of financial economics and its application to important financial problems. The coverage consists of thirty-three chapters written by leading experts in the field. The contributions are in two broad categories: capital markets and corporate finance.
Winner of the Nobel Memorial Prize in Economic Sciences Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. He presents literate, challenging, and often funny examples of such anomalies as why the winners at auctions are often the real losers—they pay too much and suffer the "winner's curse"—why gamblers bet on long shots at the end of a losing day, why shoppers will save on one appliance only to pass up the identical savings on another, and why sports fans who wouldn't pay more than $200 for a Super Bowl ticket wouldn't sell one they own for less than $400. He also demonstrates that markets do not always operate with the traplike efficiency we impute to them.
Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financial practitioners eventually let bias, overconfidence, and emotion cloud their judgement and misguide their actions. Yet most financial decision-making models fail to factor in these fundamentals of human nature. In Beyond Greed and Fear, the most authoritative guide to what really influences the decision-making process, Hersh Shefrin uses the latest psychological research to help us understand the human behavior that guides stock selection, financial services, and corporate financial strategy. Shefrin argues that financial practitioners must acknowledge and understand behavioral finance--the application of psychology to financial behavior--in order to avoid many of the investment pitfalls caused by human error. Through colorful, often humorous real-world examples, Shefrin points out the common but costly mistakes that money managers, security analysts, financial planners, investment bankers, and corporate leaders make, so that readers gain valuable insights into their own financial decisions and those of their employees, asset managers, and advisors. According to Shefrin, the financial community ignores the psychology of investing at its own peril. Beyond Greed and Fear illuminates behavioral finance for today's investor. It will help practitioners to recognize--and avoid--bias and errors in their decisions, and to modify and improve their overall investment strategies.
The areas of intelligent machines or robotic systems is of enormous technological and economic interest as competition in productivity intensifies. This volume gives the proceedings of the 1990 Advanced Study Institute on Expert Systems and Robotics. It presents research work already accomplished in the analytical theory of intelligent machines, work in progress and of current interest and some specific examples for further research. The papers in the volume range from the most theoretical to some descriptions of very practical working robots. The papers are organized into sections on vision and image analysis, robotic sensory systems, software/hardware and system simulation, robot control, applications, and reports of group meetings.
The Marktoberdorf Summer Schools on Informatics were started in 1970, with the intention to convene every second or third year a group of top researchers in computing, devoted to preach their most recent results to an elite of advanced students - young and most promising people - and prepared to stand their questions, criticism and suggestions. The themes of these Advanced Study In stitutes under the sponsorship of the NATO Scientific Affairs Division varied slightly over the years, oscillating more or less around Programming Methodo logy, as the following list shows: 1970 Data Structures and Computer Systems 1971 Program Structures and Fundamental Concepts of Programming 1973 Structured Programming and Programmed Structures 1975 Language Hierarchies and Interfaces 1978 Program Construction 1981 Theoretical Foundations of Programming Methodology 1984 Control Flow and Data Flow: Concepts of Distributed Programming 1986 Logic of Programming and Calculi of Discrete Design 1988 Constructive Methods in Computing Science 1989 Logic, Algebra, and Computation Logic, Algebra, and Computation is the theme of the summer school to which this volume is devoted. It is the tenth in succession, but it is also the first in a new series (the "blue" series) that is intended to alternate in future with the traditional (the "red" series) arrangement; in fact the tenth summer school in the "red" series with the title "Programming and Mathematical Method" , held in 1990, was the subject of celebrating both its serial number and the twenty years of Marktoberdorf Summer Schools altogether.
After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for IPOs. This IPO reader contains new articles exclusive to this reader by leading academics from around the world dealing with quantitative and qualitative analyses of this increasingly popular and important area of finance. Articles address new methods of IPO performance, international IPOs, IPO evaluation, IPO underwriting, evaluation and bookbuilding. Although numerous articles are technical in nature, with econometric and statistical models, particular attention has been directed towards the understanding and the applicability of the results as well as theoretical development in this area. This reader will assist researchers, academics, and graduate students to further understand the latest research on IPOs.*Interest in IPOs is increasing again after the Google IPO, and IPOs are up significantly from last year*Chapters by well known academics provide an international perspective, describing research results from IPO data in countries spanning the globe*Research is based on real results from IPO data collected over the past 5-7 years
The book collects the contributions to the NATO Advanced Study Institute on "Speech Recognition and Understanding: Recent Advances, Trends and Applications", held in Cetraro, Italy, during the first two weeks of July 1990. This Institute focused on three topics that are considered of particular interest and rich of i'p.novation by researchers in the fields of speech recognition and understanding: Advances in Hidden Markov modeling, connectionist approaches to speech and language modeling, and linguistic processing including language and dialogue modeling. The purpose of any ASI is that of encouraging scientific communications between researchers of NATO countries through advanced tutorials and presentations: excellent tutorials were offered by invited speakers that present in this book 15 papers which sum marize or detail the topics covered in their lectures. The lectures were complemented by discussions, panel sections and by the presentation of related works carried on by some of the attending researchers: these presentations have been collected in 42 short contributions to the Proceedings. This volume, that the reader can find useful for an overview, although incomplete, of the state of the art in speech understanding, is divided into 6 Parts.