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Since the Global Financial Crisis, the structure of financial markets has undergone a dramatic shift. Modern markets have been “zombified” by a combination of Central Bank policy, disintermediation of commercial banks through regulation, and the growth of passive products such as ETFs. Increasingly, risk builds up beneath the surface, through a combination of excessive leverage and crowded exposure to specific asset classes and strategies. In many cases, historical volatility understates prospective risk. This book provides a practical and wide ranging framework for dealing with the credit, positioning and liquidity risk that investors face in the modern age. The authors introduce concrete techniques for adjusting traditional risk measures such as volatility during this era of unprecedented balance sheet expansion. When certain agents in the financial network behave differently or in larger scale than they have in the past, traditional portfolio theory breaks down. It can no longer account for toxic feedback effects within the network. Our feedback-based risk adjustments allow investors to size their positions sensibly in dangerous set ups, where volatility is not providing an accurate barometer of true risk. The authors have drawn from the fields of statistical physics and game theory to simplify and quantify the impact of very large agents on the distribution of forward returns, and to offer techniques for dealing with situations where markets are structurally risky yet realized volatility is low. The concepts discussed here should be of practical interest to portfolio managers, asset allocators, and risk professionals, as well as of academic interest to scholars and theorists.
Cut risk and generate profit even after the market drops The Second Leg Down offers practical approaches to profiting after a market event. Written by a specialist in global macro, volatility and hedging overlay strategies, this book provides in-depth insight into surviving in a volatile environment. Historical back tests and scenario diagrams illustrate a variety of strategies for offsetting portfolio risks with after-the-fact options hedging, and the discussion explores how a mixture of trend following and contrarian futures strategies can be beneficial. Without a rational analysis-based approach, investors often find themselves having to cut risk and buy protection just as options are at their most over-priced. This book provides practical strategies, expert analysis and the knowledge base to assist you in recovering your portfolio. Hedging strategies are often presented as expensive and unnecessary, especially during a bull market. When equity indices and other unstable assets drop, they find themselves stuck – hedging is now at its most expensive, but it is imperative to hedge or face liquidation. This book shows you how to salvage the situation, with strategies backed by expert analysis. Identify the right hedges during high volatility Generate attractive risk-adjusted returns Learn new strategies for offsetting risk Know your options for when losses have already occurred Imagine this scenario: you've incurred significant losses, you're approaching risk limits, you must cut risk immediately, yet slashing positions would damage the portfolio – what do you do? The Second Leg Down is your emergency hotline, with practical strategies for dire conditions.
This volume considers how the work of Polanyi can contribute to our understanding of the relationship between market and society.
Global history records an astonishing variety of forms of social organization. Yet almost universally, males subordinate females. How does the relationship between men and women shape the wider political order? The First Political Order is a groundbreaking demonstration that the persistent and systematic subordination of women underlies all other institutions, with wide-ranging implications for global security and development. Incorporating research findings spanning a variety of social science disciplines and comprehensive empirical data detailing the status of women around the globe, the book shows that female subordination functions almost as a curse upon nations. A society’s choice to subjugate women has significant negative consequences: worse governance, worse conflict, worse stability, worse economic performance, worse food security, worse health, worse demographic problems, worse environmental protection, and worse social progress. Yet despite the pervasive power of social and political structures that subordinate women, history—and the data—reveal possibilities for progress. The First Political Order shows that when steps are taken to reduce the hold of inequitable laws, customs, and practices, outcomes for all improve. It offers a new paradigm for understanding insecurity, instability, autocracy, and violence, explaining what the international community can do now to promote more equitable relations between men and women and, thereby, security and peace. With comprehensive empirical evidence of the wide-ranging harm of subjugating women, it is an important book for security scholars, social scientists, policy makers, historians, and advocates for women worldwide.
This international bestseller, which foreshadowed a market crash, explains why it could happen again if we don't act now. Fractal geometry is the mathematics of roughness: how to reduce the outline of a jagged leaf or static in a computer connection to a few simple mathematical properties. With his fractal tools, Mandelbrot has got to the bottom of how financial markets really work. He finds they have a shifting sense of time and wild behaviour that makes them volatile, dangerous - and beautiful. In his models, the complex gyrations of the FTSE 100 and exchange rates can be reduced to straightforward formulae that yield a much more accurate description of the risks involved.
A groundbreaking mathematician presents a new model for understanding financial markets Benoit B. Mandelbrot is world-famous for inventing fractal geometry, making mathematical sense of a fact everybody knows but that geometers from Euclid on down had never assimilated: Clouds are not round, mountains are not cones, coastlines are not smooth. To these insights we can now add another example: Markets are not the safe bet your broker may claim. Mandelbrot, with co-author Richard L. Hudson, shows how the dominant way of thinking about the behavior of markets--a set of mathematical assumptions a century old and still learned by every MBA and financier in the world--simply does not work. He uses fractal geometry to propose a new, more accurate way of describing market behavior. From the gyrations of the Dow to the dollar-euro exchange rate, Mandlebrot shows how to understand the volatility of markets in far more accurate terms than the failed theories that have repeatedly brought the financial system to the brink of disaster. The result is no less than the foundation for a new science of finance.
In order to achieve long-term profitability and assure survival for their companies, managers must be informed, imaginative, and capable of adapting to shifting circumstances. Practical decisions rather than theories hold the upper ground. Business, Marketing, and Management Principles for IT and Engineering supplies the understanding required to e
The Bard meets "House" in this illumination of the medical mysteries surrounding 10 of the English language's most heralded writers, including John Milton, Jonathan Swift, and Jack London.
The global economy is undergoing dramatic financial changes. The removal of technical, trade, and monetary barriers and the liberalization of world economies create challenges and opportunities for investment and financial transactions. With these changes, international finance is expected to play a vital role in foreign exchange, cross-border capital flows, joint ventures, and economic growth, but rapid progress in telecommunications and electronic capital transfers could lead to tremors in financial markets, making the global economy vulnerable to speculation, investors' panic, and economic fluctuations. Supported by the latest empirical research, this book weaves together a theoretical framework of international finance supported by the latest empirical research. ^IGlobalization^R provides a comprehensive analysis of traditional and modern theories of international monetary systems, problems of balance of payments, exchange rates, and related adjustment and stabilization policies for industrialized and emerging nations. Following a brief historical review, the book covers advanced theories of international trade and finances as well as related real world performance. It examines strengths and weaknesses of fixed and floating exchange rates, forward exchanges, spreading global shareholder capitalism, problems of emerging markets, international capital movements and banking activities, market capitalization and foreign debt. It also examines investment movements and cross-border mergers, economic and financial integration, related effects of macroeconomic policies in open economies, and problems of global income inequalities. The book will be of great theoretical and practical importance to students, scholars, and business leaders.
Acclaim for the first edition: 'The volume is a remarkable contribution to economic anthropology and will no doubt be a fundamental tool for students, scholars, and experts in the sub-discipline.' – Mao Mollona, Journal of the Royal Anthropological Institute 'This excellent overview would serve as an excellent text for advanced undergraduate and graduate-level classroom use. . . Because of the clarity, conciseness, and accessibility of the writing, the chapters in this volume likely will be often cited and recommended to those who want the alternative and frequently culturally comparative perspective on economic topics that anthropology provides. Highly recommended. All academic levels/libraries.' – K.F. Rambo, Choice The first edition of this unique Handbook was praised for its substantial and invaluable summary discussions of work by anthropologists on economic processes and issues, on the relationship between economic and non-economic areas of life and on the conceptual orientations that are important among economic anthropologists. This thoroughly revised edition brings those discussions up to date, and includes an important new section exploring ways that leading anthropologists have approached the current economic crisis. Its scope and accessibility make it useful both to those who are interested in a particular topic and to those who want to see the breadth and fruitfulness of an anthropological study of economy. This comprehensive Handbook will strongly appeal to undergraduate and post-graduate students in anthropology, economists interested in social and cultural dimensions of economic life, and alternative approaches to economic life, political economists, political scientists and historians.