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Both a biography of Plya's life, and a review of his many mathematical achievements by today's experts.
For over half a century, financial experts have regarded the movements of markets as a random walk--unpredictable meanderings akin to a drunkard's unsteady gait--and this hypothesis has become a cornerstone of modern financial economics and many investment strategies. Here Andrew W. Lo and A. Craig MacKinlay put the Random Walk Hypothesis to the test. In this volume, which elegantly integrates their most important articles, Lo and MacKinlay find that markets are not completely random after all, and that predictable components do exist in recent stock and bond returns. Their book provides a state-of-the-art account of the techniques for detecting predictabilities and evaluating their statistical and economic significance, and offers a tantalizing glimpse into the financial technologies of the future. The articles track the exciting course of Lo and MacKinlay's research on the predictability of stock prices from their early work on rejecting random walks in short-horizon returns to their analysis of long-term memory in stock market prices. A particular highlight is their now-famous inquiry into the pitfalls of "data-snooping biases" that have arisen from the widespread use of the same historical databases for discovering anomalies and developing seemingly profitable investment strategies. This book invites scholars to reconsider the Random Walk Hypothesis, and, by carefully documenting the presence of predictable components in the stock market, also directs investment professionals toward superior long-term investment returns through disciplined active investment management.
Random walks have proven to be a useful model in understanding processes across a wide spectrum of scientific disciplines. Elements of the Random Walk is an introduction to some of the most powerful and general techniques used in the application of these ideas. The mathematical construct that runs through the analysis of the topics covered in this book, unifying the mathematical treatment, is the generating function. Although the reader is introduced to analytical tools, such as path-integrals and field-theoretical formalism, the book is self-contained in that basic concepts are developed and relevant fundamental findings fully discussed. Mathematical background is provided in supplements at the end of each chapter, when appropriate. This text will appeal to graduate students across science, engineering and mathematics who need to understand the applications of random walk techniques, as well as to established researchers.
The first section of the book develops Solway's approach to literature, starting from the assumption that genuine criticism requires the intellectual freedom to range at will across the literary landscape rather than restricting one's direction based on what is current, fashionable, or politically correct. Solway argues that advocating a theoretical school - postmodernism, poststructuralism, semiotics, new historicism, Marxist revisionism, or queer theory - generally involves abandoning the real critical project, which is the discovery of one's own undetermined motives, dispositions, and interests as reflected in the secret mirrors embedded in literary texts. Instead Solway pursues what he calls elective criticism, writing that enables the critical writer to freely discover his or her own identity - a concept that he claims cannot reasonably be diluted, relinquished, or deconstructed. In the second section Solway practices what he preaches, exploring a wide range of authors and subjects. His essays include an analysis of Franz Kafka's The Trial as a Jewish joke, a personal memoir of Irving Layton, an interpretation of Erin Moure's "Pronouns on the Main," an examination of language in William Shakespeare's romances, a reading of Robert Browning's "My Last Duchess" that is sympathetic to the Duke, an assertion that James Joyce has more in common with the traditional novelist than with the professional, (post-)modern alienator, and an exploration of Jonathan Swift's sartorial imagery that contends that form is the source of substantive identity.
Other Walk is a series of autobiographical pieces by the master of reflection and slow time Throughout his life, Sven Birkerts, one of the country's foremost literary critics, has carved out time for himself—to walk, to swim, to read, to contemplate. Now in his late fifties, he has clocked up many thousands of hours of reflection. It shows in his prose, which proceeds at a refreshingly deliberative pace as it draws the reader into his patterns and rhythms. In this deeply appealing and engaging collection of essays, Birkerts looks back through his own life, as well as at the generations before him, and ahead at the lives of his children. We read how the writer witnesses his son's frightening sailing accident, how he feels when he encounters his own prose from many years ago, how finding a cigarette lighter or a lost ring releases a cascade of memories. The objects he sees around him—old friends, remembered places—are excavated, their layers exposed. But most winning of all is the emerging character of Birkerts himself. We come to have great respect for this competitive but deeply loyal friend, the caring father who respects his children's independence even as he tries to connect with them, the traveler, the onetime bookseller, the writer at all stages of his writing life, and throughout it all, the attentive, passionate reader.
In an efficient market, all stocks should be valued at a price that is consistent with available information. But as financial expert Singal points out, there are circumstances under which certain stocks sell at a price higher or lower than the right price. Here he discusses ten such anomalous prices and shows how investors might--or might not--be able to exploit these situations for profit.
Over the years, Jeremy Bernstein has been in contact with many of the world’s most renowned physicists and other scientists, many of whom were involved in politics, literature, and language. In this diverse collection of essays, he reflects on their work, their personal relationships, their motives, and their contributions. Even for those people he writes about that he did not know personally, he provides important insights into their lives and work, and questions their character, their decisions, and the lives they led. In the first three essays, Professor Bernstein looks at economic theory and how some physicists who developed interesting economic models based on derivatives and hedge funds almost led to the country into bankruptcy. In later essays, he discusses a suspect visit to Poland by the great Heisenberg during the Nazi era, a visit that there is almost nothing written about. Included also are essays on ancient languages and a nuclear weapons program in South Africa that was supposedly dismantled. In one particularly humorous essay, he describes how an ill-conceived manned spaceship to be powered by an atomic bomb was being developed by some of the country’s most powerful intellects. The project never got off the ground. Dipping into these pages is like rummaging around in the mind of a genius who has a potpourri of interests and an abundance of fascinating experiences. Bernstein has not only rubbed elbows with some of the finest minds in world, he has worked and played with them. He has sometimes mourned with them and laughed at them. His sharp wit and even sharper analysis make for a fascinating read.
A transformative collection of essays on the power of walking to connect with ourselves, each other, and nature itself. In 2010, Jonathon Stalls and his blue-heeler husky mix began their 242-day walk across the United States, depending upon each other and the kindness of strangers along the way. In this collection of essays, Stalls explores walking as waking up: how a cross-country journey through the family farms of West Virginia, the deep freedom of Nevada’s High desert, and everywhere in between unlocked connections to his deepest aches and dreams--and opened new avenues for renewal, connection, and change. While most of us won’t walk or roll across the country, the deep wisdom and insights that Stalls receives from the people, land, and animals he meets on his pilgrimage have profound impacts for each of us. He shares how walking deepened his relationship to himself as a gay man, offering deep and clarifying emotional medicine. He confronts the systemic racism, classism, and ableism that shape and reshape the communities he walks through. And he invites readers to become awakened activists, to begin healing our culture’s profound separation from the natural world. WALK is for those who crave to feel and embody, not just know and study, their way through complex themes that live in each chapter: vulnerability, human dignity, presence, mystery, and resistance. With dedicated practices--like connecting to Earth stewardship, moving into vulnerability, and walking and rolling with intention--Stalls’ WALK is an urgent and glorious call to slow down, look around, and engage with the world in front of us. It awakens us to what we miss when we’re driving by, flying over, and rushing past what surrounds us. It’s an invitation to move, to connect, to participate deeply in the world--and to dissolve the barriers that disconnect us from each other and the living Earth.
Volumes 45a and 45b of Advances in Econometrics honor Professor Joon Y. Park, who has made numerous and substantive contributions to the field of econometrics over a career spanning four decades since the 1980s and counting.