Strategic Analysis Of Financial Markets The In 2 Volumes

Strategic Analysis Of Financial Markets  The  In 2 Volumes

World Scientific Series in FinanceVol. 11 WORLD SCIENTIFIC REFERENCE ON THE STRATEGIC ANALYSIS OF FINANCIAL MARKETS ➀ Framework Steven D. Moffitt Stuart School of Business, USA & Market Pattern Research, Inc., USA World Scientific ...

Author: Moffitt Steven D

Publisher: World Scientific Publishing Company

ISBN: 9789813143777

Category: Business & Economics

Page: 1120

View: 603

Volume 1 of "The Strategic Analysis of Financial Markets," — Framework, is premised on the belief that markets can be understood only by dropping the assumptions of rationality and efficient markets in their extreme forms, and showing that markets still have an inherent order and inherent logic. But that order results primarily from the "predictable irrationality" of investors, as well as from people's uncoordinated attempts to profit. The market patterns that result do not rely on rationality or efficiency. A framework is developed for understanding financial markets using a combination of psychology, statistics, game and gambling analysis, market history and the author's experience. It expresses analytically how professional investors and traders think about markets — as games in which other participants employ inferior, partially predictable strategies. Those strategies' interactions can be toxic and lead to booms, bubbles, busts and crashes, or can be less dramatic, leading to various patterns that are mistakenly called "market inefficiencies" and "stylized facts." A logical case is constructed, starting from two foundations, the psychology of human decision making and the "Fundamental Laws of Gambling." Applying the Fundamental Laws to trading leads to the idea of "gambling rationality" (grationality), replacing the efficient market's concept of "rationality." By classifying things that are likely to have semi-predictable price impacts (price "distorters"), one can identify, explore through data analysis, and create winning trading ideas and systems. A structured way of doing all this is proposed: the six-step "Strategic Analysis of Market Method." Examples are given in this and Volume 2. Volume 2 of "The Strategic Analysis of Financial Markets" — Trading System Analytics, continues the development of Volume 1 by introducing tools and techniques for developing trading systems and by illustrating them using real markets. The difference between these two Volumes and the rest of the literature is its rigor. It describes trading as a form of gambling that when properly executed, is quite logical, and is well known to professional gamblers and analytical traders. But even those elites might be surprised at the extent to which quantitative methods have been justified and applied, including a life cycle theory of trading systems. Apart from a few sections that develop background material, Volume 2 creates from scratch a trading system for Eurodollar futures using principles of the Strategic Analysis of Markets Method (SAMM), a principled, step-by-step approach to developing profitable trading systems. It has an entire Chapter on mechanical methods for testing and improvement of trading systems, which transcends the rather unstructured and unsatisfactory "backtesting" literature. It presents a breakout trend following system developed using factor models. It also presents a specific pairs trading system, and discusses its life cycle from an early, highly profitable period to its eventual demise. Recent developments in momentum trading and suggestions on improvements are also discussed.
Categories: Business & Economics

Cultural Finance A World Map Of Risk Time And Money

Cultural Finance  A World Map Of Risk  Time And Money

11 World Scientific Reference on The Strategic Analysis of Financial Markets (In 2 Volumes) Volume 1: Framework; Volume 2: Trading System Analytics by Steven D. Moffitt (Stuart School of Business, USA & Market Pattern Research, Inc., ...

Author: Thorsten Hens

Publisher: World Scientific

ISBN: 9789811221965

Category: Business & Economics

Page: 572

View: 529

This book provides a comprehensive overview of the emerging field of cultural finance. It summarizes research results of cultural differences in financial decision making and financial markets. Many of the results have been published in leading academic journals over the last ten years but some are presented here for the first time. The book is based on an international survey on risk and time preferences — the INTRA study, conducted in 53 countries worldwide. Applications to financial markets include the equity premium puzzle, the value premium, dividend payout policies and asset allocations.
Categories: Business & Economics

World Scientific Reference On Entrepreneurship The In 4 Volumes

World Scientific Reference On Entrepreneurship  The  In 4 Volumes

Organization and financing of innovation, and the choice between corporate and independent venture capital. Journal of Financial and ... Do corporate venture capitalists 168 The World Scientific Reference on Entrepreneurship — Volume 2.


Publisher: World Scientific

ISBN: 9789814733328

Category: Business & Economics

Page: 1536

View: 517

This book examines an important economic development in East Asia during the first decade of the 21st century. Whereas regional arrangements were, with the sole significant exception of ASEAN, conspicuously absent before 2000, they have proliferated since 2000 in both the monetary and trade areas. The book places this political development in the changing nature of the national economies, especially their increasing integration into regional and global value chains with the fragmentation of production processes.This is a freshly written, coherent analysis of the topic, drawing upon (updated) material from a series of articles that the author has published on the subject over the years. Although the book is based on theoretical and, especially, empirical analysis of regionalism, it is written in a non-technical style accessible to a wide range of readers. The book is likely to be adopted as supplementary reading for university courses on Asian economies, whether be it in area studies or economics/political economy disciplines.
Categories: Business & Economics

World Scientific Reference On Contingent Claims Analysis In Corporate Finance In 4 Volumes

World Scientific Reference On Contingent Claims Analysis In Corporate Finance  In 4 Volumes

Consider the dynamic portfolio strategy of investing in the all-equity firm and the riskless asset according to the 'rules' (5) and (6) of Section 2 where C(t) is now taken equal to zero. If the total initial amount invested in this ...

Author: Dan Galai

Publisher: World Scientific

ISBN: 9789814759342

Category: Business & Economics

Page: 2036

View: 252

Black and Scholes (1973) and Merton (1973, 1974) (hereafter referred to as BSM) introduced the contingent claim approach (CCA) to the valuation of corporate debt and equity. The BSM modeling framework is also named the 'structural' approach to risky debt valuation. The CCA considers all stakeholders of the corporation as holding contingent claims on the assets of the corporation. Each claim holder has different priorities, maturities and conditions for payouts. It is based on the principle that all the assets belong to all the liability holders.The BSM modeling framework gives the basic fundamental version of the structural model where default is assumed to occur when the net asset value of the firm at the maturity of the pure-discount debt becomes negative, i.e., market value of the assets of the firm falls below the face value of the firm's liabilities. In a regime of limited liability, the shareholders of the firm have the option to default on the firm's debt. Equity can be viewed as a European call option on the firm's assets with a strike price equal to the face value of the firm's debt. Actually, CCA can be used to value all the components of the firm's liabilities, equity, warrants, debt, contingent convertible debt, guarantees, etc.In the four volumes we present the major academic research on CCA in corporate finance starting from 1973, with seminal papers of Black and Scholes (1973) and Merton (1973, 1974). Volume I covers the foundation of CCA and contributions on equity valuation. Volume II focuses on corporate debt valuation and the capital structure of the firm. Volume III presents empirical evidence on the valuation of debt instruments as well as applications of the CCA to various financial arrangements. The papers in Volume IV show how to apply the CCA to analyze sovereign credit risk, contingent convertible bonds (CoCos), deposit insurance and loan guarantees. Volume 1: Foundations of CCA and Equity ValuationVolume 1 presents the seminal papers of Black and Scholes (1973) and Merton (1973, 1974). This volume also includes papers that specifically price equity as a call option on the corporation. It introduces warrants, convertible bonds and taxation as contingent claims on the corporation. It highlights the strong relationship between the CCA and the Modigliani-Miller (M&M) Theorems, and the relation to the Capital Assets Pricing Model (CAPM). Volume 2: Corporate Debt Valuation with CCAVolume 2 concentrates on corporate bond valuation by introducing various types of bonds with different covenants as well as introducing various conditions that trigger default. While empirical evidence indicates that the simple Merton's model underestimates the credit spreads, additional risk factors like jumps can be used to resolve it. Volume 3: Empirical Testing and Applications of CCAVolume 3 includes papers that look at issues in corporate finance that can be explained with the CCA approach. These issues include the effect of dividend policy on the valuation of debt and equity, the pricing of employee stock options and many other issues of corporate governance. Volume 4: Contingent Claims Approach for Banks and Sovereign DebtVolume 4 focuses on the application of the contingent claim approach to banks and other financial intermediaries. Regulation of the banking industry led to the creation of new financial securities (e.g., CoCos) and new types of stakeholders (e.g., deposit insurers).
Categories: Business & Economics

World Scientific Reference On Innovation The In 4 Volumes

World Scientific Reference On Innovation  The  In 4 Volumes

International supply relationships and non-financial performance — A comparison of U.S. and German practices. Journal of Operations Management 24(5), 653–675. Kirkman, B. L., Lowe, K. B., and Gibson, C. B. (2006).

Author: Siegel Donald S

Publisher: World Scientific

ISBN: 9789813147041

Category: Business & Economics

Page: 896

View: 829

This multi-volume set covers a wide range of topics on innovation, which are all of great interest to academics, policymakers, university administrators, state and regional economic development officials, and students. Two unique features of the volume are the large body of global evidence on innovation presented and its consideration of the following timely and important topics in innovation: cybersecurity, open innovation, the globalization of R&D, and university technology transfer. Innovation is a topic of great importance in many fields in business administration, such as management, strategy, operations management, finance, marketing, and accounting, as well as in numerous social science disciplines, including economics, sociology, political science, and psychology. This volume fully reflects such interdisciplinary approaches.Volume 1 provides extensive global evidence on university technology transfer and innovation partnerships. Volume 2 is focused on the managerial and public policy implications of the globalization of R&D. Volume 3 presents state-of-the-art theoretical and empirical evidence on open innovation. Volume 4 is a comprehensive analysis of cybersecurity. This set is essential reading for those who wish to have a comprehensive understanding of the antecedents and consequences of innovation.
Categories: Business & Economics

Health Care Policy In East Asia A World Scientific Reference In 4 Volumes

Health Care Policy In East Asia  A World Scientific Reference  In 4 Volumes

Trends in access to health services and financial protection in China between 2003 and 2011: A crosssectional study. Lancet 2012; 379: 805–14. 8 Yip WC-M, Hsiao WC, Chen W, Hu S, Ma J, Maynard A. Early appraisal of China's huge and ...


Publisher: World Scientific

ISBN: 9789813236127

Category: Business & Economics

Page: 1280

View: 993

During the past three decades, health care systems in the East Asian regions of China, Japan, South Korea, and Taiwan have undergone major changes. Each system has its unique achievements and challenges. Global health care policymakers are increasingly interested in understanding the changes that have taken place in these four systems. This four-volume reference set is designed to help health care professionals, academics, policymakers, and general readers gain a good grasp of the background and latest developments in the health care systems of China, Japan, South Korea, and Taiwan. This reference set provides an in-depth comparative health policy analysis and discussion of health care reform strategies in each of these systems. One unique feature of this set is that each volume has been edited by a leading scholar who has been deeply involved in the development of the health care system in that particular region. Each of these editors also has invited both scholars and practitioners to provide a first-hand description and analysis of key health care reform issues in that system. The many examples provided in each volume demonstrate how findings of evidence-based policy research can be implemented into policy practice.Volume 1 describes and discusses China's ambitious and complex journey of health care reform since 2009. The Chinese government has achieved universal health insurance coverage and has embarked on reforms of the service delivery system and provider payment methods that are aimed at controlling health expenditure growth and improving efficiency. This volume includes pilot and social experiments initiated by the government and researchers and their evaluations that have guided the formulation of health reform policies. It provides information on how to make reforms work at the local and provincial levels. The findings detailed in this volume will contribute to a global knowledge base in health care reforms.Volume 2 provides a comprehensive review and evaluation of the Japanese health care system. Japan has a long history of health care system development and provision of universal health coverage, with a mature and well-developed health care system among East Asian countries. However, due to increases in health care costs, economic stagnation and the country's rapidly aging population, Japan has undergone significant health care reform during the last two decades, both in the delivery as well as financing of health services in its hospital sector, medical technology sector and long-term care insurance. Despite these challenges and reforms, health outcomes among the Japanese population have been progressively among the best in the world. This volume shows how policy research can lead to policy analysis, implementation and assessment. It also provides valuable lessons learnt for mutual learning among other health care systems.Volume 3 offers a comprehensive review of the developments in South Korea's national health insurance system since 1989 in terms of financing, delivery systems, and outcomes. The volume analyzes the efficiency of cost and service delivery by public sectors versus private sectors. It points out areas of challenge to future Korean health care reform. Chapter authors in this volume are leading experts involved in Korean health care policy implementation.Volume 4 reviews the development and achievements of Taiwan Health Insurance since 1995. Because of its continuous reform in payment, services delivery, and pharmaceutical technology, Taiwan has been considered a model example of universal health insurance among global health systems. This volume shows the processes used to translate policy research findings into policy changes. While the health care reform in Taiwan is ongoing, the Taiwan example provides a real-world and practical understanding of health care system changes.In summary, this four-volume set makes an outstanding contribution to health care system reform and policy research, based on solid scholarly work. It also introduces policy researchers and academic communities to current debates about health systems, health financing, and universal health coverage. This reference volume is a must for anyone keen on East Asia's health care system reform dynamics and changing scene.
Categories: Business & Economics

World Scientific Reference On Globalisation In Eurasia And The Pacific Rim In 4 Volumes

World Scientific Reference On Globalisation In Eurasia And The Pacific Rim  In 4 Volumes

Sector-wise heterogeneity reflects market potential and resource availability. The empirical analysis of the impact of FDI on growth shows a positive and significant, if modest, impact. Overall FDI inflows have a significant positive ...


Publisher: World Scientific

ISBN: 9789814447812

Category: Business & Economics

Page: 1104

View: 605

This multi-volume set focuses on a key region of the world which contains four of the biggest emerging economies, a large number of highly dynamic small- and medium-sized emerging economies, and one of the leading advanced industrial countries. It is a region which contains some of the biggest hydrocarbon and mineral deposits in the world, and some of the most energy- and metal-hungry economies in the world. With half the world's population, it is one of the most dynamic regions of the globe in terms of population movement, providing a key focus of foreign investment, both inwards and outwards, with a high degree of technological dynamism. The region plays a central role in the industrial supply networks of the globe.In four volumes, focusing on, respectively, foreign investment, innovation, energy and migration, the set focuses on each of the main elements in the production system in turn — capital, innovation, raw materials and labour. Volume 1 studies patterns of interchange of financial and direct investment within the region, focusing on governance, the development of supply chains, and technology transfer. In Volume 2, the technology theme becomes dominant, with a special focus on digital technology. It includes technical issues like mobile communications standardisation, developmental dimensions, including the role of clusters and science parks, and political economy issues like the rise of techno-nationalism. Volume 3 turns to energy issues — not just issues of supply and demand, but also key problems of climate change, security and sustainability across the Eurasian and Asian landmass. Volume 4 presents the human dimension, looking at people in movement, as workers, citizens, men, women, or colonisers. Among the key issues discussed are the migration from country to town in China, the ‘greying’ of countries like Japan, the effect of war on migration, marriage migration, human trafficking and the depopulation of the Russian Far East.The set is a must-have for anyone keen to understand the region whose manufacturing core can be described, without exaggeration, as the ‘workshop of the world’ of the twenty-first century.
Categories: Business & Economics

XIV International Scientific Conference INTERAGROMASH 2021

XIV International Scientific Conference    INTERAGROMASH 2021

Precision Agriculture and Agricultural Machinery Industry, Volume 1 Alexey Beskopylny, Mark Shamtsyan ... References. 1. Federal Law “On Strategic Planning in the Russian Federation” dated 06.06.2014 No. ... 2, 23–27 (2010) 3.

Author: Alexey Beskopylny

Publisher: Springer Nature

ISBN: 9783030816193

Category: Technology & Engineering

Page: 931

View: 331

This book contains original and fundamental research papers in the following areas: engineering technologies for precision agriculture, agricultural systems management and digitalization in agriculture, logistics in agriculture, and other topics. Selected materials of the largest regional scientific event—INTERAGROMASH 2021 conference–included in this book present the results of the latest research in the areas of precision agriculture and agricultural machinery industry. The book is aimed for professionals and practitioners, for researchers, scholars, and producers. The materials presented here are used in the educational process at specific agricultural universities or during vocational training at enterprises and become an indispensable helper to farm managers in making the best agronomic decisions. The book is also useful for representatives of regional authorities, as it gives an idea of existing high-tech solutions for agriculture.
Categories: Technology & Engineering

Public Sector Accountants and Quantum Leap How Far We Can Survive in Industrial Revolution 4 0

Public Sector Accountants and Quantum Leap  How Far We Can Survive in Industrial Revolution 4 0

In The World Scientific Reference on Entrepreneurship: Volume 1: Entrepreneurial Universities— Technology and Knowledge ... The product market and the market for “ideas”: Commercialization strategies for technology entrepreneurs.

Author: Akhmad Solikin

Publisher: Routledge

ISBN: 9781000194685

Category: Business & Economics

Page: 398

View: 540

The Industrial Revolution 4.0 will not only cause job losses, but will also create new workspaces that may not exist today. It also needs to be considered by accountants in government because the processes of budget planning, budget execution, and financial reporting have used a large number of information systems. In the era of the Industrial Revolution 4.0, the changes will be faster, marked by the emergence of such systems as supercomputers, smart robots, cloud computing, big data systems, genetic engineering and the development of neurotechnology that allows humans to optimize brain function further. Industrial Revolution 4.0 will disrupt the accounting profession. This proceedings provides selected papers/research on government accounting, accountability and integrity public sector accounting, financial accounting, accounting information system, auditing and assurance, corporate sustainability, forensic and management accounting, public and corporate finance, taxation and customs, open innovation in public sector accounting. The proceedings provide details beyond what is possible to be included in an oral presentation and constitute a concise but timely medium for the dissemination of recent research results. It will be invaluable to professionals and academics in the field of accounting, finance and the public sector to get an understanding of recent research.
Categories: Business & Economics