The Lunacy Of Modern Finance Theory And Regulation

Author: Les Coleman
Publisher: Routledge
ISBN: 1317662024
Size: 11.25 MB
Format: PDF, ePub, Mobi
View: 4937
Download Read Online

The Lunacy Of Modern Finance Theory And Regulation from the Author: Les Coleman. This provocative book provides insight into a finance industry that is run for the benefit of banks and service providers who rely on Beatles-era theories and regulation which are totally unsuited to the modern world. The author has a near-unique perspective based on over 30 years of working – literally around the globe – for corporates, fund managers and as finance academic. In his last role his research has focused on investment decisions, and during 2012 he interviewed 34 fund managers in Istanbul, London, New York and Melbourne. He blends rich understanding of finance theory and practice to unravel the investment industry’s structure and show how banks and other finance institutions privilege themselves at investors’ expense. The book highlights that finance industry self-regulation is weak. Risks from inexpertise, theft, bad data and other sources are high. Regulation of the industry appears to be ineffectual with the setting of such a high bar that it is virtually impossible to successfully prosecute even the most blatant and egregious offenders. The book closes with the simple suggestion that corporations’ regulations be altered to introduce the strict liability offence of being a director or officer of a large bank that becomes bankrupt. This follows the strategy of legislation that has been effective in cleaning up the environment, making workplaces safer and reducing crime by punishing those responsible for an offence.

The Conscience Of A Liberal

Author: Paul Krugman
Publisher: Penguin UK
ISBN: 014191954X
Size: 18.45 MB
Format: PDF
View: 4882
Download Read Online

The Conscience Of A Liberal from the Author: Paul Krugman. In The Conscience of a Liberal Paul Krugman, one of the US’s most respected economists and outspoken commentators, lays out his vision of a New Deal for a fairer society. After the Second World War it seemed that, in the West, society was gradually becoming more equal. Welfare States had been established in many countries, there was a general reduction in income inequality and in America Franklin D. Roosevelt’s New Deal seemed to ensure strong democratic values and broadly shared prosperity. So what went wrong? Why, in the past thirty years, has the gap between the poor and the super-rich become such a gulf? Why are we so disillusioned with the political system? And what can be done about this huge economic inequality and bitter polarization? Krugman argues that the time is ripe for another era of great reform. Here he outlines a programme for change, explaining what can be done to narrow the wealth gap. And he shows how a new political coalition can both support and be supported by reform, making our society not just more equal but more democratic. The Conscience of a Liberal promises to reshape public debate and become a touchstone work.

Red Blooded Risk

Author: Aaron Brown
Publisher: John Wiley & Sons
ISBN: 1118140176
Size: 21.97 MB
Format: PDF, Docs
View: 7563
Download Read Online

Red Blooded Risk from the Author: Aaron Brown. An innovative guide that identifies what distinguishes the best financial risk takers from the rest From 1987 to 1992, a small group of Wall Street quants invented an entirely new way of managing risk to maximize success: risk management for risk-takers. This is the secret that lets tiny quantitative edges create hedge fund billionaires, and defines the powerful modern global derivatives economy. The same practical techniques are still used today by risk-takers in finance as well as many other fields. Red-Blooded Risk examines this approach and offers valuable advice for the calculated risk-takers who need precise quantitative guidance that will help separate them from the rest of the pack. While most commentators say that the last financial crisis proved it's time to follow risk-minimizing techniques, they're wrong. The only way to succeed at anything is to manage true risk, which includes the chance of loss. Red-Blooded Risk presents specific, actionable strategies that will allow you to be a practical risk-taker in even the most dynamic markets. Contains a secret history of Wall Street, the parts all the other books leave out Includes an intellectually rigorous narrative addressing what it takes to really make it in any risky activity, on or off Wall Street Addresses essential issues ranging from the way you think about chance to economics, politics, finance, and life Written by Aaron Brown, one of the most calculated and successful risk takers in the world of finance, who was an active participant in the creation of modern risk management and had a front-row seat to the last meltdown Written in an engaging but rigorous style, with no equations Contains illustrations and graphic narrative by renowned manga artist Eric Kim There are people who disapprove of every risk before the fact, but never stop anyone from doing anything dangerous because they want to take credit for any success. The recent financial crisis has swelled their ranks, but in learning how to break free of these people, you'll discover how taking on the right risk can open the door to the most profitable opportunities.

Bodily Matters

Author: Nadja Durbach
Publisher: Duke University Press
ISBN: 082238650X
Size: 41.54 MB
Format: PDF, ePub, Mobi
View: 2861
Download Read Online

Bodily Matters from the Author: Nadja Durbach. Bodily Matters explores the anti-vaccination movement that emerged in England in the late nineteenth century and early twentieth in response to government-mandated smallpox vaccination. By requiring a painful and sometimes dangerous medical procedure for all infants, the Compulsory Vaccination Act set an important precedent for state regulation of bodies. From its inception in 1853 until its demise in 1907, the compulsory smallpox vaccine was fiercely resisted, largely by members of the working class who interpreted it as an infringement of their rights as citizens and a violation of their children’s bodies. Nadja Durbach contends that the anti-vaccination movement is historically significant not only because it was arguably the largest medical resistance campaign ever mounted in Europe but also because it clearly articulated pervasive anxieties regarding the integrity of the body and the role of the modern state. Analyzing historical documents on both sides of the vaccination debate, Durbach focuses on the key events and rhetorical strategies of the resistance campaign. She shows that those for and against the vaccine had very different ideas about how human bodies worked and how best to safeguard them from disease. Individuals opposed to mandatory vaccination saw their own and their children’s bodies not as potentially contagious and thus dangerous to society but rather as highly vulnerable to contamination and violation. Bodily Matters challenges the notion that resistance to vaccination can best be understood, and thus easily dismissed, as the ravings of an unscientific “lunatic fringe.” It locates the anti-vaccination movement at the very center of broad public debates in Victorian England over medical developments, the politics of class, the extent of government intervention into the private lives of its citizens, and the values of a liberal society.

Speculation Trading And Bubbles

Author: José Alexandre Scheinkman
Publisher:
ISBN: 9780231159029
Size: 54.32 MB
Format: PDF, ePub, Mobi
View: 4211
Download Read Online

Speculation Trading And Bubbles from the Author: José Alexandre Scheinkman. As long as there have been financial markets, there have been bubbles--those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book José A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles--such as the rise in trading volume and the coincidence between increases in supply and bubble implosions--Scheinkman offers a model, based on differences in beliefs among investors, that explains these observations. Other top economists also offer their own thoughts on the issue: Sanford J. Grossman and Patrick Bolton expand on Scheinkman's discussion by looking at factors that contribute to bubbles--such as excessive leverage, overconfidence, mania, and panic in speculative markets--and Kenneth J. Arrow and Joseph E. Stiglitz contextualize Scheinkman's findings.

Antifragile

Author: Nassim Nicholas Taleb
Publisher: Random House
ISBN: 0679645276
Size: 72.51 MB
Format: PDF, Docs
View: 6331
Download Read Online

Antifragile from the Author: Nassim Nicholas Taleb. Antifragile is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are Fooled by Randomness, The Black Swan, and The Bed of Procrustes. Nassim Nicholas Taleb, the bestselling author of The Black Swan and one of the foremost thinkers of our time, reveals how to thrive in an uncertain world. Just as human bones get stronger when subjected to stress and tension, and rumors or riots intensify when someone tries to repress them, many things in life benefit from stress, disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish. In The Black Swan, Taleb showed us that highly improbable and unpredictable events underlie almost everything about our world. In Antifragile, Taleb stands uncertainty on its head, making it desirable, even necessary, and proposes that things be built in an antifragile manner. The antifragile is beyond the resilient or robust. The resilient resists shocks and stays the same; the antifragile gets better and better. Furthermore, the antifragile is immune to prediction errors and protected from adverse events. Why is the city-state better than the nation-state, why is debt bad for you, and why is what we call “efficient” not efficient at all? Why do government responses and social policies protect the strong and hurt the weak? Why should you write your resignation letter before even starting on the job? How did the sinking of the Titanic save lives? The book spans innovation by trial and error, life decisions, politics, urban planning, war, personal finance, economic systems, and medicine. And throughout, in addition to the street wisdom of Fat Tony of Brooklyn, the voices and recipes of ancient wisdom, from Roman, Greek, Semitic, and medieval sources, are loud and clear. Antifragile is a blueprint for living in a Black Swan world. Erudite, witty, and iconoclastic, Taleb’s message is revolutionary: The antifragile, and only the antifragile, will make it. Praise for Antifragile “Ambitious and thought-provoking . . . highly entertaining.”—The Economist “A bold book explaining how and why we should embrace uncertainty, randomness, and error . . . It may just change our lives.”—Newsweek “Revelatory . . . [Taleb] pulls the reader along with the logic of a Socrates.”—Chicago Tribune “Startling . . . richly crammed with insights, stories, fine phrases and intriguing asides . . . I will have to read it again. And again.”—Matt Ridley, The Wall Street Journal “Trenchant and persuasive . . . Taleb’s insatiable polymathic curiosity knows no bounds. . . . You finish the book feeling braver and uplifted.”—New Statesman “Antifragility isn’t just sound economic and political doctrine. It’s also the key to a good life.”—Fortune “At once thought-provoking and brilliant.”—Los Angeles Times From the Hardcover edition.

Saving Capitalism

Author: Robert Reich
Publisher: Icon Books Ltd
ISBN: 1785780689
Size: 39.48 MB
Format: PDF
View: 1899
Download Read Online

Saving Capitalism from the Author: Robert Reich. 'A very good guide to the state we’re in' Paul Krugman, New York Review of Books 'A well-written, thought-provoking book by one of America’s leading economic thinkers and progressive champions.' Huffington Post Do you recall a time when the income of a single schoolteacher or baker or salesman or mechanic was enough to buy a home, have two cars, and raise a family? Robert Reich does – in the 1950s his father sold clothes to factory workers and the family earnt enough to live comfortably. Today, this middle class is rapidly shrinking: American income inequality and wealth disparity is the greatest it’s been in eighty years. As Reich, who served in three US administrations, shows, the threat to capitalism is no longer communism or fascism but a steady undermining of the trust modern societies need for growth and stability. With an exclusive chapter for Icon’s edition, Saving Capitalism is passionate yet practical, sweeping yet exactingly argued, a revelatory indictment of the economic status quo and an empowering call to action.

The Undercommons

Author: Stefano Harney
Publisher:
ISBN: 9781570272677
Size: 28.98 MB
Format: PDF, Mobi
View: 1833
Download Read Online

The Undercommons from the Author: Stefano Harney. In this series of essays Fred Moten and Stefano Harney draw on the theory and practice of the black radical tradition as it supports, inspires and extends contemporary social and political thought and aesthetic critique. Today the general wealth of social life finds itself confronted by mutations in the mechanisms of control, from the proliferation of capitalist logistics through governance by credit and management of pedagogy. Working from and within the social poesis of life in the undercommons Moten and Harney develop and expand an array of concepts.

The Big Short Inside The Doomsday Machine

Author: Michael Lewis
Publisher: W. W. Norton & Company
ISBN: 9780393078190
Size: 30.67 MB
Format: PDF
View: 3662
Download Read Online

The Big Short Inside The Doomsday Machine from the Author: Michael Lewis. The #1 New York Times bestseller: "It is the work of our greatest financial journalist, at the top of his game. And it's essential reading."—Graydon Carter, Vanity Fair The real story of the crash began in bizarre feeder markets where the sun doesn't shine and the SEC doesn't dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower- and middle-class Americans who can't pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren't talking. Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.

Modern Economic Regulation

Author: Christopher Decker
Publisher: Cambridge University Press
ISBN: 1139992139
Size: 38.39 MB
Format: PDF, ePub, Mobi
View: 6898
Download Read Online

Modern Economic Regulation from the Author: Christopher Decker. Drawing from the most recent work on economic regulation, this book introduces readers to the main principles and examines how economic regulation is applied in four key public utility industries - electricity, gas, water and telecommunications. Written for students and practitioners with little prior knowledge of economic regulation, this is an accessible, non-technical entry point to the subject area, exploring the fundamental questions: Why do we regulate? What are alternatives to regulation? Which institutions are involved in regulation? What have been the impacts of regulation? Readers will gain a clear understanding of the basic principles that apply to all regulated sectors, as well as the regulatory choices that reflect the specific economic and physical characteristics of different industries. Case studies demonstrate connections between regulatory theory and practice, and extensive references provide readers with resources for more in-depth study.