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A Random Walk To Nowhere
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Book Synopsis Random Walk To Nowhere, A: How The Professors Caused A Real "Fraud-on-the-market" by : Edward E Williams
Download or read book Random Walk To Nowhere, A: How The Professors Caused A Real "Fraud-on-the-market" written by Edward E Williams and published by World Scientific. This book was released on 2020-02-04 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about an intellectual fraud, one that has become part of legal doctrine that has greatly influenced decisions all the way up to the United States Supreme Court. The 'efficient market hypothesis' (EMH), born from the Random Walk theory, started out as an honest attempt to improve insights into how financial markets work, but eventually became almost a religion that every financial economist had to buy into, or risk professional crucifixion. The EMH began over a half century ago. It posits that share prices reflect all available market information, and that it is impossible to consistently outperform the market. This theory dominated research in the academic financial community from the outset, and has continued to do so for decades. Meanwhile, the evidence for above-average profit-making opportunities in the markets has been unfairly suppressed.Written for practitioners in the business, finance and legal industries, this book outlines the major issues that gave rise to the fraud, focusing on the role of statistics in the rise of what the authors call the 'New Finance.' It details the developments and results of the exclusion of other theories from efficient markets research and highlights the problems arising from a dogmatic adherence to EMH.
Book Synopsis A Random Walk to Nowhere by : Edward E. Williams
Download or read book A Random Walk to Nowhere written by Edward E. Williams and published by World Scientific. This book was released on 2020 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface -- Fraud, lies, and statistics -- The early history of modern financial economics -- The birth of the efficient market hypothesis -- Earlier views of market efficiency -- The impact of information and regulation on market efficiency -- Tests of the EMH -- Anomalies -- The capital asset pricing model -- Beyond the CAPM -- Conclusions -- References.
Book Synopsis A Non-Random Walk Down Wall Street by : Andrew W. Lo
Download or read book A Non-Random Walk Down Wall Street written by Andrew W. Lo and published by Princeton University Press. This book was released on 2011-11-14 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis None of My Business by : P. J. O'Rourke
Download or read book None of My Business written by P. J. O'Rourke and published by Atlantic Monthly Press. This book was released on 2018-09-04 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: The #1 New York Times–bestselling author takes on subjects from banking to bitcoin: “Another winner from an A-list humorist.” ―Booklist Sharp-witted satirist and author of Parliament of Whores P. J. O’Rourke takes on his scariest subjects yet—business, investment, finance, and the political chicanery behind them. Want to get rich overnight for free in three easy steps with no risk? Then don’t buy this book. (Actually, if you believe there’s a book that can do that, you shouldn’t buy any books because you probably can’t read.) P. J. O’Rourke’s approach to business, investment, and finance is different. He takes the risks for you in his chapter “How I Learned Economics by Watching People Try to Kill Each Other.” He proposes “A Way to Raise Taxes That We’ll All Love”—a 200% tax on celebrities. He offers a brief history of economic transitions before exploring the world of high tech innovation with a chapter on “Unnovations,” which asks, “The Internet—whose idea was it to put all the idiots on earth in touch with each other?” He misunderstands bitcoin, which seems “like a weird scam invented by strange geeks with weaponized slide rules in the high school Evil Math Club.” And finally, he offers a fanciful short story about the morning that P. J. wakes up and finds that all the world’s goods and services are free! “The funniest writer in America.” ―The Wall Street Journal
Book Synopsis Risk - A Multidisciplinary Introduction by : Claudia Klüppelberg
Download or read book Risk - A Multidisciplinary Introduction written by Claudia Klüppelberg and published by Springer. This book was released on 2014-06-10 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a unique book addressing the integration of risk methodology from various fields. It will stimulate intellectual debate and communication across disciplines, promote better risk management practices and contribute to the development of risk management methodologies. Individual chapters explain fundamental risk models and measurement, and address risk and security issues from diverse areas such as finance and insurance, the health sciences, life sciences, engineering and information science. Integrated Risk Sciences is an emerging discipline that considers risks in different fields, aiming at a common language, and at sharing and improving methods developed in different fields. Readers should have a Bachelor degree and have taken at least one basic university course in statistics and probability. The main goal of the book is to provide basic knowledge on risk and security in a common language; the authors have taken particular care to ensure that all content can readily be understood by doctoral students and researchers across disciplines. Each chapter provides simple case studies and examples, open research questions and discussion points, and a selected bibliography inviting readers to further study.
Book Synopsis New Frontiers of Network Analysis in Systems Biology by : Avi Ma'ayan
Download or read book New Frontiers of Network Analysis in Systems Biology written by Avi Ma'ayan and published by Springer Science & Business Media. This book was released on 2012-06-25 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rapidly developing field of systems biology is influencing many aspects of biological research and is expected to transform biomedicine. Some emerging offshoots and specialized branches in systems biology are receiving particular attention and are becoming highly active areas of research. This collection of invited reviews describes some of the latest cutting-edge experimental and computational advances in these emerging sub-fields of systems biology. In particular, this collection focuses on the study of mammalian embryonic stem cells; new technologies involving mass-spectrometry proteomics; single cell measurements; methods for modeling complex stochastic systems; network-based classification algorithms; and the revolutionary emerging field of systems pharmacology.
Book Synopsis Intermediate Physics for Medicine and Biology by : Russell K. Hobbie
Download or read book Intermediate Physics for Medicine and Biology written by Russell K. Hobbie and published by Springer Science & Business Media. This book was released on 2007-09-09 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text bridges the gap between introductory physics and its application to the life sciences. It is intended for advanced undergraduates and beginning graduate students. The Fourth Edition is updated to include new findings, discussion of stochastic processes and expanded coverage of anatomy and biology. The text includes many problems to test the student's understanding, and chapters include useful bibliographies for further reading. Its minimal prerequisites and wide coverage make it ideal for self-study. The fourth edition is updated throughout to reflect new developments.
Book Synopsis Random Walk by : Jamela Basani Hoveni
Download or read book Random Walk written by Jamela Basani Hoveni and published by Strategic Book Publishing. This book was released on 2013-06 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most stories written about Africa focus on war and poverty, neglecting to show that Africa is a diverse continent with large cities and a growing middle class. Africa?s massive and expanding population is also diverse, so the stories in this book bring out that diversity by exploring complex themes and ideas. Random Walk: Modern African Stories presents six tales of adult fiction. The stories are independent and are set in different African towns and cities, including Cape Town, Johannesburg, Kinshasa, and Luanda. The story collection features Africans from all walks of life, and covers such themes as spiritualism, and HIV/AIDS and its socioeconomic impact. The book also surveys the issues of economic refugees, depression and other mental health issues, social networking, and love. These stories use fiction to create awareness about topical issues and could become an impetus to activism. Random Walk is entertaining with a healthy amount of humour. Today?s Africa is a compelling continent where modernity meets tradition, and prejudice and oppression meet freedom and equality.
Book Synopsis Exploring Modeling with Data and Differential Equations Using R by : John Zobitz
Download or read book Exploring Modeling with Data and Differential Equations Using R written by John Zobitz and published by CRC Press. This book was released on 2022-11-29 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring Modeling with Data and Differential Equations Using R provides a unique introduction to differential equations with applications to the biological and other natural sciences. Additionally, model parameterization and simulation of stochastic differential equations are explored, providing additional tools for model analysis and evaluation. This unified framework sits "at the intersection" of different mathematical subject areas, data science, statistics, and the natural sciences. The text throughout emphasizes data science workflows using the R statistical software program and the tidyverse constellation of packages. Only knowledge of calculus is needed; the text’s integrated framework is a stepping stone for further advanced study in mathematics or as a comprehensive introduction to modeling for quantitative natural scientists. The text will introduce you to: modeling with systems of differential equations and developing analytical, computational, and visual solution techniques. the R programming language, the tidyverse syntax, and developing data science workflows. qualitative techniques to analyze a system of differential equations. data assimilation techniques (simple linear regression, likelihood or cost functions, and Markov Chain, Monte Carlo Parameter Estimation) to parameterize models from data. simulating and evaluating outputs for stochastic differential equation models. An associated R package provides a framework for computation and visualization of results. It can be found here: https://cran.r-project.org/web/packages/demodelr/index.html.
Book Synopsis Self-organized Complexity in the Physical, Biological, and Social Sciences by : Donald Lawson Turcotte
Download or read book Self-organized Complexity in the Physical, Biological, and Social Sciences written by Donald Lawson Turcotte and published by National Academies Press. This book was released on 2002 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Elections Without Order by : Richard Rose
Download or read book Elections Without Order written by Richard Rose and published by Cambridge University Press. This book was released on 2002-08-15 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Description
Book Synopsis Arrival of the Fittest by : Andreas Wagner
Download or read book Arrival of the Fittest written by Andreas Wagner and published by Current. This book was released on 2015-10-06 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Wagner draws on over fifteen years of research to present the missing piece in Darwin's theory. Using experimental and computational technologies that were heretofore unimagined, he has found that adaptations are not just driven by chance, but by a set of laws that allow nature to discover new molecules and mechanisms in a fraction of the time that random variation would take"--Amazon.com.
Book Synopsis Elements of Random Walk and Diffusion Processes by : Oliver C. Ibe
Download or read book Elements of Random Walk and Diffusion Processes written by Oliver C. Ibe and published by John Wiley & Sons. This book was released on 2013-08-29 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents an important and unique introduction to random walk theory Random walk is a stochastic process that has proven to be a useful model in understanding discrete-state discrete-time processes across a wide spectrum of scientific disciplines. Elements of Random Walk and Diffusion Processes provides an interdisciplinary approach by including numerous practical examples and exercises with real-world applications in operations research, economics, engineering, and physics. Featuring an introduction to powerful and general techniques that are used in the application of physical and dynamic processes, the book presents the connections between diffusion equations and random motion. Standard methods and applications of Brownian motion are addressed in addition to Levy motion, which has become popular in random searches in a variety of fields. The book also covers fractional calculus and introduces percolation theory and its relationship to diffusion processes. With a strong emphasis on the relationship between random walk theory and diffusion processes, Elements of Random Walk and Diffusion Processes features: Basic concepts in probability, an overview of stochastic and fractional processes, and elements of graph theory Numerous practical applications of random walk across various disciplines, including how to model stock prices and gambling, describe the statistical properties of genetic drift, and simplify the random movement of molecules in liquids and gases Examples of the real-world applicability of random walk such as node movement and node failure in wireless networking, the size of the Web in computer science, and polymers in physics Plentiful examples and exercises throughout that illustrate the solution of many practical problems Elements of Random Walk and Diffusion Processes is an ideal reference for researchers and professionals involved in operations research, economics, engineering, mathematics, and physics. The book is also an excellent textbook for upper-undergraduate and graduate level courses in probability and stochastic processes, stochastic models, random motion and Brownian theory, random walk theory, and diffusion process techniques.
Book Synopsis Random Walk and the Heat Equation by : Gregory F. Lawler
Download or read book Random Walk and the Heat Equation written by Gregory F. Lawler and published by American Mathematical Soc.. This book was released on 2010-11-22 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: The heat equation can be derived by averaging over a very large number of particles. Traditionally, the resulting PDE is studied as a deterministic equation, an approach that has brought many significant results and a deep understanding of the equation and its solutions. By studying the heat equation and considering the individual random particles, however, one gains further intuition into the problem. While this is now standard for many researchers, this approach is generally not presented at the undergraduate level. In this book, Lawler introduces the heat equations and the closely related notion of harmonic functions from a probabilistic perspective. The theme of the first two chapters of the book is the relationship between random walks and the heat equation. This first chapter discusses the discrete case, random walk and the heat equation on the integer lattice; and the second chapter discusses the continuous case, Brownian motion and the usual heat equation. Relationships are shown between the two. For example, solving the heat equation in the discrete setting becomes a problem of diagonalization of symmetric matrices, which becomes a problem in Fourier series in the continuous case. Random walk and Brownian motion are introduced and developed from first principles. The latter two chapters discuss different topics: martingales and fractal dimension, with the chapters tied together by one example, a random Cantor set. The idea of this book is to merge probabilistic and deterministic approaches to heat flow. It is also intended as a bridge from undergraduate analysis to graduate and research perspectives. The book is suitable for advanced undergraduates, particularly those considering graduate work in mathematics or related areas.
Book Synopsis A Random Walk in Physics by : Massimo Cencini
Download or read book A Random Walk in Physics written by Massimo Cencini and published by Springer Nature. This book was released on 2021-06-15 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an informal, easy-to-understand account of topics in modern physics and mathematics. The focus is, in particular, on statistical mechanics, soft matter, probability, chaos, complexity, and models, as well as their interplay. The book features 28 key entries and it is carefully structured so as to allow readers to pursue different paths that reflect their interests and priorities, thereby avoiding an excessively systematic presentation that might stifle interest. While the majority of the entries concern specific topics and arguments, some relate to important protagonists of science, highlighting and explaining their contributions. Advanced mathematics is avoided, and formulas are introduced in only a few cases. The book is a user-friendly tool that nevertheless avoids scientific compromise. It is of interest to all who seek a better grasp of the world that surrounds us and of the ideas that have changed our perceptions.
Book Synopsis Is Life a Random Walk? by : Harold Klemp
Download or read book Is Life a Random Walk? written by Harold Klemp and published by Eckankar. This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Random Walk Through Fractal Dimensions by : Brian H. Kaye
Download or read book A Random Walk Through Fractal Dimensions written by Brian H. Kaye and published by John Wiley & Sons. This book was released on 2008-07-11 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fractal geometry is revolutionizing the descriptive mathematics of applied materials systems. Rather than presenting a mathematical treatise, Brian Kaye demonstrates the power of fractal geometry in describing materials ranging from Swiss cheese to pyrolytic graphite. Written from a practical point of view, the author assiduously avoids the use of equations while introducing the reader to numerous interesting and challenging problems in subject areas ranging from geography to fine particle science. The second edition of this successful book provides up-to-date literature coverage of the use of fractal geometry in all areas of science. From reviews of the first edition: "...no stone is left unturned in the quest for applications of fractal geometry to fine particle problems....This book should provide hours of enjoyable reading to those wishing to become acquainted with the ideas of fractal geometry as applied to practical materials problems." MRS Bulletin
