Career Concerns Versus Entrenchment In Money Management Quantifying Limits To Arbitrage Using Lockup Maturities

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Career Concerns Versus Entrenchment in Money Management: Quantifying Limits to Arbitrage Using Lockup Maturities

Author : Alan Moreira
Publisher :
ISBN 13 : 9781267071736
Total Pages : 128 pages
Book Rating : 4.0/5 (717 download)

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Book Synopsis Career Concerns Versus Entrenchment in Money Management: Quantifying Limits to Arbitrage Using Lockup Maturities by : Alan Moreira

Download or read book Career Concerns Versus Entrenchment in Money Management: Quantifying Limits to Arbitrage Using Lockup Maturities written by Alan Moreira and published by . This book was released on 2011 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: I present a dynamic model of delegated asset management in which investors' learning distorts managers' incentives to time bets in low-probability catastrophe events. Uncertainty about manager skill creates a wedge between the portfolio that maximizes fund expected return and the portfolio that minimizes fund liquidation risk. In equilibrium, managers expose their portfolios to too much tail risk. Rational learning about manager skill and manager equilibrium portfolio choice make this distortion persistent . In Chapter 2, I develop the model and use a calibration exercise to highlight the main properties of the model. In Chapter 3, I estimate the model using the Simulated Method of Moments of Duffee and Singleton [1993]. The estimation results teach us how costly are contracts that entrench bad managers, and the magnitude of limits to arbitrage distortions that good managers face. Under the steady state distribution of manager reputation, a skilled managers forgoes on average 86 basis points a year of a total average skill of 744 basis points in the population. The average entrant in the hedge fund business faces substantially larger limits to arbitrage. The average new manager forgoes 235 basis points a year if she choose the fund lockup maturity optimally and 261 basis points if she is forced to manage a fund with a monthly redemption frequency. The model identifies limits to arbitrage distortions from contract maturity choices and the joint time-series behavior of liquidations, returns, and compensation observed in the hedge fund sector.

Financial Management

Author :
Publisher :
ISBN 13 : 9780751763973
Total Pages : 0 pages
Book Rating : 4.7/5 (639 download)

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Book Synopsis Financial Management by :

Download or read book Financial Management written by and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

An Engine, Not a Camera

Author : Donald MacKenzie
Publisher : MIT Press
ISBN 13 : 0262250047
Total Pages : 782 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis An Engine, Not a Camera by : Donald MacKenzie

Download or read book An Engine, Not a Camera written by Donald MacKenzie and published by MIT Press. This book was released on 2008-08-29 with total page 782 pages. Available in PDF, EPUB and Kindle. Book excerpt: In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.

Dreams of the Overworked

Author : Christine M. Beckman
Publisher : Stanford University Press
ISBN 13 : 1503612333
Total Pages : 344 pages
Book Rating : 4.5/5 (36 download)

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Book Synopsis Dreams of the Overworked by : Christine M. Beckman

Download or read book Dreams of the Overworked written by Christine M. Beckman and published by Stanford University Press. This book was released on 2020-06-09 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: A riveting look at the real reasons Americans feel inadequate in the face of their dreams, and a call to celebrate how we support one another in the service of family and work in our daily life. Jay's days are filled with back-to-back meetings, but he always leaves work in time to pick his daughter up from swimming at 7pm, knowing he'll be back on his laptop later that night. Linda thinks wistfully of the treadmill in her garage as she finishes folding the laundry that's been in the dryer for the last week. Rebecca sits with one child in front of a packet of math homework, while three others clamor for her attention. In Dreams of the Overworked, Christine M. Beckman and Melissa Mazmanian offer vivid sketches of daily life for nine families, capturing what it means to live, work, and parent in a world of impossible expectations, now amplified unlike ever before by smart devices. We are invited into homes and offices, where we recognize the crushing pressure of unraveling plans, and the healing warmth of being together. Moreover, we witness the constant planning that goes into a "good" day, often with the aid of phones and apps. Yet, as technologies empower us to do more, they also promise limitless availability and connection. Checking email on the weekend, monitoring screen time, and counting steps are all part of the daily routine. The stories in this book challenge the seductive myth of the phone-clad individual, by showing that beneath the plastic veneer of technology is a complex, hidden system of support—our dreams being scaffolded by retired in-laws, friendly neighbors, spouses, and paid help. This book makes a compelling case for celebrating the structures that allow us to strive for our dreams, by supporting public policies and community organizations, challenging workplace norms, reimagining family, and valuing the joy of human connection.

Hedge Funds

Author : Vikas Agarwal
Publisher : Now Publishers Inc
ISBN 13 : 1933019174
Total Pages : 85 pages
Book Rating : 4.9/5 (33 download)

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Book Synopsis Hedge Funds by : Vikas Agarwal

Download or read book Hedge Funds written by Vikas Agarwal and published by Now Publishers Inc. This book was released on 2005 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Funds summarizes the academic research on hedge funds and commodity trading advisors. The hedge fund industry has grown tremendously over the recent years. According to some industry estimates, hedge funds have increased from $39 million in 1990 to about $972 million in 2004 and the total number of hedge funds has gone up from 610 to 7,436 over the same period. At the same time, hedge fund strategies have changed significantly. In 1990 the macro strategy dominated the industry while in 2004 the equity hedge strategy had the largest share of the market. There has also been a shift in the type of investor in hedge funds. In the early 1990's the typical investor was a high net-worth individual investor, today the typical investor is an institutional investor. Thus, the hedge fund market has not only grown tremendously, but the nature of the market has changed. Despite the enormous growth of this industry, there is limited information available on hedge funds. As a result, there is a need for rigorous research from both the investors' and regulators' point of view. Investors need research to better understand their investment and their risk exposure. This research also helps investors recognize the extent of diversification benefits hedge funds offer in combination with investments in traditional asset classes, such as stocks and bonds. Regulators can use this research to identify situations where regulation may be needed to protect investors' interests and to understand the impact hedge funds trading strategies have on the stability of the financial markets. The first part of Hedge Funds summarizes hedge fund performance, including comparisons of risk-return characteristics of hedge funds with those of mutual funds, factors driving hedge fund returns, and persistence in hedge fund performance. The second part reviews research regarding the unique contractual features and characteristics of hedge funds and their influence on the risk-return tradeoffs. The third part reviews the role of hedge funds in a portfolio including the extent of diversification benefits and limitations of standard mean-variance framework for asset allocation. Finally, the authors summarize the research on the biases in hedge fund databases.

Capital as Power

Author : Jonathan Nitzan
Publisher : Routledge
ISBN 13 : 1134022298
Total Pages : 853 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Capital as Power by : Jonathan Nitzan

Download or read book Capital as Power written by Jonathan Nitzan and published by Routledge. This book was released on 2009-06-02 with total page 853 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an ‘economic’ entity that they count in universal units of ‘utils’ or ‘abstract labour’, respectively. But these units are totally fictitious. Nobody has ever been able to observe or measure them, and for a good reason: they don’t exist. Since liberalism and Marxism depend on these non-existing units, their theories hang in suspension. They cannot explain the process that matters most – the accumulation of capital. This book offers a radical alternative. According to the authors, capital is not a narrow economic entity, but a symbolic quantification of power. It has little to do with utility or abstract labour, and it extends far beyond machines and production lines. Capital, the authors claim, represents the organized power of dominant capital groups to reshape – or creorder – their society. Written in simple language, accessible to lay readers and experts alike, the book develops a novel political economy. It takes the reader through the history, assumptions and limitations of mainstream economics and its associated theories of politics. It examines the evolution of Marxist thinking on accumulation and the state. And it articulates an innovative theory of ‘capital as power’ and a new history of the ‘capitalist mode of power’.

Financial Management from an Emerging Market Perspective

Author : Soner Gokten
Publisher : BoD – Books on Demand
ISBN 13 : 9535137360
Total Pages : 334 pages
Book Rating : 4.5/5 (351 download)

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Book Synopsis Financial Management from an Emerging Market Perspective by : Soner Gokten

Download or read book Financial Management from an Emerging Market Perspective written by Soner Gokten and published by BoD – Books on Demand. This book was released on 2018-01-17 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main reasons to name this book as Financial Management from an Emerging Market Perspective is to show the main differences of financial theory and practice in emerging markets other than the developed ones. Our many years of learning, teaching, and consulting experience have taught us that the theory of finance differs in developed and emerging markets. It is a well-known fact that emerging markets do not always share the same financial management problems with the developed ones. This book intends to show these differences, which could be traced to several characteristics unique to emerging markets, and these unique characteristics could generate a different view of finance theory in a different manner. As a consequence, different financial decisions, arrangements, institutions, and practices may evolve in emerging markets over time. The purpose of this book is to provide practitioners and academicians with a working knowledge of the different financial management applications and their use in an emerging market setting. Six main topics regarding the financial management applications in emerging markets are covered, and the context of these topics are "Capital Structure," "Market Efficiency and Market Models," "Merger and Acquisitions and Corporate Governance," "Working Capital Management," "Financial Economics and Digital Currency," and "Real Estate and Health Finance."

The Road to Sustained Growth in Jamaica

Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 9780821358269
Total Pages : 226 pages
Book Rating : 4.3/5 (582 download)

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Book Synopsis The Road to Sustained Growth in Jamaica by : World Bank

Download or read book The Road to Sustained Growth in Jamaica written by World Bank and published by World Bank Publications. This book was released on 2004 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite having a number of potential attributes (such as being English-speaking, having poverty levels below that of comparable countries and a reasonably well-educated labour force), Jamaicas economic history is marked by the paradoxes of low growth in GDP and high employment despite high investment and important achievements in poverty reduction. This publication seeks to examines these issues, and topics discussed include: poverty reduction and income inequality; whether Jamaicas GDP growth has been underestimated; policy options for reducing the fiscal and debt burden, revitalising the financial system; improving education outcomes, tackling the economic costs of crime, and improving international competitiveness.

Banking for a Better World

Author : Nanno Kleiterp
Publisher : Amsterdam University Press
ISBN 13 : 9789462983519
Total Pages : 0 pages
Book Rating : 4.9/5 (835 download)

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Book Synopsis Banking for a Better World by : Nanno Kleiterp

Download or read book Banking for a Better World written by Nanno Kleiterp and published by Amsterdam University Press. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important and accessible must-read will challenge you to find overlaps between your own life and global issues, and to start bridging the gap between your personal needs and those of our planet.

Attacking Poverty

Author :
Publisher : World Bank Publications
ISBN 13 : 9780195211290
Total Pages : 356 pages
Book Rating : 4.2/5 (112 download)

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Book Synopsis Attacking Poverty by :

Download or read book Attacking Poverty written by and published by World Bank Publications. This book was released on 2000 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the start of each decade the World Development Report focuses on poverty reduction. The World Development Report, now in its twenty-third edition, proposes an empowerment-security-opportunity framework of action to reduce poverty in the first decades of the twenty-first century. It views poverty as a multidimensional phenonmenon arising out of complex interactions between assets, markets, and institutions. This Report shows how the experience of poverty reduction in the last fifteen years has been remarkably diverse and how this experience has provided useful lessons as well as warnings against simplistic universal policies and interventions. It shows how current global trends present extraordinary opportunities for poverty reduction but also cause extraordinary risks, including growing inequality, marginalization, and social explosions. The World Development Report 2000/2001 explores the challenge of managing these risks in order to make the most of the opportunities for poverty reduction.

Financing Africa

Author : Samuel Munzele Maimbo
Publisher : World Bank Publications
ISBN 13 : 0821387979
Total Pages : 325 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Financing Africa by : Samuel Munzele Maimbo

Download or read book Financing Africa written by Samuel Munzele Maimbo and published by World Bank Publications. This book was released on 2011-09-07 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financing Africa takes stock of Africa's financial systems in light of recent changes in the global financial system --including the greater risk aversion of international investors, a shift in economic and financial powers towards emerging markets and the regulatory reform debate - and the increasing role of technology. Using a wider and more detailed array of data than previous publications, we observe a trend towards financial deepening, more stability and more inclusion leading up to the crisis; serious challenges, however, continue, including limited access to financial services, focus on short-term contracts and hidden fragility, related to weak regulatory frameworks, undue government interference and governance deficiencies. Our policy analysis therefore focuses on (i) expanding outreach, (ii) fostering long-term finance and (iii) improving regulation and supervision. We identify the positive role of innovation and competition, a stronger focus on non-traditional financial service providers, and more emphasis on demand-side constraints as priority areas for policy actions. Specifically, competition from new players outside the banking system, including telecomm companies can increase outreach with technological innovation that changes the economics of retail finance. Moving beyond national stock exchanges that are not sustainable in most African countries towards regional solutions and over-the-counter trades can help foster long-term finance, as can addressing governance challenges in contractual savings institutions, including life insurance companies and pension funds. Finally, there is a need to look beyond supply-side constraints towards users of financial services, focusing more on financial literacy of households and firms, but also consumer protection. In formulating policy messages, we carefully distinguish between different country groupings, differentiating -- among others -- between low- and middle-income and small and larger economies, with a special focus on resource-based economies and post-conflict countries. This book reaches out to both policy makers concerned about a more inclusive and effective financial system and other stakeholders, including practitioners and development partners. With this book we aim to contribute to the on-going financial sector debate on Africa, with the ultimate goal of faster economic development and poverty reduction.

Why Forests? Why Now?

Author : Frances Seymour
Publisher : Brookings Institution Press
ISBN 13 : 1933286865
Total Pages : 389 pages
Book Rating : 4.9/5 (332 download)

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Book Synopsis Why Forests? Why Now? by : Frances Seymour

Download or read book Why Forests? Why Now? written by Frances Seymour and published by Brookings Institution Press. This book was released on 2016-12-27 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tropical forests are an undervalued asset in meeting the greatest global challenges of our time—averting climate change and promoting development. Despite their importance, tropical forests and their ecosystems are being destroyed at a high and even increasing rate in most forest-rich countries. The good news is that the science, economics, and politics are aligned to support a major international effort over the next five years to reverse tropical deforestation. Why Forests? Why Now? synthesizes the latest evidence on the importance of tropical forests in a way that is accessible to anyone interested in climate change and development and to readers already familiar with the problem of deforestation. It makes the case to decisionmakers in rich countries that rewarding developing countries for protecting their forests is urgent, affordable, and achievable.

The Theory of Corporate Finance

Author : Jean Tirole
Publisher : Princeton University Press
ISBN 13 : 1400830222
Total Pages : 657 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Theory of Corporate Finance by : Jean Tirole

Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

Wikinomics

Author : Don Tapscott
Publisher : Penguin
ISBN 13 : 1440639485
Total Pages : 376 pages
Book Rating : 4.4/5 (46 download)

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Book Synopsis Wikinomics by : Don Tapscott

Download or read book Wikinomics written by Don Tapscott and published by Penguin. This book was released on 2008-04-17 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: The acclaimed bestseller that's teaching the world about the power of mass collaboration. Translated into more than twenty languages and named one of the best business books of the year by reviewers around the world, Wikinomics has become essential reading for business people everywhere. It explains how mass collaboration is happening not just at Web sites like Wikipedia and YouTube, but at traditional companies that have embraced technology to breathe new life into their enterprises. This national bestseller reveals the nuances that drive wikinomics, and share fascinating stories of how masses of people (both paid and volunteer) are now creating TV news stories, sequencing the human gnome, remixing their favorite music, designing software, finding cures for diseases, editing school texts, inventing new cosmetics, and even building motorcycles.

Islamic Finance

Author : Usman Hayat
Publisher :
ISBN 13 : 9781934667798
Total Pages : pages
Book Rating : 4.6/5 (677 download)

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Book Synopsis Islamic Finance by : Usman Hayat

Download or read book Islamic Finance written by Usman Hayat and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Manufacturing Hysteria

Author : Jay Feldman
Publisher : Anchor
ISBN 13 : 0307388239
Total Pages : 418 pages
Book Rating : 4.3/5 (73 download)

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Book Synopsis Manufacturing Hysteria by : Jay Feldman

Download or read book Manufacturing Hysteria written by Jay Feldman and published by Anchor. This book was released on 2012-11-13 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: A riveting and unsettling history of the assault on civil rights and liberties in America—from World War I to the War on Terror—by the acclaimed author of When the Mississippi Ran Backwards. In this ambitious and wide-ranging account, Jay Feldman takes us from the run-up to World War I and its anti-German hysteria to the September 11 attacks and Arizona’s current anti-immigration movement. What we see is a striking pattern of elected officials and private citizens alike using the American people’s fears and prejudices to isolate minorities (ethnic, racial, political, religious, or sexual), silence dissent, and stem the growth of civil rights and liberties. Rather than treating this history as a series of discrete moments, Feldman considers the entire programmatic sweep on a scale no one has yet approached. In doing so, he gives us a potent reminder of how, even in America, democracy and civil liberties are never guaranteed.

Derivatives and Hedge Funds

Author : Stephen Satchell
Publisher : Springer
ISBN 13 : 1137554177
Total Pages : 416 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Derivatives and Hedge Funds by : Stephen Satchell

Download or read book Derivatives and Hedge Funds written by Stephen Satchell and published by Springer. This book was released on 2016-05-18 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last 20 years hedge funds and derivatives have fluctuated in reputational terms; they have been blamed for the global financial crisis and been praised for the provision of liquidity in troubled times. Both topics are rather under-researched due to a combination of data and secrecy issues. This book is a collection of papers celebrating 20 years of the Journal of Derivatives and Hedge Funds (JDHF). The 18 papers included in this volume represent a small sample of influential papers included during the life of the Journal, representing industry-orientated research in these areas. With a Preface from co-editor of the journal Stephen Satchell, the first part of the collection focuses on hedge funds and the second on markets, prices and products.