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Managers Investors And Crises
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Book Synopsis Managers, Investors, and Crises by : Graciela Laura Kaminsky
Download or read book Managers, Investors, and Crises written by Graciela Laura Kaminsky and published by . This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses the trading strategies of mutual funds in emerging markets. The data set we develop permits analysis of these strategies at the level of individual portfolios. Methodoloically, a novel feature is our disentangling the behavior of managers from that of underlying investors. For both managers and investors, we strongly reject the null hypothesis of no momentum trading: funds' momentum trading is positive they systematically buy winners and sell losers. Contemporaneous momentum trading (buying current winners and selling current losers) is stronger during crises, and stronger for fund investors than for fund managers. Lagged momentum trading (buying past winners and selling past losers) is stronger during non-crisis, and stronger for fund managers. Investors also engage in contagion trading, i.e., they sell assets from one country when asset prices fall in another.
Book Synopsis A Crisis of Beliefs by : Nicola Gennaioli
Download or read book A Crisis of Beliefs written by Nicola Gennaioli and published by Princeton University Press. This book was released on 2018-09-11 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.
Book Synopsis Money, Greed, and Risk by : Charles R. Morris
Download or read book Money, Greed, and Risk written by Charles R. Morris and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume chronicles the evolution of modern financial markets against the backdrop of some of the finance world's most infamous crises. Financial periods are intricately and historically examined, simplifying the financial instruments and techniques so that even the non-financial reader can identify the pattern that Morris uncovers in the lead up to a crisis.
Book Synopsis Bonds Are Not Forever by : Simon A. Lack
Download or read book Bonds Are Not Forever written by Simon A. Lack and published by John Wiley & Sons. This book was released on 2013-09-03 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: An up-close look at the fixed income market and what lies ahead Interweaving compelling, and often amusing, anecdotes from author Simon Lack's distinguished thirty-year career as a professional investor with hard economic data, this engaging book skillfully reveals why Bonds Are Not Forever. Along the way, it provides investors with a coherent framework for understanding the future of the fixed income markets and, more importantly, answering the question, "Where should I invest tomorrow?" Bonds Are Not Forever chronicles the steady decline in interest rates from their peak in the 1980s and the concurrent drop in inflation during that period. Lack explains how those two factors spurred a dramatic growth in borrowing among both governments and individuals. Along the way, Lack describes how a financial industry meant to provide capital needed to drive productivity and economic growth became disconnected from Main Street and explores the grave economic, social, and political consequences of that disconnect. Provides practical solutions for avoiding the risk of falling bond markets and guaranteed negative real returns on savings Explains how the bursting of the real estate bubble in 2007–2008 led to massive borrowing by governments as they attempted to offset a sharp fall in economic activity Details how the trends of exploding debt and a financial sector that has grown much bigger than it needs to be have dramatically changed the game for savers Offering a uniquely intimate, yet analytically thorough look at the coming fixed income crisis, Bonds Are Not Forever is must reading for investment professionals, as well as retail investors and their advisors.
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis Corporate Governance Failures by : James P. Hawley
Download or read book Corporate Governance Failures written by James P. Hawley and published by University of Pennsylvania Press. This book was released on 2011-04-15 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance, the internal policies and leadership that guide the actions of corporations, played a major part in the recent global financial crisis. While much blame has been targeted at compensation arrangements that rewarded extreme risk-taking but did not punish failure, the performance of large, supposedly sophisticated institutional investors in this crisis has gone for the most part unexamined. Shareholding organizations, such as pension funds and mutual funds, hold considerable sway over the financial industry from Wall Street to the City of London. Corporate Governance Failures: The Role of Institutional Investors in the Global Financial Crisis exposes the misdeeds and lapses of these institutional investors leading up to the recent economic meltdown. In this collection of original essays, edited by pioneers in the field of fiduciary capitalism, top legal and financial practitioners and researchers discuss detrimental actions and inaction of institutional investors. Corporate Governance Failures reveals how these organizations exposed themselves and their clientele to extremely complex financial instruments, such as credit default swaps, through investments in hedge and private equity funds as well as more traditional equity investments in large financial institutions. The book's contributors critique fund executives for tolerating the "pursuit of alpha" culture that led managers to pursue risky financial strategies in hopes of outperforming the market. The volume also points out how and why institutional investors failed to effectively monitor such volatile investments, ignoring relatively well-established corporate governance principles and best practices. Along with detailed investigations of institutional investor missteps, Corporate Governance Failures offers nuanced and realistic proposals to mitigate future financial pitfalls. This volume provides fresh perspectives on ways institutional investors can best act as gatekeepers and promote responsible investment.
Book Synopsis Handbook of Investors' Behavior during Financial Crises by : Fotini Economou
Download or read book Handbook of Investors' Behavior during Financial Crises written by Fotini Economou and published by Academic Press. This book was released on 2017-06-24 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Investors' Behavior during Financial Crises provides fundamental information about investor behavior during turbulent periods, such the 2000 dot com crash and the 2008 global financial crisis. Contributors share the same behavioral finance tools and techniques while analyzing behaviors across a variety of market structures and asset classes. The volume provides novel insights about the influence and effects of regional differences in market design. Its distinctive approach to studies of financial crises is of key importance in our contemporary financial landscape, even more so since the accelerated process of globalization has rendered the outbreak of financial crises internationally more commonplace compared to previous decades. - Encompasses empirical, quantitative and regulation-motivated studies - Includes information about retail and institutional investor behavior - Analyzes optimal financial structures for the development and growth of specific regional economies
Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Book Synopsis Managing Currency Crises in Emerging Markets by : Michael P. Dooley
Download or read book Managing Currency Crises in Emerging Markets written by Michael P. Dooley and published by University of Chicago Press. This book was released on 2007-11-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.
Book Synopsis All the Devils Are Here by : Bethany McLean
Download or read book All the Devils Are Here written by Bethany McLean and published by Penguin. This book was released on 2011-08-30 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hailed as "the best business book of 2010" (Huffington Post), this New York Times bestseller about the 2008 financial crisis brings the devastation of the Great Recession to life. As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, many devils helped bring hell to the economy. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the financial meltdown and its consequences.
Book Synopsis The Crisis Manager by : Otto Lerbinger
Download or read book The Crisis Manager written by Otto Lerbinger and published by Routledge. This book was released on 2012-05-23 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Responding to the era of crises in which we now live, The Crisis Manager offers wise counsel for anticipating and responding to crises as well as taking the steps required to reduce the impact of these events. Spotlighting the reality of crisis at levels ranging from local to global, author Otto Lerbinger helps readers understand the approaches and ways of thinking required for successful crisis management in today’s world. As no organization or individual is immune from crisis, he guides managers to make good decisions under conditions of high uncertainty, and to consider the interests not only of stockholders but also of a wide variety of stakeholders. With a focus on the threat of crises to an organization’s most valuable asset – its reputation – The Crisis Manager covers: Preparation for crisis, including crisis communication planning Physical crises – natural, biological, and technological "Human climate" crises, stemming from targeted attacks on an organization’s policies, actions, or physical holdings Crises due to management failure, including mismanagement, skewed values, deception, and misconduct New to this second edition are the use of social media in crisis management, and chapters on image restoration strategies and crises stemming from mismanagement, as well as a comprehensive updating of the entire work. Real-world case studies provide examples of what worked and what did not work, and the reasons why. Written for present and future crisis managers in all types of businesses and organizations, this resource will be required reading for students in public relations, business, and management, as it prepares them for their crucial roles as decision makers.
Book Synopsis MANAGING CRISES by : Uriel Rosenthal
Download or read book MANAGING CRISES written by Uriel Rosenthal and published by Charles C Thomas Publisher. This book was released on 2001-01-01 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, the editors, with 25 notable contributors, expand the knowledge of crisis management, focusing on case studies of high-profile events that have occurred in recent history. Part One of the text aims at theoretical development through empirical case studies and also postulates a crisis typology and charts specific theoretical and administrative challenges. The 'case bank,' which comprises the bulk of the book, is presented in four additional sections. The first deals with the development of crises and compares the infamous Watts riots with the 1992 L.A. riots. It also analyzes the fragmented and complex international environment that allowed the 'safe area' in Bosnia to be overrun by Bosnian Serbs in 1995. The final chapter chronicles the incredible human costs of mismanaged crisis in the Rwanda massacres in 1994. The second section explores the many decisional dilemmas that confront crisis managers. Cases include the fire at the Piper Alpha oil rig; the 1999 Turkish earthquakes; the Eindhoven, Holland plane crash; and crisis management of the Mad Cow epidemic disease in the U.K. The third section explores the long-term dimensions of crises and crisis management and particularly the development of national traumas such as the assassination of Sweden's Prime Minister Olaf Palme in 1986, the 1992 Amsterdam air crash, and the TWA flight 800 disaster in 1996. The final section shifts focus to future scenarios such as speculative information technology disasters, potentially devastating viral epidemics, deteriorating environmental and societal conditions in Russia, the southwest U.S. coming water shortage, and the outlook for Japan, one of the worldÂ’s most disaster-prone countries. Summarizing the research findings of the past decade, the authors describe patterns in the paths toward crises, the dilemmas and coping mechanisms that emerge during the thick of crisis, and, very importantly, the pathways that lead away from crisis.
Book Synopsis Procyclical Behavior of Institutional Investors During the Recent Financial Crisis by : Mr.Michael G Papaioannou
Download or read book Procyclical Behavior of Institutional Investors During the Recent Financial Crisis written by Mr.Michael G Papaioannou and published by International Monetary Fund. This book was released on 2013-09-11 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.
Book Synopsis Financial Crisis Management and Bank Resolution by : John Raymond LaBrosse
Download or read book Financial Crisis Management and Bank Resolution written by John Raymond LaBrosse and published by Taylor & Francis. This book was released on 2020-11-25 with total page 447 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Crisis Management and Bank Resolution provides an analysis of the responses to the recent crisis that has beset the international financial markets taking a top down approach looking at the mechanisms to manage a financial crisis, to the practicalities of dealing with the resolution of a bank experiencing distress. This work is an interdisciplinary analysis of the law and policy surrounding crisis management and bank resolution. It comprises contributions from a team of leading experts in the field that have been carefully selected from across the globe. These experts are drawn from the law, central banks, government, financial services and academia. This edited collection will provide a new and important contribution to the subject at a crucial time in the debate around banking resolution and crisis management regimes, and help to plug the gap in our knowledge and understanding of the law of bank resolution and restructuring.
Author :Rotman School of Management Publisher :University of Toronto Press ISBN 13 :144265922X Total Pages :177 pages Book Rating :4.4/5 (426 download)
Book Synopsis The Finance Crisis and Rescue by : Rotman School of Management
Download or read book The Finance Crisis and Rescue written by Rotman School of Management and published by University of Toronto Press. This book was released on 2008-12-15 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 global financial crisis affects everyone, but its root causes and potential cures – knowledge necessary in order to make strong financial decisions moving forward – are confusing to many. This compilation of expert views from the University of Toronto's Rotman School of Management navigates what went wrong, why, and the lessons that these events can teach business people, policy makers, and interested observers alike. The Finance Crisis and Rescue features essays from ten leading Rotman professors and renowned journalist Michael Hlinka as well as a foreword by Rotman Dean Roger Martin. These intellectual leaders from the front lines of business thinking tackle the subject from varied perspectives, analyzing the crisis through their diverse backgrounds in fields such as structured finance, behavioural finance, value investing, pension plans, risk management, corporate governance, public policy, and leadership. A timely and considered response to current events, The Finance Crisis and Rescue will be of interest to all those following recent global financial developments.
Book Synopsis Global Business Strategies in Crisis by : Ümit Hacioğlu
Download or read book Global Business Strategies in Crisis written by Ümit Hacioğlu and published by Springer. This book was released on 2016-12-07 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the world is currently in the midst of financial and economic crises, this collection of expert contributions focuses on strategy formation and implementation at various organizational levels to address the challenges ahead. The latest economic turmoil and its ongoing impact on business performance are compelling top managers to develop effective business strategies and redefine the boundaries of their operational and strategic activities. On one hand, tremendous challenges in the competitive business environment have become a source of global threats for many small entrepreneurs. On the other, investors faced with today’s volatile economic conditions demand more gains on their capital investments to counter-balance the growing risk of global threats. This book explores the question as to whether it is possible to efficiently and effectively address these threats and obstacles. Are managers capable of planning and implementing strategic actions? What should the major managerial strategy be in order to overcome fluctuations in a market-oriented society? The strategies and practices recommended here are aimed to design continuous development competencies and contribute to the stability, recovery and sustainability of global business operations under volatile economic conditions. This refreshingly novel book seeks to establish managerial strategies and practices for effectively responding to challenges in the competitive business environment, as global volatility and fluctuations continue to worsen.
Book Synopsis Cross Section of Money Market Fund Risks and Financial Crises by :
Download or read book Cross Section of Money Market Fund Risks and Financial Crises written by and published by DIANE Publishing. This book was released on 2010 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:
