Essays On Earnings Expectation
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Essays in Nonlinear Time Series Econometrics
| Author | : Niels Haldrup |
| Publisher | : OUP Oxford |
| Total Pages | : 393 |
| Release | : 2014-06-26 |
| Genre | : Business & Economics |
| ISBN | : 0191669547 |
This edited collection concerns nonlinear economic relations that involve time. It is divided into four broad themes that all reflect the work and methodology of Professor Timo Teräsvirta, one of the leading scholars in the field of nonlinear time series econometrics. The themes are: Testing for linearity and functional form, specification testing and estimation of nonlinear time series models in the form of smooth transition models, model selection and econometric methodology, and finally applications within the area of financial econometrics. All these research fields include contributions that represent state of the art in econometrics such as testing for neglected nonlinearity in neural network models, time-varying GARCH and smooth transition models, STAR models and common factors in volatility modeling, semi-automatic general to specific model selection for nonlinear dynamic models, high-dimensional data analysis for parametric and semi-parametric regression models with dependent data, commodity price modeling, financial analysts earnings forecasts based on asymmetric loss function, local Gaussian correlation and dependence for asymmetric return dependence, and the use of bootstrap aggregation to improve forecast accuracy. Each chapter represents original scholarly work, and reflects the intellectual impact that Timo Teräsvirta has had and will continue to have, on the profession.
The Number
| Author | : Alex Berenson |
| Publisher | : Random House |
| Total Pages | : 233 |
| Release | : 2003-03-04 |
| Genre | : Business & Economics |
| ISBN | : 1588362884 |
In this commanding big-picture analysis of what went wrong in corporate America, Alex Berenson, a top financial investigative reporter for The New York Times, examines the common thread connecting Enron, Worldcom, Halliburton, Computer Associates, Tyco, and other recent corporate scandals: the cult of the number. Every three months, 14,000 publicly traded companies report sales and profits to their shareholders. Nothing is more important in these quarterly announcements than earnings per share, the lodestar that investors—and these days, that’s most of us—use to judge the health of corporate America. earnings per share is the number for which all other numbers are sacrificed. It is the distilled truth of a company’s health. Too bad it’s often a lie. The Number provides a comprehensive overview of how Wall Street and corporate America lost their way during the great bull market that began in 1982. With fresh insight, wit, and a broad historical perspective, Berenson puts the accounting fraud of the past three years in context, describing how decades of lax standards and shady practices contributed to our current economic troubles. As the bull market turned into a bubble, Wall Street became utterly focused on “the number,” companies’ quarterly earnings. Along the way, the market lost track of what companies are really supposed to do—build profitable businesses with sustainable futures. With their pay soaring, and increasingly tied to their companies’ shares, executives were more than happy to give Wall Street the predictable earnings reports it wanted, what-ever the reality of their businesses. Accountants, analysts, money managers, and individual investors played along, while the Securities and Exchange Commission found itself overwhelmed and underequipped to cope with the earnings game. The Number offers a unified vision of how today’s accounting scandals reflect a broader system failure. As long as investors remain too focused on the number, companies will find ways to manipulate it. Alex Berenson gives anyone who has ever invested in—or worked for—a public company the tools necessary to see beyond the cult of the number, understand accounting and its limits, and recognize patterns that can lead to fraud. After two decades of stock market hype, The Number offers a welcome dose of truth about the way Wall Street and corporate America really work.
Quarterly Essay 46 Great Expectations
| Author | : Laura Tingle |
| Publisher | : Black Inc. |
| Total Pages | : 125 |
| Release | : 2013-09-21 |
| Genre | : Religion |
| ISBN | : 1921870648 |
Rather than relaxed and comfortable, Australians are disenchanted with politics and politicians. In Quarterly Essay 46 Laura Tingle shows that the reason for this goes to something deep in Australian culture: our great expectations of government. Since the deregulation era of the 1980s, Tingle finds, governments can do less, but we wish they could do more. From Hawke to Gillard, each prime minister has grappled with this dilemma. Keating sought to change expectations, Howard to feed a culture of entitlement, Rudd to reconceive the federation. Through all of this, and back to our origins, runs an almost childlike sense of the government as saviour and provider that has remained constant even as the world has changed. Now we are an angry nation, and the Age of Entitlement is coming to an end. What will a different politics look like? And, Tingle asks, even if a leader surfs the wave of anger all the way to power, what answer can be given to our great expectations? “It is wrong to see the anger of the last few years as a ‘one-off,’ which might go away at the next election. The things we are angry about betray the changes that have been taking place over recent decades. Politicians no longer control interest rates, the exchange rate, or wages, prices or industries that were once protected or even owned by government. Voters are confused about what politicians can do for them in such a world.” —Laura Tingle, Great Expectations
Essays on Saving, Bequests, Altruism, and Life-cycle Planning
| Author | : Laurence J. Kotlikoff |
| Publisher | : MIT Press |
| Total Pages | : 596 |
| Release | : 2001-06-22 |
| Genre | : Business & Economics |
| ISBN | : 9780262263344 |
This collection of essays, coauthored with other distinguished economists, offers new perspectives on saving, intergenerational economic ties, retirement planning, and the distribution of wealth. The book links life-cycle microeconomic behavior to important macroeconomic outcomes, including the roughly 50 percent postwar decline in America's rate of saving and its increasing wealth inequality. The book traces these outcomes to the government's five-decade-long policy of transferring, in the form of annuities, ever larger sums from young savers to old spenders. The book presents new theoretical and empirical analyses of altruism that rule out the possibility that private intergenerational transfers have offset those by the government.While rational life-cycle behavior can explain broad economic outcomes, the book also shows that a significant minority of households fail to make coherent life-cycle saving and insurance decisions. These mistakes are compounded by reliance on conventional financial planning tools, which the book compares with Economic Security Planner (ESPlanner), a new life-cycle financial planning software program. The application of ESPlanner to U.S. data indicates that most Americans approaching retirement age are saving at much lower rates than they should be, given potential major cuts in Social Security benefits.
The Retirement Decision : an Exploratory Essay
| Author | : Lowell Eugene Gallaway |
| Publisher | : |
| Total Pages | : 76 |
| Release | : 1965 |
| Genre | : Age and employment |
| ISBN | : |
Essays in Honor of Kenneth J. Arrow: Volume 3, Uncertainty, Information, and Communication
| Author | : Walter P. Heller |
| Publisher | : Cambridge University Press |
| Total Pages | : 316 |
| Release | : 1986-09-26 |
| Genre | : Business & Economics |
| ISBN | : 9780521327046 |
The third in a series of volumes published in honour of Professor Kenneth J. Arrow, each covering a different area of economic theory.
The Essays of Warren Buffett
| Author | : Lawrence A. Cunningham |
| Publisher | : Carolina Academic Press |
| Total Pages | : 281 |
| Release | : 2013-03-15 |
| Genre | : Business & Economics |
| ISBN | : 1611634474 |
In the third edition of this international best seller, Lawrence Cunningham brings you the latest wisdom from Warren Buffett’s annual letters to Berkshire Hathaway shareholders. New material addresses: the financial crisis and its continuing implications for investors, managers and society; the housing bubble at the bottom of that crisis; the debt and derivatives excesses that fueled the crisis and how to deal with them; controlling risk and protecting reputation in corporate governance; Berkshire’s acquisition and operation of Burlington Northern Santa Fe; the role of oversight in heavily regulated industries; investment possibilities today; and weaknesses of popular option valuation models. Some other material has been rearranged to deepen the themes and lessons that the collection has always produced: Buffett’s “owner-related business principles” are in the prologue as a separate subject and valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff. Media coverage is available at the following links: Interviews/Podcasts: Motley Fool, click here. Money, Riches and Wealth, click here. Manual of Ideas, click here. Corporate Counsel, click here. Reviews: William J. Taylor, ABA Banking Journal, click here. Bob Morris, Blogging on Business, click here. Pamela Holmes, Saturday Evening Post, click here. Kevin M. LaCroix, D&O Diary, click here. Blog Posts: On Finance issues (Columbia University), click here. On Berkshire post-Buffett (Manual of Ideas), click here. On Publishing the book (Value Walk), click here. On Governance issues (Harvard University blog), click here. Featured Stories/Recommended Reading: Motley Fool, click here. Stock Market Blog, click here. Motley Fool Interviews with LAC at Berkshire's 2013 Annual Meeting Berkshire Businesses: Vastly Different, Same DNA, click here. Is Berkshire's Fat Wallet an Enemy to Its Success?, click here. Post-Buffett Berkshire: Same Question, Same Answer, click here. How a Disciplined Value Approach Works Across the Decades, click here. Through the Years: Constant Themes in Buffett's Letters, click here. Buffett's Single Greatest Accomplishment, click here. Where Buffett Is Finding Moats These Days, click here. How Buffett Has Changed Through the Years, click here. Speculating on Buffett's Next Acquisition, click here. Buffett Says “Chief Risk Officers” Are a Terrible Mistake, click here. Berkshire Without Buffett, click here.
Selected Essays on Economic Policy
| Author | : G. Harcourt |
| Publisher | : Springer |
| Total Pages | : 361 |
| Release | : 2001-01-26 |
| Genre | : Business & Economics |
| ISBN | : 0230510566 |
This volume contains classic essays on economic policy written by one of its great exponents. The opening essay traces the author's evolving structures of thought about economics and the policy proposals that came from them over this period. Section 2 contains essays which set the background to the policy recommendations. In section 3 the role of investment incentives is analysed. Section 4 is concerned with the influence of accounting conventions on private decision-making and government policy in both capitalist and planned economies. Section 5 contains a number of package deals, all designed to fit within the constraint of the philosophy of governments in power. The last section, general essays, ranges from a scheme for the payment of prisoners to the celebration of the views on policy of great economists, from Colin Clark, through Nicky Kaldor to John Cornwall.
