The Theory of Security Pricing and Market Structure
Author | : Marshall Blume |
Publisher | : |
Total Pages | : 58 |
Release | : 1992 |
Genre | : Capital market |
ISBN | : |
Download The Theory Of Security Pricing And Market Structure full books in PDF, epub, and Kindle. Read online free The Theory Of Security Pricing And Market Structure ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author | : Marshall Blume |
Publisher | : |
Total Pages | : 58 |
Release | : 1992 |
Genre | : Capital market |
ISBN | : |
Author | : Mr.Peter Dattels |
Publisher | : International Monetary Fund |
Total Pages | : 106 |
Release | : 1995-11 |
Genre | : Business & Economics |
ISBN | : |
This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.
Author | : John Sutton |
Publisher | : MIT Press |
Total Pages | : 700 |
Release | : 2001-01-26 |
Genre | : Business & Economics |
ISBN | : 9780262692649 |
John Sutton sets out a unified theory that encompasses two major approaches to studying market, while generating a series of novel predictions as to how markets evolve. Traditionally, the field of industrial organization has relied on two unrelated theories—the cross-section theory and the growth-of-firms theory—to explain cross-industry differences in concentration and within-industry skewness. The two approaches are based on very different mathematical structures and few researchers have attempted to relate them to each other. In this book, John Sutton unifies the two approaches through a theory that rests on three simple principles. The first two, a "survivor principle" that says that firms will not pursue loss-making strategies, and an "arbitrage principle" that says that if a profitable opportunity is available, some firm will take it, suffice to define a set of possible outcomes. The third, the "symmetry principle," says that the strategy used by a new entrant into any submarket depends neither on the entrants identity nor on its history in other submarkets. This allows researchers to bring together the roles of strategic interactions and of independence effects. The result is that the considerations motivating the cross-section tradition and those motivating the growth-of-firms tradition both drop out within a single game-theoretic model. This book follows Sutton's Sunk Costs and Market Structure, published by MIT Press in 1991.
Author | : United States. Securities and Exchange Commission |
Publisher | : |
Total Pages | : 974 |
Release | : 1967 |
Genre | : Mutual funds |
ISBN | : |
Author | : John Sutton |
Publisher | : MIT Press |
Total Pages | : 600 |
Release | : 1991 |
Genre | : Business & Economics |
ISBN | : 9780262193054 |
Sunk Costs and Market Structure bridges the gap between the new generation of game theoretic models that has dominated the industrial organization literature over the past ten years and the traditional empirical agenda of the subject as embodied in the structure-conduct-performance paradigm developed by Joe S. Bain and his successors.
Author | : Blaise Allaz Bernard Dumas |
Publisher | : Springer |
Total Pages | : 385 |
Release | : 2013-12-19 |
Genre | : Business & Economics |
ISBN | : 1489971165 |
Finance is an area of business practice that has been deeply influenced by theoretical developments. This book provides the basic theoretical foundations necessary to understand how three broad classes of assets - stocks, options and bonds - are valued on financial markets, while developing the crucial concepts of market equilibrium and arbitrage. The analysis is rigorous, yet successfully bridges the gap between mathematical and non-mathematical approaches to provide a book which will be of interest to both academics and practitioners.
Author | : Andrew Ang |
Publisher | : Now Publishers Inc |
Total Pages | : 99 |
Release | : 2011 |
Genre | : Business & Economics |
ISBN | : 1601984685 |
The Efficient Market Hypothesis (EMH) asserts that, at all times, the price of a security reflects all available information about its fundamental value. The implication of the EMH for investors is that, to the extent that speculative trading is costly, speculation must be a loser's game. Hence, under the EMH, a passive strategy is bound eventually to beat a strategy that uses active management, where active management is characterized as trading that seeks to exploit mispriced assets relative to a risk-adjusted benchmark. The EMH has been refined over the past several decades to reflect the realism of the marketplace, including costly information, transactions costs, financing, agency costs, and other real-world frictions. The most recent expressions of the EMH thus allow a role for arbitrageurs in the market who may profit from their comparative advantages. These advantages may include specialized knowledge, lower trading costs, low management fees or agency costs, and a financing structure that allows the arbitrageur to undertake trades with long verification periods. The actions of these arbitrageurs cause liquid securities markets to be generally fairly efficient with respect to information, despite some notable anomalies.
Author | : Robin Kuannan Chou |
Publisher | : |
Total Pages | : 234 |
Release | : 1999 |
Genre | : Industrial organization (Economic theory) |
ISBN | : |