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Modern Political Economics: Making Sense of the Post-2008 World

by Yanis Varoufakis Joseph Halevi Nicholas Theocarakis

Once in a while the world astonishes itself. Anxious incredulity replaces intellectual torpor and a puzzled public strains its antennae in every possible direction, desperately seeking explanations for the causes and nature of what just hit it. 2008 was such a moment. Not only did the financial system collapse, and send the real economy into a tailspin, but it also revealed the great gulf separating economics from a very real capitalism. Modern Political Economics has a single aim: To help readers make sense of how 2008 came about and what the post-2008 world has in store. The book is divided into two parts. The first part delves into every major economic theory, from Aristotle to the present, with a determination to discover clues of what went wrong in 2008. The main finding is that all economic theory is inherently flawed. Any system of ideas whose purpose is to describe capitalism in mathematical or engineering terms leads to inevitable logical inconsistency; an inherent error that stands between us and a decent grasp of capitalist reality. The only scientific truth about capitalism is its radical indeterminacy, a condition which makes it impossible to use science's tools (e.g. calculus and statistics) to second-guess it. The second part casts an attentive eye on the post-war era; on the breeding ground of the Crash of 2008. It distinguishes between two major post-war phases: The Global Plan (1947-1971) and the Global Minotaur (1971-2008). This dynamic new book delves into every major economic theory and maps out meticulously the trajectory that global capitalism followed from post-war almost centrally planned stability, to designed disintegration in the 1970s, to an intentional magnification of unsustainable imbalances in the 1980s and, finally, to the most spectacular privatisation of money in the 1990s and beyond. Modern Political Economics is essential reading for Economics students and anyone seeking a better understanding of the 2008 economic crash.

Modern Portfolio Management: Active Long/Short 130/30 Equity Strategies (Wiley Finance #539)

by Martin L. Leibowitz Simon Emrich Anthony Bova

Active 130/30 Extensions is the newest wave of disciplined investment strategies that involves asymmetric decision-making on long/short portfolio decisions, concentrated investment risk-taking in contrast to diversification, systematic portfolio risk management, and flexibility in portfolio design. This strategy is the building block for a number of 130/30 and 120/20 investment strategies offered to institutional and sophisticated high net worth individual investors who want to manage their portfolios actively and aggressively to outperform the market.

Modern Portfolio Management: Active Long/Short 130/30 Equity Strategies (Wiley Finance #488)

by Martin L. Leibowitz Simon Emrich Anthony Bova

Active 130/30 Extensions is the newest wave of disciplined investment strategies that involves asymmetric decision-making on long/short portfolio decisions, concentrated investment risk-taking in contrast to diversification, systematic portfolio risk management, and flexibility in portfolio design. This strategy is the building block for a number of 130/30 and 120/20 investment strategies offered to institutional and sophisticated high net worth individual investors who want to manage their portfolios actively and aggressively to outperform the market.

Modern Portfolio Management: Moving Beyond Modern Portfolio Theory

by Todd E. Petzel

Get a practical and thoroughly updated look at investment and portfolio management from an accomplished veteran of the discipline In Modern Portfolio Management: Moving Beyond Modern Portfolio Theory, investment executive and advisor Dr. Todd E. Petzel delivers a grounded and insightful exploration of developments in finance since the advent of Modern Portfolio Theory. You’ll find the tools and concepts you need to evaluate new products and portfolios and identify practical issues in areas like operations, decision-making, and regulation. In this book, you’ll also: Discover why Modern Portfolio Theory is at odds with developments in the field of Behavioral Finance Examine the never-ending argument between passive and active management and learn to set long-term goals and objectives Find investor perspectives on perennial issues like corporate governance, manager turnover, fraud risks, and ESG investing Perfect for institutional and individual investors, investment committee members, and fiduciaries responsible for portfolio construction and oversight, Modern Portfolio Management is also a must-read for fund and portfolio managers who seek to better understand their investors.

Modern Portfolio Management: Moving Beyond Modern Portfolio Theory

by Todd E. Petzel

Get a practical and thoroughly updated look at investment and portfolio management from an accomplished veteran of the discipline In Modern Portfolio Management: Moving Beyond Modern Portfolio Theory, investment executive and advisor Dr. Todd E. Petzel delivers a grounded and insightful exploration of developments in finance since the advent of Modern Portfolio Theory. You’ll find the tools and concepts you need to evaluate new products and portfolios and identify practical issues in areas like operations, decision-making, and regulation. In this book, you’ll also: Discover why Modern Portfolio Theory is at odds with developments in the field of Behavioral Finance Examine the never-ending argument between passive and active management and learn to set long-term goals and objectives Find investor perspectives on perennial issues like corporate governance, manager turnover, fraud risks, and ESG investing Perfect for institutional and individual investors, investment committee members, and fiduciaries responsible for portfolio construction and oversight, Modern Portfolio Management is also a must-read for fund and portfolio managers who seek to better understand their investors.

Modern Portfolio Optimization with NuOPT™, S-PLUS®, and S+Bayes™

by Bernd Scherer R. Douglas Martin

In recent years portfolio optimization and construction methodologies have become an increasingly critical ingredient of asset and fund management, while at the same time portfolio risk assessment has become an essential ingredient in risk management. This trend will only accelerate in the coming years. This practical handbook fills the gap between current university instruction and current industry practice. It provides a comprehensive computationally-oriented treatment of modern portfolio optimization and construction methods using the powerful NUOPT for S-PLUS optimizer.

Modern Portfolio Theory: Foundations, Analysis, and New Developments (Wiley Finance #795)

by Jack Clark Francis Dongcheol Kim

A through guide covering Modern Portfolio Theory as well as the recent developments surrounding it Modern portfolio theory (MPT), which originated with Harry Markowitz's seminal paper "Portfolio Selection" in 1952, has stood the test of time and continues to be the intellectual foundation for real-world portfolio management. This book presents a comprehensive picture of MPT in a manner that can be effectively used by financial practitioners and understood by students. Modern Portfolio Theory provides a summary of the important findings from all of the financial research done since MPT was created and presents all the MPT formulas and models using one consistent set of mathematical symbols. Opening with an informative introduction to the concepts of probability and utility theory, it quickly moves on to discuss Markowitz's seminal work on the topic with a thorough explanation of the underlying mathematics. Analyzes portfolios of all sizes and types, shows how the advanced findings and formulas are derived, and offers a concise and comprehensive review of MPT literature Addresses logical extensions to Markowitz's work, including the Capital Asset Pricing Model, Arbitrage Pricing Theory, portfolio ranking models, and performance attribution Considers stock market developments like decimalization, high frequency trading, and algorithmic trading, and reveals how they align with MPT Companion Website contains Excel spreadsheets that allow you to compute and graph Markowitz efficient frontiers with riskless and risky assets If you want to gain a complete understanding of modern portfolio theory this is the book you need to read.

Modern Portfolio Theory: Foundations, Analysis, and New Developments (Wiley Finance #795)

by Jack Clark Francis Dongcheol Kim

A through guide covering Modern Portfolio Theory as well as the recent developments surrounding it Modern portfolio theory (MPT), which originated with Harry Markowitz's seminal paper "Portfolio Selection" in 1952, has stood the test of time and continues to be the intellectual foundation for real-world portfolio management. This book presents a comprehensive picture of MPT in a manner that can be effectively used by financial practitioners and understood by students. Modern Portfolio Theory provides a summary of the important findings from all of the financial research done since MPT was created and presents all the MPT formulas and models using one consistent set of mathematical symbols. Opening with an informative introduction to the concepts of probability and utility theory, it quickly moves on to discuss Markowitz's seminal work on the topic with a thorough explanation of the underlying mathematics. Analyzes portfolios of all sizes and types, shows how the advanced findings and formulas are derived, and offers a concise and comprehensive review of MPT literature Addresses logical extensions to Markowitz's work, including the Capital Asset Pricing Model, Arbitrage Pricing Theory, portfolio ranking models, and performance attribution Considers stock market developments like decimalization, high frequency trading, and algorithmic trading, and reveals how they align with MPT Companion Website contains Excel spreadsheets that allow you to compute and graph Markowitz efficient frontiers with riskless and risky assets If you want to gain a complete understanding of modern portfolio theory this is the book you need to read.

Modern Portfolio Theory and Financial Institutions

by David G Mayesd

Modern Portfolio Theory and Investment Analysis

by Edwin J. Elton Martin J. Gruber Stephen J. Brown William N. Goetzmann

An excellent resource for investors, Modern Portfolio Theory and Investment Analysis, 9th Edition examines the characteristics and analysis of individual securities as well as the theory and practice of optimally combining securities into portfolios. A chapter on behavioral finance is included, aimed to explore the nature of individual decision making. A chapter on forecasting expected returns, a key input to portfolio management, is also included. In addition, investors will find material on value at risk and the use of simulation to enhance their understanding of the field.

The Modern Portuguese Economy in the Twentieth and Twenty-First Centuries (Palgrave Studies in Economic History)

by Luciano Amaral

This book offers insights into the behaviour of the Portuguese economy in relation to economic growth from the twentieth century to the present. How did the 1891-92 crisis and World Wars impact Portugal economically? How did the Portuguese economy behave during the 'Golden Age' of economic growth in postwar Europe? What have the effects of the European Monetary Union been? Amaral examines long-running trends in the development of the modern Portuguese economy in order to help us understand various growth phases of the modern period. This title is important reading for economic historians and economists researching economic growth, crises, stablisation and monetary unions.

Modern Power Systems Analysis

by Xi-Fan Wang Yonghua Song Malcolm Irving

The capability of effectively analyzing complex systems is fundamental to the operation, management and planning of power systems. This book offers broad coverage of essential power system concepts and features a complete and in-depth account of all the latest developments, including Power Flow Analysis in Market Environment; Power Flow Calculation of AC/DC Interconnected Systems and Power Flow Control and Calculation for Systems Having FACTS Devices and recent results in system stability.

Modern Pricing of Interest-Rate Derivatives: The LIBOR Market Model and Beyond

by Riccardo Rebonato

In recent years, interest-rate modeling has developed rapidly in terms of both practice and theory. The academic and practitioners' communities, however, have not always communicated as productively as would have been desirable. As a result, their research programs have often developed with little constructive interference. In this book, Riccardo Rebonato draws on his academic and professional experience, straddling both sides of the divide to bring together and build on what theory and trading have to offer. Rebonato begins by presenting the conceptual foundations for the application of the LIBOR market model to the pricing of interest-rate derivatives. Next he treats in great detail the calibration of this model to market prices, asking how possible and advisable it is to enforce a simultaneous fitting to several market observables. He does so with an eye not only to mathematical feasibility but also to financial justification, while devoting special scrutiny to the implications of market incompleteness. Much of the book concerns an original extension of the LIBOR market model, devised to account for implied volatility smiles. This is done by introducing a stochastic-volatility, displaced-diffusion version of the model. The emphasis again is on the financial justification and on the computational feasibility of the proposed solution to the smile problem. This book is must reading for quantitative researchers in financial houses, sophisticated practitioners in the derivatives area, and students of finance.

Modern Principles : Macroeconomics

by Tyler Cowen Alex Tabarrok

Engaging authors, unbiased presentations of essential ideas, and a knack for revealing the 'invisible hand' of economics at work inform the thoroughly updated new edition of Modern Principles of Macroeconomics, drawing on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life. This multi-media pack contains the print textbook and LaunchPad access for an additional £5 per student. LaunchPad is an interactive online resource that helps students achieve better results. LaunchPad combines an interactive e-book with high-quality multimedia content and ready-made assessment options, including LearningCurve, our adaptive quizzing resource, to engage your students and develop their understanding. Unique LaunchPad features included in Modern Principles of Macroeconomics: • Pre-built Units for each chapter, curated by experienced educators, with media for that chapter organized and ready to assign or customize to suit your course.• Intuitive and useful analytics, with a Gradebook that lets you see how your class is doing individually and as a whole.• A streamlined and intuitive interface that lets you build an entire course in minutes.LearningCurve in Launchpad In a game-like format, LearningCurve adaptive and formative quizzing provides an effective way to get students involved in the coursework. It offers: • A unique learning path for each student, with quizzes shaped by each individual's correct and incorrect answers.• A Personalized Study Plan, to guide students' preparation for class and for exams.• Feedback for each question with live links to relevant e-book pages, guiding students to the reading they need to do to improve their areas of weakness.For more information on LaunchPad including how to access our support centre, and watch our video tutorials, please visit here. To request a demo click here.

Modern Principles: Microeconomics

by Tyler Cowen Alex Tabarrok

Engaging authors, unbiased presentations of essential ideas, and a knack for revealing the 'invisible hand' of economics at work inform the thoroughly updated new edition of Modern Principles, drawing on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life.

Modern Principles of Economics

by Tyler Cowen Alex Tabarrok

Engaging and provocative writing, as well as a knack for revealing the 'invisible hand' of economics at work have made Cowen and Tabarrok's Modern Principles of Economics a singularly distinctive and effective textbook for the principles course.

Modern Problems in Insurance Mathematics (EAA Series)

by Dmitrii Silvestrov Anders Martin-Löf

This book is a compilation of 21 papers presented at the International Cramér Symposium on Insurance Mathematics (ICSIM) held at Stockholm University in June, 2013. The book comprises selected contributions from several large research communities in modern insurance mathematics and its applications.The main topics represented in the book are modern risk theory and its applications, stochastic modelling of insurance business, new mathematical problems in life and non-life insurance and related topics in applied and financial mathematics.The book is an original and useful source of inspiration and essential reference for a broad spectrum of theoretical and applied researchers, research students and experts from the insurance business. In this way, Modern Problems in Insurance Mathematics will contribute to the development of research and academy–industry co-operation in the area of insurance mathematics and its applications.

Modern Production Concepts: Theory and Applications Proceedings of an International Conference, Fernuniversität, Hagen, FRG, August 20–24, 1990

by Günter Fandel Günther Zäpfel

Modern production concepts can be considered as an essential field of economics nowadays. They help to give valuable insights and thus provide important competitive advantages. There is a broad variety of new approaches to Production Planning and Control (PPC), Just-in-Time (JIT), Flexible Manufacturing Systems (FMS), Flexible Automation (FA), Automated Guided Vehicle Systems (AGVS), Total Quality Control (TQC), and Computer Integrated Manufacturing (CIM), all of which are indispensable cornerstones in this context. This book presents in a condensed and easy-to-comprehend form the different contributions of a group of internationally recommended scientists. The varied approaches to modern production concepts are not only based on theoretical foundations but also go one step further in that they present the implementation of these concepts and methods in detail. This close link with practical aspects will help to illuminate the theoretical material for researchers and students in universities. The book will be of major importance for practitioners involved in solving everyday industrial problems. The interdisciplinary nature of these contributions will help to create a new and valuable perspective on the field of production concepts.

Modern Public Economics

by Raghbendra Jha

This wide-ranging, up-to-date and detailed account of all aspects of public economics covers topics as varied as: * classical theorems of welfare economics* the theory of public expenditure* the effects of taxation on savings, labour supply investment and risk-taking* commodity, income and expenditure taxation* public sector and cost-benefit analysis* fiscal federalism. Written by Raghbendra Jha, an author with an established reputation, this book fills the gap in literature on this topic and will be a valuable reference for undergraduates in the fields of economics and public finance.

Modern Public Economics

by Raghbendra Jha

This wide-ranging, up-to-date and detailed account of all aspects of public economics covers topics as varied as: * classical theorems of welfare economics* the theory of public expenditure* the effects of taxation on savings, labour supply investment and risk-taking* commodity, income and expenditure taxation* public sector and cost-benefit analysis* fiscal federalism. Written by Raghbendra Jha, an author with an established reputation, this book fills the gap in literature on this topic and will be a valuable reference for undergraduates in the fields of economics and public finance.

Modern Public Economics Second Edition

by Raghbendra Jha

In recent times not only have traditional areas of public economics such as taxation, public expenditure, public sector pricing, benefit cost analysis, and fiscal federalism thrown up new challenges but entirely new areas of research and inquiry have emerged. This second edition builds upon the strengths of the previous edition and incorporates results of research on new areas such as global public goods, environmental taxation and carbon permits trading and the complexities of corporate taxation in a rapidly globalizing world. The book is a modern and comprehensive exposition of public economics. It includes extended discussions on topics of particular interest to developing countries and covers subjects such as: taxation in an economy with a large informal sector the challenges of using VAT the use of randomized evaluation theory of public expenditure and public goods including global public goods incentive effects of taxation and tax incidence This book discusses the major traditional areas of taxation and public expenditure as well as emerging issues relating to public economics in the globalized world economy. It will be useful as a reference and update on the modern literature on public economics for professional economists and policymakers, as well as providing invaluable information as a basic text for undergraduate and graduate students in public economics.

Modern Public Economics Second Edition

by Raghbendra Jha

In recent times not only have traditional areas of public economics such as taxation, public expenditure, public sector pricing, benefit cost analysis, and fiscal federalism thrown up new challenges but entirely new areas of research and inquiry have emerged. This second edition builds upon the strengths of the previous edition and incorporates results of research on new areas such as global public goods, environmental taxation and carbon permits trading and the complexities of corporate taxation in a rapidly globalizing world. The book is a modern and comprehensive exposition of public economics. It includes extended discussions on topics of particular interest to developing countries and covers subjects such as: taxation in an economy with a large informal sector the challenges of using VAT the use of randomized evaluation theory of public expenditure and public goods including global public goods incentive effects of taxation and tax incidence This book discusses the major traditional areas of taxation and public expenditure as well as emerging issues relating to public economics in the globalized world economy. It will be useful as a reference and update on the modern literature on public economics for professional economists and policymakers, as well as providing invaluable information as a basic text for undergraduate and graduate students in public economics.

Modern Quantification Theory: Joint Graphical Display, Biplots, and Alternatives (Behaviormetrics: Quantitative Approaches to Human Behavior #8)

by Shizuhiko Nishisato Eric J. Beh Rosaria Lombardo Jose G. Clavel

This book offers a new look at well-established quantification theory for categorical data, referred to by such names as correspondence analysis, dual scaling, optimal scaling, and homogeneity analysis. These multiple identities are a consequence of its large number of properties that allow one to analyze and visualize the strength of variable association in an optimal solution. The book contains modern quantification theory for analyzing the association between two and more categorical variables in a variety of applicative frameworks. Visualization has attracted much attention over the past decades and given rise to controversial opinions. One may consider variations of plotting systems used in the construction of the classic correspondence plot, the biplot, the Carroll-Green-Schaffer scaling, or a new approach in doubled multidimensional space as presented in the book. There are even arguments for no visualization at all. The purpose of this book therefore is to shed new light on time-honored graphical procedures with critical reviews, new ideas, and future directions as alternatives. This stimulating volume is written with fresh new ideas from the traditional framework and the contemporary points of view. It thus offers readers a deep understanding of the ever-evolving nature of quantification theory and its practice. Part I starts with illustrating contingency table analysis with traditional joint graphical displays (symmetric, non-symmetric) and the CGS scaling and then explores logically correct graphs in doubled Euclidean space for both row and column variables. Part II covers a variety of mathematical approaches to the biplot strategy in graphing a data structure, providing a useful source for this modern approach to graphical display. Part II is also concerned with a number of alternative approaches to the joint graphical display such as bimodal cluster analysis and other statistical problems relevant to quantification theory.

Modern Records, Maverick Methods: Technology and Process in Popular Music Record Production 1978-2000

by Samantha Bennett

From the Fairlight CMI through MIDI to the digital audio workstations at the turn of the millennium, Modern Records, Maverick Methods examines a critical period in commercial popular music record production: the transformative digital age from the late 1970s until 2000. Drawing on a discography of more than 300 recordings across pop, rock, hip hop, dance and alternative musics from artists such as the Beastie Boys, Madonna, U2 and Fatboy Slim, and extensive and exclusive ethnographic work with many world-renowned recordists, Modern Records presents a fresh and insightful new perspective on one of the most significant eras in commercial music record production.The book traces the development of significant music technologies through the 1980s and 1990s, revealing how changing attitudes and innovative techniques of recording personnel reimagined recording processes and, finally, exemplifies the impact of these technologies and techniques via six comprehensive tech-processual analyses. This meticulously researched and timely book reveals the complexity of recordists' responses to a technological landscape in flux.

Modern Records, Maverick Methods: Technology and Process in Popular Music Record Production 1978-2000

by Samantha Bennett

From the Fairlight CMI through MIDI to the digital audio workstations at the turn of the millennium, Modern Records, Maverick Methods examines a critical period in commercial popular music record production: the transformative digital age from the late 1970s until 2000. Drawing on a discography of more than 300 recordings across pop, rock, hip hop, dance and alternative musics from artists such as the Beastie Boys, Madonna, U2 and Fatboy Slim, and extensive and exclusive ethnographic work with many world-renowned recordists, Modern Records presents a fresh and insightful new perspective on one of the most significant eras in commercial music record production.The book traces the development of significant music technologies through the 1980s and 1990s, revealing how changing attitudes and innovative techniques of recording personnel reimagined recording processes and, finally, exemplifies the impact of these technologies and techniques via six comprehensive tech-processual analyses. This meticulously researched and timely book reveals the complexity of recordists' responses to a technological landscape in flux.

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