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Book Review: Market Efficiency Versus Equity by B. Hessel, Jacques J. Siegers

Market Efficiency Versus Equity

During recent decades the welfare state has shown a growing interest in issues relating to market efficiency. Supply side economics, Reaganism and Thatcherism all pointed to the fact that welfare state arrangements had become a burden for society that prevented individuals to take action and frustrated markets to operate efficiently. Since then different fields of public policy have been confronted with trends like deregulation, privatisation and less government action. Education, transport, social security and pension schemes are just a few examples. The results of these operations have given rise to new questions concerning solidarity, equal treatment and all citizens getting their ‘fair share’ of welfare. This debate has become the more important as Europe is in a period of transition in which it has to decide on shaping its future by way of the European Union. Major contributions to the discussion with respect to the relation between market efficiency and equity come from lawyers and economists. That is why this volume of the series ‘Balancing the welfare state’ has brought together experts in both law and economics to discuss this relation from different angles and with respect to different actual problems in the late-twentieth century welfare state.

publishedDate : 1998

authors : B. Hessel, Jacques J. Siegers

publishers : Thesis Publishers

pageCount : 201

Behavioral Finance The Second Generation


Behavioral Finance The Second Generation

Author by : Meir Statman
Languange Used : en
Release Date : 2019-12-02
Publisher by : CFA Institute Research Foundation

ISBN :

Description : Behavioral finance presented in this book is the second-generation of behavioral finance. The first generation, starting in the early 1980s, largely accepted standard finance’s notion of people’s wants as “rational” wants—restricted to the utilitarian benefits of high returns and low risk. That first generation commonly described people as “irrational”—succumbing to cognitive and emotional errors and misled on their way to their rational wants. The second generation describes people as normal. It begins by acknowledging the full range of people’s normal wants and their benefits—utilitarian, expressive, and emotional—distinguishes normal wants from errors, and offers guidance on using shortcuts and avoiding errors on the way to satisfying normal wants. People’s normal wants include financial security, nurturing children and families, gaining high social status, and staying true to values. People’s normal wants, even more than their cognitive and emotional shortcuts and errors, underlie answers to important questions of finance, including saving and spending, portfolio construction, asset pricing, and market efficiency....






Investments


Investments

Author by : Michael McMillan
Languange Used : en
Release Date : 2011-01-11
Publisher by : John Wiley & Sons

ISBN :

Description : A comprehensive guide to investment analysis and portfolio management by an expert team from the CFA Institute In a world of specialization, no other profession likely requires such broad, yet in-depth knowledge than that of financial analyst. Financial analysts must not only possess a broad understanding of the financial markets-including structure, organization, efficiency, portfolio management, risk and return, and planning and construction-but they must also have a strong sense of how to evaluate industries and companies prior to engaging in an analysis of a specific stock. Investments: Principles of Portfolio and Equity Analysis provides the broad-based knowledge professionals and students of the markets need to manage money and maximize return. The book Details market structure and functions, market anomalies, secondary market basics, and regulation Describes investment assets and asset classes, types of positions and orders, as well as forecasting methodologies Discusses return and risk characteristics, portfolio diversification and management, the basics of both technical analysis and major technical indicators, and much more A companion Workbook, which includes learning outcomes, summary overviews, and problems and solutions sections is available and sold separately Investments provides readers unparalleled access to the best in professional quality information on investment analysis and portfolio management....






Company Valuation And Share Price


Company Valuation And Share Price

Author by :
Languange Used : en
Release Date :
Publisher by : Bookboon

ISBN :

Description : ...






Guide To Financial Markets


Guide To Financial Markets

Author by : Marc Levinson
Languange Used : en
Release Date : 2018-07-24
Publisher by : The Economist

ISBN :

Description : The revised and updated 7th edition of this highly regarded book brings the reader right up to speed with the latest financial market developments, and provides a clear and incisive guide to a complex world that even those who work in it often find hard to understand. In chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, the book examines why these markets exist, how they work, and who trades in them, and gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms with financial instruments they didn't properly understand. If they had had this book they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide....






The Market Approach To Comparable Company Valuation


The Market Approach To Comparable Company Valuation

Author by : Matthias Meitner
Languange Used : en
Release Date : 2006-08-18
Publisher by : Springer Science & Business Media

ISBN :

Description : Corporate valuation using multiples is one of the most popular corporate valuation approaches. In this book, the different steps of this valuation approach such as the selection of comparable companies or the choice of the reference variables are discussed. Then, the circumstances required for a sound valuation (e.g., the degree of efficiency of the equity market) are described. Additionally, the book gives insight on how the state of the industry and/or the company has an impact on the proper choice of the reference variables. Finally, it is shown how multi-factor models can enrich the universe of valuation models. While always maintaining the academic rigor, the author addresses practice-relevant topics and delivers hands-on solutions for typical valuation problems....






The Economic Function Of A Stock Exchange


The Economic Function Of A Stock Exchange

Author by : Robert A. Schwartz
Languange Used : en
Release Date : 2014-11-21
Publisher by : Springer

ISBN :

Description : In recent years, exchanges on both sides of the Atlantic have been extensively reengineered, and their organizational structures have changed from non-profit, membership organizations to for-profit, demutualized organizations. Concurrently, new alternative trading systems have emerged and the traditional functions of broker/dealer firms have evolved. How have these changes affected the delivery of that mission? How has the efficiency of capital raising in the IPO market been impacted? These are among the key questions addressed in this book, titled after the Baruch College Conference, The Economic Function of a Stock Market. Featuring contributions from a panel of scholars, academicians, policymakers, and industry leaders, this volume examines current issues affecting market quality, including challenges in the marketplace, growth opportunities, and IPO capital raising in the global economy. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.​...






The Green Book


The Green Book

Author by : Great Britain. Treasury
Languange Used : en
Release Date : 2003
Publisher by : Stationery Office

ISBN :

Description : This new edition incorporates revised guidance from H.M Treasury which is designed to promote efficient policy development and resource allocation across government through the use of a thorough, long-term and analytically robust approach to the appraisal and evaluation of public service projects before significant funds are committed. It is the first edition to have been aided by a consultation process in order to ensure the guidance is clearer and more closely tailored to suit the needs of users....






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