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Handbook of High Frequency Trading

Handbook of High Frequency Trading
  • Author : Greg N. Gregoriou
  • Publisher :Unknown
  • Release Date :2015-02-10
  • Total pages :494
  • ISBN : 9780128023624
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Summary : This comprehensive examination of high frequency trading looks beyond mathematical models, which are the subject of most HFT books, to the mechanics of the marketplace. In 25 chapters, researchers probe the intricate nature of high frequency market dynamics, market structure, back-office processes, and regulation. They look deeply into computing infrastructure, describing data sources, formats, and required processing rates as well as software architecture and current technologies. They also create contexts, explaining the historical rise of automated trading systems, corresponding technological advances in hardware and software, and the evolution of the trading landscape. Developed for students and professionals who want more than discussions on the econometrics of the modelling process, The Handbook of High Frequency Trading explains the entirety of this controversial trading strategy. Answers all questions about high frequency trading without being limited to mathematical modelling Illuminates market dynamics, processes, and regulations Explains how high frequency trading evolved and predicts its future developments

Handbook of High-Frequency Trading and Modeling in Finance

Handbook of High-Frequency Trading and Modeling in Finance
  • Author : Maria C. Mariani,H. Eugene Stanley
  • Publisher :Unknown
  • Release Date :2016-04-25
  • Total pages :456
  • ISBN : 9781118443989
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Summary : Reflecting the fast pace and ever-evolving nature of the financial industry, the Handbook of High-Frequency Trading and Modeling in Finance details how high-frequency analysis presents new systematic approaches to implementing quantitative activities with high-frequency financial data. Introducing new and established mathematical foundations necessary to analyze realistic market models and scenarios, the handbook begins with a presentation of the dynamics and complexity of futures and derivatives markets as well as a portfolio optimization problem using quantum computers. Subsequently, the handbook addresses estimating complex model parameters using high-frequency data. Finally, the handbook focuses on the links between models used in financial markets and models used in other research areas such as geophysics, fossil records, and earthquake studies. The Handbook of High-Frequency Trading and Modeling in Finance also features: • Contributions by well-known experts within the academic, industrial, and regulatory fields • A well-structured outline on the various data analysis methodologies used to identify new trading opportunities • Newly emerging quantitative tools that address growing concerns relating to high-frequency data such as stochastic volatility and volatility tracking; stochastic jump processes for limit-order books and broader market indicators; and options markets • Practical applications using real-world data to help readers better understand the presented material The Handbook of High-Frequency Trading and Modeling in Finance is an excellent reference for professionals in the fields of business, applied statistics, econometrics, and financial engineering. The handbook is also a good supplement for graduate and MBA-level courses on quantitative finance, volatility, and financial econometrics. Ionut Florescu, PhD, is Research Associate Professor in Financial Engineering and Director of the Hanlon Financial Systems Laboratory at Stevens Institute of Technology. His research interests include stochastic volatility, stochastic partial differential equations, Monte Carlo Methods, and numerical methods for stochastic processes. Dr. Florescu is the author of Probability and Stochastic Processes, the coauthor of Handbook of Probability, and the coeditor of Handbook of Modeling High-Frequency Data in Finance, all published by Wiley. Maria C. Mariani, PhD, is Shigeko K. Chan Distinguished Professor in Mathematical Sciences and Chair of the Department of Mathematical Sciences at The University of Texas at El Paso. Her research interests include mathematical finance, applied mathematics, geophysics, nonlinear and stochastic partial differential equations and numerical methods. Dr. Mariani is the coeditor of Handbook of Modeling High-Frequency Data in Finance, also published by Wiley. H. Eugene Stanley, PhD, is William Fairfield Warren Distinguished Professor at Boston University. Stanley is one of the key founders of the new interdisciplinary field of econophysics, and has an ISI Hirsch index H=128 based on more than 1200 papers. In 2004 he was elected to the National Academy of Sciences. Frederi G. Viens, PhD, is Professor of Statistics and Mathematics and Director of the Computational Finance Program at Purdue University. He holds more than two dozen local, regional, and national awards and he travels extensively on a world-wide basis to deliver lectures on his research interests, which range from quantitative finance to climate science and agricultural economics. A Fellow of the Institute of Mathematics Statistics, Dr. Viens is the coeditor of Handbook of Modeling High-Frequency Data in Finance, also published by Wiley.

High-Frequency Trading

High-Frequency Trading
  • Author : Irene Aldridge
  • Publisher :Unknown
  • Release Date :2009-12-22
  • Total pages :368
  • ISBN : 0470579773
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Summary : A hands-on guide to the fast and ever-changing world of high-frequency, algorithmic trading Financial markets are undergoing rapid innovation due to the continuing proliferation of computer power and algorithms. These developments have created a new investment discipline called high-frequency trading. This book covers all aspects of high-frequency trading, from the business case and formulation of ideas through the development of trading systems to application of capital and subsequent performance evaluation. It also includes numerous quantitative trading strategies, with market microstructure, event arbitrage, and deviations arbitrage discussed in great detail. Contains the tools and techniques needed for building a high-frequency trading system Details the post-trade analysis process, including key performance benchmarks and trade quality evaluation Written by well-known industry professional Irene Aldridge Interest in high-frequency trading has exploded over the past year. This book has what you need to gain a better understanding of how it works and what it takes to apply this approach to your trading endeavors.

High-Frequency Trading

High-Frequency Trading
  • Author : Irene Aldridge
  • Publisher :Unknown
  • Release Date :2013-04-22
  • Total pages :306
  • ISBN : 9781118343500
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Summary : A fully revised second edition of the best guide to high-frequency trading High-frequency trading is a difficult, but profitable, endeavor that can generate stable profits in various market conditions. But solid footing in both the theory and practice of this discipline are essential to success. Whether you're an institutional investor seeking a better understanding of high-frequency operations or an individual investor looking for a new way to trade, this book has what you need to make the most of your time in today's dynamic markets. Building on the success of the original edition, the Second Edition of High-Frequency Trading incorporates the latest research and questions that have come to light since the publication of the first edition. It skillfully covers everything from new portfolio management techniques for high-frequency trading and the latest technological developments enabling HFT to updated risk management strategies and how to safeguard information and order flow in both dark and light markets. Includes numerous quantitative trading strategies and tools for building a high-frequency trading system Address the most essential aspects of high-frequency trading, from formulation of ideas to performance evaluation The book also includes a companion Website where selected sample trading strategies can be downloaded and tested Written by respected industry expert Irene Aldridge While interest in high-frequency trading continues to grow, little has been published to help investors understand and implement this approach—until now. This book has everything you need to gain a firm grip on how high-frequency trading works and what it takes to apply it to your everyday trading endeavors.

Handbook of Modeling High-Frequency Data in Finance

Handbook of Modeling High-Frequency Data in Finance
  • Author : Frederi G. Viens,Maria C. Mariani,Ionut Florescu
  • Publisher :Unknown
  • Release Date :2011-12-20
  • Total pages :456
  • ISBN : 9780470876886
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Summary : CUTTING-EDGE DEVELOPMENTS IN HIGH-FREQUENCY FINANCIAL ECONOMETRICS In recent years, the availability of high-frequency data and advances in computing have allowed financial practitioners to design systems that can handle and analyze this information. Handbook of Modeling High-Frequency Data in Finance addresses the many theoretical and practical questions raised by the nature and intrinsic properties of this data. A one-stop compilation of empirical and analytical research, this handbook explores data sampled with high-frequency finance in financial engineering, statistics, and the modern financial business arena. Every chapter uses real-world examples to present new, original, and relevant topics that relate to newly evolving discoveries in high-frequency finance, such as: Designing new methodology to discover elasticity and plasticity of price evolution Constructing microstructure simulation models Calculation of option prices in the presence of jumps and transaction costs Using boosting for financial analysis and trading The handbook motivates practitioners to apply high-frequency finance to real-world situations by including exclusive topics such as risk measurement and management, UHF data, microstructure, dynamic multi-period optimization, mortgage data models, hybrid Monte Carlo, retirement, trading systems and forecasting, pricing, and boosting. The diverse topics and viewpoints presented in each chapter ensure that readers are supplied with a wide treatment of practical methods. Handbook of Modeling High-Frequency Data in Finance is an essential reference for academics and practitioners in finance, business, and econometrics who work with high-frequency data in their everyday work. It also serves as a supplement for risk management and high-frequency finance courses at the upper-undergraduate and graduate levels.

Algorithmic and High-Frequency Trading

Algorithmic and High-Frequency Trading
  • Author : Álvaro Cartea,Sebastian Jaimungal,José Penalva
  • Publisher :Unknown
  • Release Date :2015-08-06
  • Total pages :356
  • ISBN : 9781107091146
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Summary : A straightforward guide to the mathematics of algorithmic trading that reflects cutting-edge research.

High Frequency Trading and Limit Order Book Dynamics

High Frequency Trading and Limit Order Book Dynamics
  • Author : Ingmar Nolte,Mark Salmon,Chris Adcock
  • Publisher :Unknown
  • Release Date :2016-04-14
  • Total pages :320
  • ISBN : 9781317570769
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Summary : This book brings together the latest research in the areas of market microstructure and high-frequency finance along with new econometric methods to address critical practical issues in these areas of research. Thirteen chapters, each of which makes a valuable and significant contribution to the existing literature have been brought together, spanning a wide range of topics including information asymmetry and the information content in limit order books, high-frequency return distribution models, multivariate volatility forecasting, analysis of individual trading behaviour, the analysis of liquidity, price discovery across markets, market microstructure models and the information content of order flow. These issues are central both to the rapidly expanding practice of high frequency trading in financial markets and to the further development of the academic literature in this area. The volume will therefore be of immediate interest to practitioners and academics. This book was originally published as a special issue of European Journal of Finance.

All About High-Frequency Trading

All About High-Frequency Trading
  • Author : Michael Durbin
  • Publisher :Unknown
  • Release Date :2010-07-16
  • Total pages :240
  • ISBN : 9780071743457
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Summary : A DETAILED PRIMER ON TODAY'S MOST SOPHISTICATED AND CONTROVERSIAL TRADING TECHNIQUE Unfair . . . brilliant . . . illegal . . . inevitable. High-frequency trading has been described in many different ways, but one thing is for sure--it has transformed investing as we know it. All About High-Frequency Trading examines the practice of deploying advanced computer algorithms to read and interpret market activity, make trades, and pull in huge profi ts—all within milliseconds. Whatever your level of investing expertise, you'll gain valuable insight from All About High-Frequency Trading's sober, objective explanations of: The markets in which high-frequency traders operate How high-frequency traders profi t from mispriced securities Statistical and algorithmic strategies used by high-frequency traders Technology and techniques for building a high-frequency trading system The ongoing debate over the benefi ts, risks, and ever-evolving future of high-frequency trading

High-frequency Trading

High-frequency Trading
  • Author : David Easley,Marcos López de Prado,Maureen O'Hara
  • Publisher :Unknown
  • Release Date :2013-09-30
  • Total pages :236
  • ISBN : 178272009X
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Summary :

Handbook of Exchange Rates

Handbook of Exchange Rates
  • Author : Jessica James,Ian Marsh,Lucio Sarno
  • Publisher :Unknown
  • Release Date :2012-05-29
  • Total pages :856
  • ISBN : 9781118445778
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Summary : Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become theanchor reference for people working in the foreign exchangefield.” —Richard K. Lyons, Dean and Professor of Finance,Haas School of Business, University of CaliforniaBerkeley “It is quite easily the most wide ranging treaty ofexpertise on the forex market I have ever come across. I will bekeeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs AssetManagement How should we evaluate the forecasting power of models? What areappropriate loss functions for major market participants? Is theexchange rate the only means of adjustment? Handbook of ExchangeRates answers these questions and many more, equipping readerswith the relevant concepts and policies for working intoday’s international economic climate. Featuring contributions written by leading specialists from theglobal financial arena, this handbook provides a collection oforiginal ideas on foreign exchange (FX) rates in four succinctsections: • Overview introduces the history of the FX marketand exchange rate regimes, discussing key instruments in thetrading environment as well as macro and micro approaches to FXdetermination. • Exchange Rate Models and Methods focuses onforecasting exchange rates, featuring methodological contributionson the statistical methods for evaluating forecast performance,parity relationships, fair value models, and flow–basedmodels. • FX Markets and Products outlines active currencymanagement, currency hedging, hedge accounting; high frequency andalgorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the currentpolicies in place in global markets and presents a framework foranalyzing financial crises. Throughout the book, topics are explored in-depth alongsidetheir founding principles. Each chapter uses real-world examplesfrom the financial industry and concludes with a summary thatoutlines key points and concepts. Handbook of Exchange Rates is an essential reference forfund managers and investors as well as practitioners andresearchers working in finance, banking, business, andeconometrics. The book also serves as a valuable supplement forcourses on economics, business, and international finance at theupper-undergraduate and graduate levels.

High-Frequency Financial Econometrics

High-Frequency Financial Econometrics
  • Author : Yacine Aït-Sahalia,Jean Jacod
  • Publisher :Unknown
  • Release Date :2014-07-21
  • Total pages :688
  • ISBN : 9781400850327
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Summary : High-frequency trading is an algorithm-based computerized trading practice that allows firms to trade stocks in milliseconds. Over the last fifteen years, the use of statistical and econometric methods for analyzing high-frequency financial data has grown exponentially. This growth has been driven by the increasing availability of such data, the technological advancements that make high-frequency trading strategies possible, and the need of practitioners to analyze these data. This comprehensive book introduces readers to these emerging methods and tools of analysis. Yacine Aït-Sahalia and Jean Jacod cover the mathematical foundations of stochastic processes, describe the primary characteristics of high-frequency financial data, and present the asymptotic concepts that their analysis relies on. Aït-Sahalia and Jacod also deal with estimation of the volatility portion of the model, including methods that are robust to market microstructure noise, and address estimation and testing questions involving the jump part of the model. As they demonstrate, the practical importance and relevance of jumps in financial data are universally recognized, but only recently have econometric methods become available to rigorously analyze jump processes. Aït-Sahalia and Jacod approach high-frequency econometrics with a distinct focus on the financial side of matters while maintaining technical rigor, which makes this book invaluable to researchers and practitioners alike.

Inside the Black Box

Inside the Black Box
  • Author : Rishi K. Narang
  • Publisher :Unknown
  • Release Date :2013-03-25
  • Total pages :317
  • ISBN : 9781118362419
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Summary : "With contributions to a new high-frequency trading section by Manoj Narang"--Dust jacket.

The Routledge Handbook of Critical Finance Studies

The Routledge Handbook of Critical Finance Studies
  • Author : Christian Borch,Robert Wosnitzer
  • Publisher :Unknown
  • Release Date :2020-09-16
  • Total pages :428
  • ISBN : 9781351627153
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Summary : There has been an increasing interest in financial markets across sociology, history, anthropology, cultural studies, and related disciplines over the past decades, with particular intensity since the 2007–2008 crisis which prompted new analyses of the workings of financial markets and how “scandals of Wall Street” might have huge societal ramifications. The sociologically inclined landscape of finance studies is characterized by different more or less well- established homogeneous camps, with more micro-empirical, social studies of finance approaches on the one end of the spectrum and more theoretical, often neo-Marxist approaches, on the other. Yet alternative approaches are also gaining traction, including work that emphasizes the cultural homologies and interconnections with finance as well as work that, more broadly, is both empirically rigorous and theoretically ambitious. Importantly, across these various approaches to finance, a growing body of literature is taking shape which engages finance in a critical manner. The term “critical finance studies” nonetheless remains largely unfocused and undefined. Against this backdrop, the key rationales of The Routledge Handbook of Critical Finance Studies are firstly to provide a coherent notion of this emergent field and secondly to demonstrate its analytical usefulness across a wide range of central aspects of contemporary finance. As such, the volume will offer a comprehensive guide to students and academics on the field of Finance and Critical Finance Studies, Heterodox Economics, Accounting, and related Management disciplines.

Flash Boys: A Wall Street Revolt

Flash Boys: A Wall Street Revolt
  • Author : Michael Lewis
  • Publisher :Unknown
  • Release Date :2014-03-31
  • Total pages :274
  • ISBN : 9780393244663
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Summary : Argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets.

A Guide to Creating A Successful Algorithmic Trading Strategy

A Guide to Creating A Successful Algorithmic Trading Strategy
  • Author : Perry J. Kaufman
  • Publisher :Unknown
  • Release Date :2016-02-01
  • Total pages :192
  • ISBN : 9781119224747
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Summary : Turn insight into profit with guru guidance toward successful algorithmic trading A Guide to Creating a Successful Algorithmic Trading Strategy provides the latest strategies from an industry guru to show you how to build your own system from the ground up. If you're looking to develop a successful career in algorithmic trading, this book has you covered from idea to execution as you learn to develop a trader's insight and turn it into profitable strategy. You'll discover your trading personality and use it as a jumping-off point to create the ideal algo system that works the way you work, so you can achieve your goals faster. Coverage includes learning to recognize opportunities and identify a sound premise, and detailed discussion on seasonal patterns, interest rate-based trends, volatility, weekly and monthly patterns, the 3-day cycle, and much more—with an emphasis on trading as the best teacher. By actually making trades, you concentrate your attention on the market, absorb the effects on your money, and quickly resolve problems that impact profits. Algorithmic trading began as a "ridiculous" concept in the 1970s, then became an "unfair advantage" as it evolved into the lynchpin of a successful trading strategy. This book gives you the background you need to effectively reap the benefits of this important trading method. Navigate confusing markets Find the right trades and make them Build a successful algo trading system Turn insights into profitable strategies Algorithmic trading strategies are everywhere, but they're not all equally valuable. It's far too easy to fall for something that worked brilliantly in the past, but with little hope of working in the future. A Guide to Creating a Successful Algorithmic Trading Strategy shows you how to choose the best, leave the rest, and make more money from your trades.

Handbook of Probability

Handbook of Probability
  • Author : Ionut Florescu,Ciprian A. Tudor
  • Publisher :Unknown
  • Release Date :2013-10-28
  • Total pages :472
  • ISBN : 9781118593097
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Summary : THE COMPLETE COLLECTION NECESSARY FOR A CONCRETEUNDERSTANDING OF PROBABILITY Written in a clear, accessible, and comprehensive manner, theHandbook of Probability presents the fundamentals ofprobability with an emphasis on the balance of theory, application,and methodology. Utilizing basic examples throughout, the handbookexpertly transitions between concepts and practice to allow readersan inclusive introduction to the field of probability. The book provides a useful format with self-contained chapters,allowing the reader easy and quick reference. Each chapter includesan introduction, historical background, theory and applications,algorithms, and exercises. The Handbook of Probabilityoffers coverage of: Probability Space Probability Measure Random Variables Random Vectors in Rn Characteristic Function Moment Generating Function Gaussian Random Vectors Convergence Types Limit Theorems The Handbook of Probability is an ideal resource forresearchers and practitioners in numerous fields, such asmathematics, statistics, operations research, engineering,medicine, and finance, as well as a useful text for graduatestudents.

Algorithmic Trading

Algorithmic Trading
  • Author : Ernie Chan
  • Publisher :Unknown
  • Release Date :2013-05-28
  • Total pages :224
  • ISBN : 9781118460146
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Summary : Praise for Algorithmic Trading "Algorithmic Trading is an insightful book on quantitative trading written by a seasoned practitioner. What sets this book apart from many others in the space is the emphasis on real examples as opposed to just theory. Concepts are not only described, they are brought to life with actual trading strategies, which give the reader insight into how and why each strategy was developed, how it was implemented, and even how it was coded. This book is a valuable resource for anyone looking to create their own systematic trading strategies and those involved in manager selection, where the knowledge contained in this book will lead to a more informed and nuanced conversation with managers." —DAREN SMITH, CFA, CAIA, FSA, President and Chief Investment Officer, University of Toronto Asset Management "Using an excellent selection of mean reversion and momentum strategies, Ernie explains the rationale behind each one, shows how to test it, how to improve it, and discusses implementation issues. His book is a careful, detailed exposition of the scientific method applied to strategy development. For serious retail traders, I know of no other book that provides this range of examples and level of detail. His discussions of how regime changes affect strategies, and of risk management, are invaluable bonuses." —Roger Hunter, Mathematician and Algorithmic Trader

Options Made Easy

Options Made Easy
  • Author : Guy Cohen
  • Publisher :Unknown
  • Release Date :2005-07-18
  • Total pages :368
  • ISBN : 9780132703581
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Summary : In Options Made Easy, Second Edition, Guy Cohen clearly explains everything you need to know about options in plain English so that you can start trading fast and make consistent profits in any market, bull or bear! Simply and clearly, the author reveals secrets of options trading that were formerly limited to elite professionals–and exposes the dangerous myths that keep investors from profiting. As you set out on your options journey, you'll learn interactively through real-life examples, anecdotes, case studies, and pictures. Guy Cohen is your friendly expert guide, helping you pick the right stocks, learn the right strategies, create the trading plans that work, and master the psychology of the winning trader. Master all the essentials–and put them to work Options demystified so that you can get past the fear and start profiting! Learn the safest ways to trade options Identify high-probability trades that lead to consistent profits Design a winning Trading Plan–and stick to it Understand your risk profile and discover exactly when to enter and exit your trades Choose the right stocks for maximum profit Screen for your best opportunities–stocks that are moving–or are about to move Discover the optimum strategies for you Match your trading strategies to your personal investment goals No bull! The realities and myths of the markets What you must know about fundamental and technical analysis

Handbook of Fixed-Income Securities

Handbook of Fixed-Income Securities
  • Author : Pietro Veronesi
  • Publisher :Unknown
  • Release Date :2016-04-04
  • Total pages :632
  • ISBN : 9781118709191
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Summary : A comprehensive guide to the current theories and methodologies intrinsic to fixed-income securities Written by well-known experts from a cross section of academia and finance, Handbook of Fixed-Income Securities features a compilation of the most up-to-date fixed-income securities techniques and methods. The book presents crucial topics of fixed income in an accessible and logical format. Emphasizing empirical research and real-life applications, the book explores a wide range of topics from the risk and return of fixed-income investments, to the impact of monetary policy on interest rates, to the post-crisis new regulatory landscape. Well organized to cover critical topics in fixed income, Handbook of Fixed-Income Securities is divided into eight main sections that feature: • An introduction to fixed-income markets such as Treasury bonds, inflation-protected securities, money markets, mortgage-backed securities, and the basic analytics that characterize them • Monetary policy and fixed-income markets, which highlight the recent empirical evidence on the central banks’ influence on interest rates, including the recent quantitative easing experiments • Interest rate risk measurement and management with a special focus on the most recent techniques and methodologies for asset-liability management under regulatory constraints • The predictability of bond returns with a critical discussion of the empirical evidence on time-varying bond risk premia, both in the United States and abroad, and their sources, such as liquidity and volatility • Advanced topics, with a focus on the most recent research on term structure models and econometrics, the dynamics of bond illiquidity, and the puzzling dynamics of stocks and bonds • Derivatives markets, including a detailed discussion of the new regulatory landscape after the financial crisis and an introduction to no-arbitrage derivatives pricing • Further topics on derivatives pricing that cover modern valuation techniques, such as Monte Carlo simulations, volatility surfaces, and no-arbitrage pricing with regulatory constraints • Corporate and sovereign bonds with a detailed discussion of the tools required to analyze default risk, the relevant empirical evidence, and a special focus on the recent sovereign crises A complete reference for practitioners in the fields of finance, business, applied statistics, econometrics, and engineering, Handbook of Fixed-Income Securities is also a useful supplementary textbook for graduate and MBA-level courses on fixed-income securities, risk management, volatility, bonds, derivatives, and financial markets. Pietro Veronesi, PhD, is Roman Family Professor of Finance at the University of Chicago Booth School of Business, where he teaches Masters and PhD-level courses in fixed income, risk management, and asset pricing. Published in leading academic journals and honored by numerous awards, his research focuses on stock and bond valuation, return predictability, bubbles and crashes, and the relation between asset prices and government policies.

Guide to Financial Markets

Guide to Financial Markets
  • Author : Marc Levinson
  • Publisher :Unknown
  • Release Date :2018-07-24
  • Total pages :304
  • ISBN : 9781541742512
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Summary : 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.

Equity Markets in Transition

Equity Markets in Transition
  • Author : Reto Francioni,Robert A. Schwartz
  • Publisher :Unknown
  • Release Date :2017-01-17
  • Total pages :612
  • ISBN : 9783319458489
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Summary : This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.