Financial Market Bubbles and Crashes
Book Details
Format
Hardback or Cased Book
ISBN-10
0521199670
ISBN-13
9780521199674
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
US
Country of Publication
GB
Publication Date
Dec 14th, 2009
Print length
384 Pages
Weight
672 grams
Dimensions
24.20 x 16.70 x 2.70 cms
Product Classification:
Finance & accountingFinanceBusiness & managementInternational business
Ksh 6,150.00
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This book presents a plausible and accessible descriptive theory and empirical approach to the analysis of financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand.
Despite the thousands of articles and the millions of times that the word ''bubble'' has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study ''bubble'' and ''crash'' conditions. This book presents a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand. From this basic idea, an elasticity of variance concept is developed. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk premium models in a way that is consistent with conventional theory.
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