Search results for ""stock""

Mainstream financial economics has largely ignored the complex cognitive and motivational factors that guide investor trading decisions and that influence the structure and dynamics of world equity markets. Research shows, however, that investor psychology is reliably linked to predictable momentum and reversals in stock prices and, more generally, to stock market bubbles. The first volume reviews the scientific debate between leading behavioral scientists and proponents of rational markets and rational economic man. It also summarizes key elements of a new psychological theory of stock prices with special emphasis on the formation of investor beliefs and the quality of judgment.The articles in the second Volume support the behavioral approach with international evidence collected from many sources. Major anomalies in financial decision-making and in the behavior of equity markets are interpreted in the context of new experimental, empirical, and theoretical research.

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Emerging economies have faced new challenges and opportunities in banking and finance in the post-crisis era under increasing uncertainty. This edited volume of International Finance Review contains original papers that examine rising challenges facing emerging financial markets and institutions. It covers issues such as global banking, risk and contagion, stock market behaviour, global financing for firms, and financial inclusion in the major emerging economies. Particular emphasis on banking is given to the impact of foreign banks on lending by domestic banks, bank loan pricing behaviour with corporate default risk, determinants of nonperforming loans and their macrofinancial implications, foreign bank activities of emerging market entry, international financial shock transmission through the foreign bank lending channel via internal capital markets, and spillover effects of global monetary shocks from an advanced to an emerging economy. Additional emphasis on stock market behaviour and financing is given to emerging stock markets under policy uncertainty from advanced economies, extended multifactor models for emerging stock markets, asymmetric volatility and herd behaviour in geopolitical crises, trade financing as an important cause of the recent trade collapse, determinants of capital structure, and social and financial inclusion in the major emerging markets. This volume also provides significant insight and important policy implications for market participants, researchers, and policy makers in emerging market finance.

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The prequel to the popular yakuza rom-com Fourth Generation Head: Tatsuyuki Oyamato!A yakuza head finds himself ensnared in the unwavering attentions of a sometimes impetuous but always cunning schemer. If being yakuza doesn’t get him killed, his new lover just might!To earn the trust of his beloved yakuza boss, Uichi finds quick success with the stock market trading Akitora has asked him to do for the family. But this gives Akitora’s right-hand man, Asoda, dark feelings of envy toward his childhood friend. Of course, not everything can continue coming up roses for Uichi, and he soon discovers a mistake in his stock account that leaves him deep in debt!

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ITIL Intermediate Service Operation 3 daysThis course leads to the ITIL Certificate Service Operation. This is a free-standing qualification, but is also part of the ITIL Intermediate Lifecycle stream, and one of the modules that leads to the ITIL Expert Certificate in IT Service Management.The course covers the management and control of the activities and techniques within the Service Operation stage, but not the detail of each of the supporting processes.Youll learn Detailed understanding of processes, functions and activities related to Service operations within the Service Lifecycle.Introduction to service operationService operation

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The authors reconsider the problem of parametrically specifying distribution suitable for asset-return models. They describe alternative distributions, showing how they can be estimated and applied to stock-index and exchange-rate data. The implications for options pricing are also investigated.

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This is a collection of 21 articles that deal with the frontiers in financial theory of economics. Most aspects of finance are covered - domestic corporate and investment issues as well as questions and problems of topical value in international finance. It includes topics such as: initial public offerings, debt restructuring, mergers, dividend policy, stock returns, capital structure, measures of risk aversion, microstructure of equity markets, agency cost and employee stock ownership, international takeover bidding, futures and forward contracts in currency markets, offshore loans, and market efficiency.

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There are more than 400 miniature railways in Britain. Some are hidden away and privately owned, others are parkland attractions, and some – such as the Romney, Hythe and Dymchurch – are large commercial enterprises. They come in an array of gauges (from 5 inches up to 15 inches and sometimes beyond), but their most definitive characteristic is that they can carry passengers, whether sitting astride the rolling stock or inside enclosed carriages. In this colourfully illustrated guide, David Henshaw offers a concise history of miniature railways from the nineteenth century to the modern day, including a whistle-stop tour of the most notable examples open to the public – including the Ravenglass & Eskdale and Eastleigh Lakeside railways – exploring their layouts, engineering and rolling stock.

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The West Coast Main Line, which runs from London Euston to Glasgow Central with branches to Manchester, Birmingham and Liverpool, has historically been Britain's most important trunk route, giving it a rich and interesting history, not just in terms of motive power and rolling stock, but also when considering the politics of its construction and operation. This book gives a flavour of the many varieties of locomotives and other rolling stock that have operated over the West Coast Main Line, including details of its creation and operation. Utilising maps and drawings, useful information on line speeds and gradients is also provided. With over 110 images, this volume gives an all-encompassing history of locomotive haulage on the West Coast Main Line.

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Nearly one hundred easy-to-follow recipes for the home bartender create memorable drinks from everyday ingredients. Milam and Slater share tips on essential tools and glassware and how to stock the home bar, as well as mixing and garnishing techniques.

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A set of twelve postcards featuring unique digital illustrations of and interesting facts about classic authors from literature. A6 in size with the back of each card set out to a standard postcard design. Made with 300gsm white textured stock.

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This postcard set features our latest book quote designs. Each set contains twelve postcards and features book quotes. A6 in size with the back of each card set out to a standard postcard design. Made with 300gsm white textured stock.

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This volume, dedicated to John W. Kensinger, explores a variety of topics in financial economics, including firm growth, investment risks, and the profitability of the banking industry. With its global perspective, Essays in Financial Economics is a valuable addition to the bookshelf of any researcher in finance. Starting with a study examining the NYMEX Crude oil market, the first paper uses a no-arbitrage futures equilibrium cost-of-carry model that incorporates both the quality delivery option as well as the timing delivery option in the NYMEX contract. This is followed by two papers focusing on the growth of firms, one looking at a sample of S&P 500 firms in the US and one utilising a sample of firms from India’s manufacturing sector. The fourth paper compares the Fama-French (FF) five-factor model for firms on the Paris Bourse with the four-factor model, exploring how the fifth factor, investment risk premium, benefits the French stock market in comparison with the profitability factor (the fourth factor). The fifth paper examines the volatility of the Indian stock market, while the sixth looks at the Italian banking industry. Closing the volume is a paper that looks at the relationship between the US Dollar Index and several emerging stock market indices using Granger Causality tests.

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Demystify stock charts so you can up your investing game Candlestick Charting For Dummies is here to show you that candlestick charts are not just for Wall Street traders. Everyday investors like you can make sense of all those little lines and boxes, with just a little friendly Dummies training. We’ll show you where to find these charts (online or in your favorite investing app), what they mean, and how to dig out valuable information. Then, you’ll be ready to buy and sell with newfound stock market savvy. Candlestick Charting For Dummies helps you build a foundation of investing knowledge and lingo (bullish? bearish? What is a candlestick, anyway?), then shows you the chart-reading ropes with relevant and easy-to-understand examples. It covers the latest investing technology, cryptocurrency, and today’s somewhat-less-predictable market environment. Get a refresher on stock market terminology and investing basics Discover how easy it is to understand price history and movement with candlestick charts Identify the best times to buy and sell securities, including stocks and crypto Learn from real life examples so you can invest with greater confidence and success This is the Dummies guide for beginner and intermediate investors who want to make smarter decisions with a better understanding of how to read candlestick charts.

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Zeitgemäßes Personalmanagement: Dieses Buch zeigt Ihnen, worauf es ankommtDas Personalmanagement steht in Zeiten globaler und digitaler Märkte vor großen Herausforderungen: Es gilt, einer zunehmend flexiblen Arbeitswelt, eines sich wandelnden Arbeitsmarktes sowie sich stark verändernder Mitarbeiterbedürfnisse und -fähigkeiten gleichermaßen gerecht zu werden. In diesem Buch vermitteln die Autoren in anschaulicher und kompakter Weise die zentralen Grundlagen, Konzepte und Instrumente eines zeitgemäßen Personalmanagements. Praxisbeispiele und Kontrollfragen unterstützen die Inhalte und legen den Fokus auf folgende Aspekte: Wie sieht die Zukunft der Arbeit aus? Welche Möglichkeiten bieten digitale Medien und das mobile Internet für die Personalplanung? Wie generieren Unternehmen ein nachhaltiges Health Care Management? Mithilfe welcher Instrumente konstruieren Personalverantwortliche eine erfolgreiche Führungsethik? Durch diese umfassende Perspektivvielfalt gibt Ihnen dieses Buch einen Überblick über die Herausforderungen sowie aktuelle Entwicklungen im Bereich des zeitgemäßen Personalmanagements. Selbstverständlich berücksichtigen die Autoren auch internationale Tendenzen der Mitarbeiterführung.Lernen Sie zukunftsweisende Ansätze kennenZunächst bringen Ihnen die Autoren die konzeptionellen Grundlagen des Personalmanagements näher und ordnen den Gegenstandsbereich dieses Begriffs verständlich ein. Nach der Vorstellung einiger ökonomischer Ansätze steht die konkrete Ausformung des zeitgemäßen Personalmanagements im Fokus. Erfahren Sie mehr über: Quantitative und qualitative Verfahren der Personalbedarfsplanung Gestaltung des Personalgewinnungsprozesses Internationale Gestaltung von Mitarbeiterflusssystemen Belohnungssysteme des Personalmanagements Führung von Mitarbeitern in Teams Betriebliches Gesundheitsmanagement Zu empfehlen ist dieses Buch über zeitgemäßes Personalmanagement insbesondere für Bachelor- und Mastervorlesungen im Bereich des Personalmanagements. Darüber hinaus ist es ein systematischer Leitfaden für (Personal-)Manager sowie Führungsnachwuchskräfte. Die aktuelle Auflage wurde komplett überarbeitet und aktualisiert. Kapitelübergreifend zeigen die Autoren Ansatzpunkte zur Gestaltung zukunftsfähiger Arbeitswelten und Anwendungsbeispiele künstlicher Intelligenz im Personalmanagement auf. Zudem enthält das Werk ein neues Kapitel über das zukunftsweisende Konzept des agilen Personalmanagements.

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Exploring the rail freight operations in London and the South East, this book details the traction, rolling stock, terminal facilities and infrastructure over the past several decades.

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Investment Behaviour explores the relationship between competing demographic factors, personal awareness and perceived attitudes to risk in shaping the behaviour of individual investors in the stock market. Arup Kumar Sarkar and Tarak Nath Sahu analyse the suitability of using Behavioural Finance theories in understanding investor behaviour across developed, developing and under-developed country contexts and in all types of stock markets. Across an in-depth study, the authors examine differing variables impacting on behaviour, give an overview of the empirical and theoretical literature, and also provide an analysis of the empirical findings of their investigation. The book promotes a greater understanding the psychological foundations of human behaviour in financial markets to facilitate the formulation of more individual-centered financial policy.

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"Buffett has generously endowed us all with a sensible and intelligent roadmap for investing." —Robert G Hagstrom "Warren Buffett - The Oracle of Everything. He has been right about the stock market, rotten accounting, CEO greed, and corporate governance. The rest of us are just catching on." —Fortune "Warren Buffett has turned value investing into an art form, piling up the world's second largest individual fortune and persuading millions to mimic the low-tech, buy-and-hold style of stock picking he practices at Berkshire Hathaway." —Time "Buffett and Munger are, without doubt, two of the greatest investors and capital allocators of all time, so investors would be well served to study their thinking carefully." —The Motley Fool "Warren Buffett - Ace stockpicker, and now, an empire-builder." —BusinessWeek

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A comprehensive history of the founding of the Welsh National Agricultural Society in 1904, its growth and development in the face of early opposition, together with the success of the annual Agricultural Show. An English version, Taking Stock, is available. 93 black-and-white photographs.

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The Success Secrets of a Stock Market LegendJesse Livermore was a loner, an individualist-and the most successful stock trader who ever lived. Written shortly before his death in 1940, How to Trade Stocks offered traders their first account of that famously tight-lipped operator's trading system. Written in Livermore's inimitable, no-nonsense style, it interweaves fascinating autobiographical and historical details with step-by-step guidance on: Reading market and stock behaviors Analyzing leading sectors Market timing Money management Emotional control In this new edition of that classic, trader and top Livermore expert Richard Smitten sheds new light on Jesse Livermore's philosophy and methods. Drawing on Livermore's private papers and interviews with his family, Smitten provides priceless insights into the Livermore trading formula, along with tips on how to combine it with contemporary charting techniques. Also included is the Livermore Market Key, the first and still one of the most accurate methods of tracking and recording market patterns

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Rev your engines and get ready for this exciting look at how Dale Earnhardt Jr. lived up to his family legacy and became one of the greatest professional stock car racing drivers in the world.No one was surpised when Dale Earnhardt Jr. began his racing career at age seventeen. His father and grandfather were professional racers, and he spent most of his childhood servicing cars at his dad's dealership. Now Dale was ready for his own turn in the driver's seat. He started out racing in the Street Stock division but would go on to win several NASCAR championships before retiring from driving fulltime in 2017. Dale Earnhardt Jr.'s passion and dedication to the sport he loves is why he is considered the most popular professional driver in the world.

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Rev your engines and get ready for this exciting look at how Dale Earnhardt Jr. lived up to his family legacy and became one of the greatest professional stock car racing drivers in the world.No one was surpised when Dale Earnhardt Jr. began his racing career at age seventeen. His father and grandfather were professional racers, and he spent most of his childhood servicing cars at his dad's dealership. Now Dale was ready for his own turn in the driver's seat. He started out racing in the Street Stock division but would go on to win several NASCAR championships before retiring from driving fulltime in 2017. Dale Earnhardt Jr.'s passion and dedication to the sport he loves is why he is considered the most popular professional driver in the world.

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This book aims to augment the Ashgate series by taking stock of the current state of migration law literature. It also aims to sketch out the contours of its future long-term development, in what is now by all accounts a vastly expanded research agenda.

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Empirical Research in Banking and Corporate Finance is the 21st volume of Advances in Financial Economics and deals with International Corporate Governance. Explored in detail are the role of corporate cultures, social responsibility, stock liquidity, securitization, leveraged buyouts and the cost of private debt.

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A set of twelve postcards inspired by vintage travel posters with iconic literary locations. There will be 2 of each design in a set. A6 in size with the back of each card set out to a standard postcard design. Made with 300gsm white textured stock.

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Contacted by starmen of similar racial stock who have a greatly advanced, galactic society, a united Earth becomes their ally in a lengthy war with the Reegs, blue, six-limbed aliens with no vocal chords. This is the story of how Earth chose the wrong ally.

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Performing or preparing for an SAP S/4HANA audit? This is the comprehensive guide you need! Understand what goes into an audit, from the objectives and timing to the reporting process. Prepare an audit roadmap for the system as a whole, and drill down into specific domains: financials, order-to-cash, purchase-to-pay, and forecast-to-stock, and more. Expert tips and tricks will have you prepared for your audit—whether you're the auditor or the auditee.Highlights: Implementation and upgrades Internal controls Basis settings Security Financial reporting Order-to-cash Purchase-to-pay Forecast-to stock Tips and tricks Documentation

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The objective of this book is to help an individual (or a family) design a personal investment strategy. It explains how stock markets can be used to make a large fortune from a small investment. It also recommends an approach to increase a reasonable return on investment and explains the importance of investment alternatives.The book is based on the premise that the US stock market is not too high compared to the long-term value of its securities. It further assumes that readers are interested both in return likely to be earned on investment and the risk of not earning the return target.The focus on this book is on “personal” investing. It begins with three basic rules of investing and concludes with ten subordinate rules and other suggestions for investing.

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This beautiful and thought-provoking reference explores the close relationships among contemporary studio art glass marbles, spheres, and orbs and their predecessors, the marbles of childhood, as well as areas of significant divergence. Over 900 gorgeous color photos display the vast range available today, including handmade and machine-made marbles, edition types, regular stock, open edition production stock, prototypes, limited editions, experimental works, and studio glass. Many rare and historical examples are shown. The thorough and engaging text provides a history of the studio glass movement, manufacturing processes, artists' marks, essential information on building and caring for a collection, and methods of valuing items in a collection. Also included are a glossary, a bibliography, an index, and values in the captions. All glass fanciers will learn about this new generation of modern styles.

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When we think about history, we often think about people, events, ideas, and revolutions, but what about the numbers? What do the data tell us about what was, what is, and how things changed over time? Economist Robert E. Gallman (1926-98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety. Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman placed our knowledge of the long nineteenth century--the period during which the United States began to experience per capita income growth and became a global economic leader--on a strong empirical foundation. Gallman's research was painstaking and his analysis meticulous, but he did not publish the material backing to his findings in his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist's insights and craftsmanship. Gallman's data speak to the role of capital in the economy, which lies at the heart of many of the most pressing issues today.

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Real estate is sold as a much safer investment than the constantly fluctuating stock market. Share price volatility is compared unfavorably with the steadier and impressive gains made from real estate which is, we are told, 'as safe as houses'. This book details the cyclical nature of real estate.

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The financial industry derives its legitimacy through the claim that it acts in the interest of shareholders. A vast international network of funds, banks, insurance companies, brokerages, rating agencies, and regulatory agencies defends its status by asserting that market mechanisms determine a company’s true value and therefore enriching shareholders contributes to the socially optimal allocation of capital. Is this how stock prices are determined in practice? What does stock valuation reveal about the supposed efficiency of markets and what it means to act on behalf of shareholders?Horacio Ortiz provides a critical analysis of the social institutions and practices that produce and regulate stock pricing and valuation. He examines how financial professionals evaluate and invest in listed companies, unraveling the contradictory definitions of financial value that shape their behavior. Ortiz demonstrates how ideologically laden notions of investing skill and efficient markets are central to the everyday practices of financial valuation, as well as how they function to justify the broader system. He scrutinizes the technical aspects of valuation and investment, their place in social relations within and among companies, and their relation to state regulation in order to demystify how the financial industry presents prices as truths that the rest of society must accept.Drawing on ethnographic fieldwork conducted among stock brokers and investment management companies in New York and Paris, this book shows how the political imaginaries that underpin financial markets are central to producing, sustaining, and legitimizing global inequalities.

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This set of three coordinating notebooks is bundled together with baker's twine. Each centre-stitched notebook features a cherished Pendleton pattern on the cover and lined interior pages printed on uncoated stock.

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The world’s extant building stock accounts for a significant portion of worldwide energy consumption and greenhouse gas emissions. In 2020, buildings and construction accounted for 36% of global final energy consumption and 37% of energy related CO2 emissions. The EU estimates that up to 75% of the EU’s existing building stock has poor energy performance, 85–95% of which will still be in use in 2050.To meet the goals of the Paris Agreement on Climate Change will require a transformation of construction processes and deep renovation of the extant building stock. It is widely recognized that ICTs can play an important role in construction, renovation and maintenance as well as supporting the financing of deep renovation. Technologies such as sensors, big data analytics and machine learning, BIM, digital twinning, simulation, robots, cobots and UAVs, and additive manufacturing are transforming the deep renovation process, improving sustainability performance, and developing new services and markets.This open access book defines a deep renovation digital ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research, and offering perspectives from business, technology and industry domains.This is an open access book.

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Over time, the stock market creates great wealth for investors. And yet, most investors do not become wealthy by investing in the stock market, instead having experiences that range from inadequate to disastrous.So why the disconnect?The answer is found in a set of widely held, mistaken beliefs about what it takes to be a successful investor. At first glance, these investment myths seem grounded in logic. In reality, though, these beliefs provide investors with perfect blueprints for investment failure by encouraging in them an emotion-driven, trading-intensive mentality. These myths are propagated by Wall Street, which reaps huge profits from this behavior and by the financial media that is starving for sensationalistic content.As an independent investment advisor, Jack Calhoun has spent much of the past 15 years educating investors about the dangers of these mistaken ideas. In (i)The 12 Investment Myths(/i), he explores and debunks these myths one-by-one and in the process sets investors on a path to harness the tremendous wealth-creation machine that is the stock market.

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3 Easy Steps to Better Stock Investing Lessons explain key stock investing concepts clearly and simply to help you learn quickly. Quizzes reinforce and build on what you learn. Worksheets let you put what you learn into practice immediately to improve your own investing. Morningstar Investing Workbook Series helps you build skills progressively at your own pace. Look for these other titles in the Workbook Series: Stocks 1: How to Get Started in Stocks Stocks 3: How to Refine Your Stock Strategy Mutual Funds 1: Find the Right Mutual Funds Mutual Funds 2: Diversify Your Fund Portfolio Mutual Funds 3: Maximize Your Fund Returns Morningstar has been helping investors make better investing decisions for more than 20 years with independent information and analysis. Morningstar people are passionate about helping you invest successfully. Paul Larson is the editor of the Morningstar Investing Workbook Series: Stocks. He is also one of Morningstar's Equities Strategists and editor of Morningstar StockInvestor. As editor, Larson manages the publication's two market-beating portfolios: Tortoise for conservative and Hare for aggressive investors.

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A novel historical perspective on how stock markets influence each other internationally.A nation usually overhauls its financial regulations after a stock market crash or the collapse of its banking system. In 1967, France did something rare. Out of pure political expediency, Gaullist leaders and senior civil servants seized the opportunity offered by an insider-trading case and established an independent commission to regulate the securities market: the Commission des Opérations de Bourse, or COB. Despite their staunch defense of national sovereignty, these reformers drew their inspiration from an American model, the Securities and Exchange Commission.Highlighting the international sources for national reform, Yves-Marie Péréon’s Moralizing the Market explores the dynamics of policy transfer in securities regulation—a subject that has rarely been considered from a historical perspective. That regulation has been used to attract investors and foster market development challenges the view that the French government only attempted to develop the stock market as part of a global wave of deregulation in the 1980s. Indeed, the creation of the COB reveals a great deal about the exercise of power in modern democracies, the interaction between business and government, and the mechanisms of institutional innovation. Moralizing the Market will appeal to professors and students of economic history, international relations, and political science, as well as business and finance historians, policy makers, and professionals.

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The price-earnings ratio, or P/E, is the most commonly quoted investment statistic, but have you ever considered what it actually means? For most people it's a shorthand way of deciding how highly the market regards a company, with investors prepared to overpay for earnings from a high-P/E 'glamour' stock as opposed to a low-P/E 'value' stock. However, academics have known since 1960 that the opposite is true: value stocks outperform glamour stocks consistently over decades. A company with a low P/E may have been marked down for no readily apparent reason and thus could represent an attractive value investment for those with the patience to wait while the market re-values it. However, the P/E is a backward-looking measure and just because the company earned GBP1 per share last year it doesn't necessarily mean it will earn anything like that in the foreseeable future. Or, a low P/E can mean a company is deservedly cheap because it is in financial difficulty - in this case the company is likely to become cheaper yet or even go into administration. This book is a practical guide to how you can adjust and improve the price-earnings ratio and use it, alongside other financial ratios, to run against the crowd and boost your stock returns.

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Discover foundational and advanced techniques in quantitative equity trading from a veteran insider In Quantitative Portfolio Management: The Art and Science of Statistical Arbitrage, distinguished physicist-turned-quant Dr. Michael Isichenko delivers a systematic review of the quantitative trading of equities, or statistical arbitrage. The book teaches you how to source financial data, learn patterns of asset returns from historical data, generate and combine multiple forecasts, manage risk, build a stock portfolio optimized for risk and trading costs, and execute trades. In this important book, you’ll discover: Machine learning methods of forecasting stock returns in efficient financial markets How to combine multiple forecasts into a single model by using secondary machine learning, dimensionality reduction, and other methods Ways of avoiding the pitfalls of overfitting and the curse of dimensionality, including topics of active research such as “benign overfitting” in machine learning The theoretical and practical aspects of portfolio construction, including multi-factor risk models, multi-period trading costs, and optimal leverage Perfect for investment professionals, like quantitative traders and portfolio managers, Quantitative Portfolio Management will also earn a place in the libraries of data scientists and students in a variety of statistical and quantitative disciplines. It is an indispensable guide for anyone who hopes to improve their understanding of how to apply data science, machine learning, and optimization to the stock market.

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One of the great classics of Scottish history, The Drove Roads of Scotland interweaves folklore, social comment and economic history in a fascinating account of Scotland’s droving trade and the routes by which cattle and sheep were brought from every corner of the land to markets in central Scotland. In pastoral Scotland, the breeding and movement of livestock were fundamental to the lives of the people. The story of the drove roads takes the reader on an engrossing tour of Scottish history, from the lawless cattle driving by reivers in the sixteenth and seventeenth centuries to the legitimate movement of stock which developed after the Union of the Crowns, by which time the large-scale movement of stock to established markets had become an important part of Scotland’s economy, and a vital aspect of commercial life in the Empire.

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