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The Crisis Of Crowding by Ludwig B. Chincarini

Title The Crisis of Crowding
Author Ludwig B. Chincarini
Publisher John Wiley & Sons
Release Date 2012-07-31
Category Business & Economics
Total Pages 512
ISBN 9781118250020
Language English, Spanish, and French
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Book Summary:

A rare analytical look at the financial crisis using simple analysis The economic crisis that began in 2008 revealed the numerous problems in our financial system, from the way mortgage loans were produced to the way Wall Street banks leveraged themselves. Curiously enough, however, most of the reasons for the banking collapse are very similar to the reasons that Long-Term Capital Management (LTCM), the largest hedge fund to date, collapsed in 1998. The Crisis of Crowding looks at LTCM in greater detail, with new information, for a more accurate perspective, examining how the subsequent hedge funds started by Meriwether and former partners were destroyed again by the lapse of judgement in allowing Lehman Brothers to fail. Covering the lessons that were ignored during LTCM's collapse but eventually connected to the financial crisis of 2008, the book presents a series of lessons for hedge funds and financial markets, including touching upon the circle of greed from homeowners to real estate agents to politicians to Wall Street. Guides the reader through the real story of Long-Term Capital Management with accurate descriptions, previously unpublished data, and interviews Describes the lessons that hedge funds, as well as the market, should have learned from LTCM's collapse Explores how the financial crisis and LTCM are a global phenomena rooted in failures to account for risk in crowded spaces with leverage Explains why quantitative finance is essential for every financial institution from risk management to valuation modeling to algorithmic trading Is filled with simple quantitative analysis about the financial crisis, from the Quant Crisis of 2007 to the failure of Lehman Brothers to the Flash Crash of 2010 A unique blend of storytelling and sound quantitative analysis, The Crisis of Crowding is one of the first books to offer an analytical look at the financial crisis rather than just an account of what happened. Also included are a layman's guide to the Dodd-Frank rules and what it means for the future, as well as an evaluation of the Fed's reaction to the crisis, QE1, QE2, and QE3.

The Crisis Of Crowding by Ludwig B. Chincarini

Title The Crisis of Crowding
Author Ludwig B. Chincarini
Publisher John Wiley & Sons
Release Date 2012-07-30
Category Business & Economics
Total Pages 512
ISBN 9781118282717
Language English, Spanish, and French
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Book Summary:

A rare analytical look at the financial crisis using simple analysis The economic crisis that began in 2008 revealed the numerous problems in our financial system, from the way mortgage loans were produced to the way Wall Street banks leveraged themselves. Curiously enough, however, most of the reasons for the banking collapse are very similar to the reasons that Long-Term Capital Management (LTCM), the largest hedge fund to date, collapsed in 1998. The Crisis of Crowding looks at LTCM in greater detail, with new information, for a more accurate perspective, examining how the subsequent hedge funds started by Meriwether and former partners were destroyed again by the lapse of judgement in allowing Lehman Brothers to fail. Covering the lessons that were ignored during LTCM's collapse but eventually connected to the financial crisis of 2008, the book presents a series of lessons for hedge funds and financial markets, including touching upon the circle of greed from homeowners to real estate agents to politicians to Wall Street. Guides the reader through the real story of Long-Term Capital Management with accurate descriptions, previously unpublished data, and interviews Describes the lessons that hedge funds, as well as the market, should have learned from LTCM's collapse Explores how the financial crisis and LTCM are a global phenomena rooted in failures to account for risk in crowded spaces with leverage Explains why quantitative finance is essential for every financial institution from risk management to valuation modeling to algorithmic trading Is filled with simple quantitative analysis about the financial crisis, from the Quant Crisis of 2007 to the failure of Lehman Brothers to the Flash Crash of 2010 A unique blend of storytelling and sound quantitative analysis, The Crisis of Crowding is one of the first books to offer an analytical look at the financial crisis rather than just an account of what happened. Also included are a layman's guide to the Dodd-Frank rules and what it means for the future, as well as an evaluation of the Fed's reaction to the crisis, QE1, QE2, and QE3.

Title Quantitative Equity Portfolio Management
Author Ludwig B Chincarini
Publisher McGraw Hill Professional
Release Date 2010-08-18
Category Business & Economics
Total Pages 658
ISBN 0071492380
Language English, Spanish, and French
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Book Summary:

Quantitative Equity Portfolio Management brings the orderly structure of fundamental asset management to the often-chaotic world of active equity management. Straightforward and accessible, it provides you with nuts-and-bolts details for selecting and aggregating factors, building a risk model, and much more.

A Crisis Of Beliefs by Nicola Gennaioli

Title A Crisis of Beliefs
Author Nicola Gennaioli
Publisher Princeton University Press
Release Date 2020-03-10
Category Business & Economics
Total Pages 264
ISBN 9780691202235
Language English, Spanish, and French
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Book Summary:

How beliefs shape financial markets and expose the economy to major risks The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Nicola Gennaioli and Andrei Shleifer walk readers through the unraveling of Lehman and the ensuing meltdown of the US financial system, and present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A Crisis of Beliefs is a must-read for anyone seeking to navigate today's unpredictable financial waters.

Austerity by Mark Blyth

Title Austerity
Author Mark Blyth
Publisher Oxford University Press
Release Date 2015
Category Business & Economics
Total Pages 322
ISBN 9780199389445
Language English, Spanish, and French
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Book Summary:

Selected as a Financial Times Best Book of 2013 Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us.

Title Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding Out
Author Fernando Broner
Publisher International Monetary Fund
Release Date 2013-12-27
Category Business & Economics
Total Pages 63
ISBN 9781484336175
Language English, Spanish, and French
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Book Summary:

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two key ingredients: creditor discrimination and crowding-out effects. Creditor discrimination arises because, in turbulent times, sovereign debt offers a higher expected return to domestic creditors than to foreign ones. This provides incentives for domestic purchases of debt. Crowding-out effects arise because private borrowing is limited by financial frictions. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce growth and welfare, and may lead to self-fulfilling crises. It also shows how crowding-out effects can be transmitted to other countries in the Eurozone, and how they may be addressed by policies at the European level.

Metropolis by Ben Wilson

Title Metropolis
Author Ben Wilson
Publisher Doubleday Canada
Release Date 2020-11-10
Category History
Total Pages 384
ISBN 9780385690973
Language English, Spanish, and French
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Book Summary:

From a brilliant young historian, a colourful journey through 7,000 years and twenty-six world cities that shows how urban living has been the spur and incubator to humankind's greatest innovations. In the two hundred millennia of our existence, nothing has shaped us more profoundly than the city. Ben Wilson, author of bestselling and award-winning books on British history, now tells the grand, glorious story of how city living has allowed human culture to flourish. Beginning in 5,000 BC with Uruk, the world's first city, immortalized in The Epic of Gilgamesh, he shows us that cities were never a necessity, but that once they existed, their density created such a blossoming of human endeavour--producing new professions, art forms, worship and trade--that they kickstarted civilization itself. Guiding readers through famous cities over 7,000 years, Wilson reveals the innovations driven by each: civics in the agora of Athens, global trade in 9th century Baghdad, finance in the coffeehouses of London, domestic comforts in the heart of Amsterdam, peacocking in Belle Epoque Paris. In the modern age, he studies the impact of verticality in New York City, the sprawl of LA and the eco-reimagining of 21st-century Shanghai. Lively, erudite, page-turning and irresistible, Metropolis is a grand tour of human endeavour.

Title Connectedness and Contagion
Author Hal S. Scott
Publisher MIT Press
Release Date 2016-05-13
Category Business & Economics
Total Pages 440
ISBN 9780262034371
Language English, Spanish, and French
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Book Summary:

An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively.

A Man For All Markets by Edward O. Thorp

Title A Man for All Markets
Author Edward O. Thorp
Publisher Random House Incorporated
Release Date 2017
Category Biography & Autobiography
Total Pages 396
ISBN 9781400067961
Language English, Spanish, and French
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Book Summary:

Traces the author's experiences as a mathematics wizard, author, inventor, hedge-fund manager, and card-counter who revealed casino-beating strategies, invented the first wearable computer, and launched a Wall Street revolution.

The End Of Normal by James K. Galbraith

Title The End of Normal
Author James K. Galbraith
Publisher Simon and Schuster
Release Date 2014-09-09
Category Business & Economics
Total Pages 304
ISBN 9781451644944
Language English, Spanish, and French
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Book Summary:

From one of the most respected economic thinkers and writers of our time, a brilliant argument about the history and future of economic growth. The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe—and a stale argument between two false solutions, “austerity” on one side and “stimulus” on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000—interrupted only by the troubled 1970s—represented a normal performance. From this perspective, the crisis was an interruption, caused by bad policy or bad people, and full recovery is to be expected if the cause is corrected. The End of Normal challenges this view. Placing the crisis in perspective, Galbraith argues that the 1970s already ended the age of easy growth. The 1980s and 1990s saw only uneven growth, with rising inequality within and between countries. And the 2000s saw the end even of that—despite frantic efforts to keep growth going with tax cuts, war spending, and financial deregulation. When the crisis finally came, stimulus and automatic stabilization were able to place a floor under economic collapse. But they are not able to bring about a return to high growth and full employment. In The End of Normal, “Galbraith puts his pessimism into an engaging, plausible frame. His contentions deserve the attention of all economists and serious financial minds across the political spectrum” (Publishers Weekly, starred review).

The Mis Behaviour Of Markets by Benoit B. Mandelbrot

Title The Mis Behaviour of Markets
Author Benoit B. Mandelbrot
Publisher Profile Books
Release Date 2010-10-01
Category Business & Economics
Total Pages 352
ISBN 9781847651556
Language English, Spanish, and French
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Book Summary:

This international bestseller, which foreshadowed a market crash, explains why it could happen again if we don't act now. Fractal geometry is the mathematics of roughness: how to reduce the outline of a jagged leaf or static in a computer connection to a few simple mathematical properties. With his fractal tools, Mandelbrot has got to the bottom of how financial markets really work. He finds they have a shifting sense of time and wild behaviour that makes them volatile, dangerous - and beautiful. In his models, the complex gyrations of the FTSE 100 and exchange rates can be reduced to straightforward formulae that yield a much more accurate description of the risks involved.

The Correctional Crisis by Stephen D. Gottfredson

Title The Correctional Crisis
Author Stephen D. Gottfredson
Publisher Unknown
Release Date 1983
Category Correctional institutions
Total Pages 28
ISBN UCR:31210009654433
Language English, Spanish, and French
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Book Summary:

Crisis In The Eurozone by Costas Lapavitsas

Title Crisis in the Eurozone
Author Costas Lapavitsas
Publisher Verso Books
Release Date 2012-09-11
Category Business & Economics
Total Pages 243
ISBN 9781844679690
Language English, Spanish, and French
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Book Summary:

A controversial call to break up the Eurozone and stop the debt crisis. First, there was the credit crunch, and governments around the world stepped in to bail out the banks. The sequel to that debacle is the sovereign debt crisis, which has hit the eurozone hard. The hour has come to pay the piper, and ordinary citizens across Europe are growing to realize that socialism for the wealthy means punching a few new holes in their already-tightened belts. Building on his work as a leading member of the renowned Research on Money and Finance group, Costas Lapavitsas argues that European austerity is counterproductive. Cutbacks in public spending will mean a longer, deeper recession, worsen the burden of debt, further imperil banks, and may soon spell the end of monetary union itself. Crisis in the Eurozone charts a cautious path between political economy and radical economics to envisage a restructuring reliant on the forces of organized labour and civil society. The clear-headed rationalism at the heart of this book conveys a controversial message, unwelcome in many quarters but soon to be echoed across the continent: impoverished states have to quit the euro and cut their losses or worse hardship will ensue.

Dead Aid by Dambisa Moyo

Title Dead Aid
Author Dambisa Moyo
Publisher Farrar, Straus and Giroux
Release Date 2009-03-17
Category Political Science
Total Pages 208
ISBN 1429954256
Language English, Spanish, and French
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Book Summary:

In the past fifty years, more than $1 trillion in development-related aid has been transferred from rich countries to Africa. Has this assistance improved the lives of Africans? No. In fact, across the continent, the recipients of this aid are not better off as a result of it, but worse—much worse. In Dead Aid, Dambisa Moyo describes the state of postwar development policy in Africa today and unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined—and millions continue to suffer. Provocatively drawing a sharp contrast between African countries that have rejected the aid route and prospered and others that have become aid-dependent and seen poverty increase, Moyo illuminates the way in which overreliance on aid has trapped developing nations in a vicious circle of aid dependency, corruption, market distortion, and further poverty, leaving them with nothing but the "need" for more aid. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Moyo offers a bold new road map for financing development of the world's poorest countries that guarantees economic growth and a significant decline in poverty—without reliance on foreign aid or aid-related assistance. Dead Aid is an unsettling yet optimistic work, a powerful challenge to the assumptions and arguments that support a profoundly misguided development policy in Africa. And it is a clarion call to a new, more hopeful vision of how to address the desperate poverty that plagues millions.

Title The Future of Productivity
Author OECD
Publisher OECD Publishing
Release Date 2015-12-11
Category
Total Pages 120
ISBN 9789264248533
Language English, Spanish, and French
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Book Summary:

This book addresses the rising productivity gap between the global frontier and other firms, and identifies a number of structural impediments constraining business start-ups, knowledge diffusion and resource allocation (such as barriers to up-scaling and relatively high rates of skill mismatch).

Communities In Action by National Academies of Sciences, Engineering, and Medicine

Title Communities in Action
Author National Academies of Sciences, Engineering, and Medicine
Publisher National Academies Press
Release Date 2017-04-27
Category Medical
Total Pages 582
ISBN 9780309452960
Language English, Spanish, and French
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Book Summary:

In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.

The Success Equation by Michael J. Mauboussin

Title The Success Equation
Author Michael J. Mauboussin
Publisher Harvard Business Press
Release Date 2012
Category Business & Economics
Total Pages 293
ISBN 9781422184233
Language English, Spanish, and French
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Book Summary:

Examines the importance of skill and luck, describes how to develop analytical tools to understand them, and offers suggestions on putting these findings to work to achieve success.

Financing Nonprofit Organizations by Inigo Garcia-Rodriguez

Title Financing Nonprofit Organizations
Author Inigo Garcia-Rodriguez
Publisher Routledge
Release Date 2020-01-23
Category Business & Economics
Total Pages 194
ISBN 9780429560439
Language English, Spanish, and French
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Book Summary:

The financial issues of nonprofit organizations (NPOs) have increased their importance in recent years, especially after the last global economic downturn. In this way, NPOs have been threatened by a reduction of income, while their work and expenses have not decreased. In this book, the editors bring together several topics that the academic literature has previously addressed, connecting them to each other and evaluating how all these issues are interrelated. Financing Nonprofit Organizations analyses the state of art of all these financial topics and the consequences of the last economic crisis. It dives into the interrelations of these concepts to suggest lines of future research and to reflect on the future of the different sources of funding of the NPOs. It will be of interest to students, practitioners, and researchers interested in initiating and updating their knowledge in the growing field of the financial aspects of the NPOs.

Currencies And Crises by Paul R. Krugman

Title Currencies and Crises
Author Paul R. Krugman
Publisher MIT Press
Release Date 1995
Category Business & Economics
Total Pages 219
ISBN 0262611090
Language English, Spanish, and French
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Book Summary:

This new collection revolves around Krugman's work on international monetary economics from the late 1970s to the present in an effort to make sense of a turbulent period that "involved one surprise after another, most of them unpleasant." Paul Krugman's first collection of essays, Rethinking International Trade, mounted a spirited assault on established trade theory and proposed an alternative approach to account for increasing returns and imperfect competition. Less theoretical and more embedded in real-world experience, this new collection revolves around Krugman's work on international monetary economics from the late 1970s to the present in an effort to make sense of a turbulent period that "involved one surprise after another, most of them unpleasant."The eleven essays cover such key areas as the role of exchange rates in balance-of-payments adjustment policy, the role of speculation in the functioning of exchange rate regimes, Third World debt, and the construction of an international monetary system. They are unified by the same basic methodology and style the construction of a small theoretical model in order to simplify or clarify a puzzling or difficult world monetary problem.

Title Teaching with Poverty in Mind
Author Eric Jensen
Publisher ASCD
Release Date 2010-06-16
Category Education
Total Pages 86
ISBN 9781416612100
Language English, Spanish, and French
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Book Summary:

In Teaching with Poverty in Mind: What Being Poor Does to Kids' Brains and What Schools Can Do About It, veteran educator and brain expert Eric Jensen takes an unflinching look at how poverty hurts children, families, and communities across the United States and demonstrates how schools can improve the academic achievement and life readiness of economically disadvantaged students. Jensen argues that although chronic exposure to poverty can result in detrimental changes to the brain, the brain's very ability to adapt from experience means that poor children can also experience emotional, social, and academic success. A brain that is susceptible to adverse environmental effects is equally susceptible to the positive effects of rich, balanced learning environments and caring relationships that build students' resilience, self-esteem, and character. Drawing from research, experience, and real school success stories, Teaching with Poverty in Mind reveals * What poverty is and how it affects students in school; * What drives change both at the macro level (within schools and districts) and at the micro level (inside a student's brain); * Effective strategies from those who have succeeded and ways to replicate those best practices at your own school; and * How to engage the resources necessary to make change happen. Too often, we talk about change while maintaining a culture of excuses. We can do better. Although no magic bullet can offset the grave challenges faced daily by disadvantaged children, this timely resource shines a spotlight on what matters most, providing an inspiring and practical guide for enriching the minds and lives of all your students.