The current consensus economic model, the neoclassical synthesis, depends on aprioristic assumptions that are shown to be invalid when tested against the data and fails to include finance. Economic policy based on this consensus has led to the financial crisis of 2008, the 'Great Recession' that followed, and the slow subsequent rate of growth. In The Economics of the Stock Market, Andrew Smithers proposes a model that is robust when tested, and by including the impact of the stock market on the economy, overcomes both these defects. The faults of the current consensus model are shown to result typically from an unscientific methodology in which assumptions are held to be valid despite their incompatibility with data evidence. Smithers demonstrates examples of these faults: the Miller/Modigliani Theorem (the assumption that leverage does not affect the value of produced capital assets); the assumption that short-term and long-term interest rates, and the cost of equity capital, are co-determined; and the assumption that the decisions of corporate managements aim to maximise the present value of corporate assets ('profit maximisation') rather than the value determined by the stock market. The Economics of the Stock Market proposes a model that includes and explains the stationarity of real returns on equity, based on the interaction of the differing utility preferences of the managers of companies and the owners of financial capital. These claims are highly controversial, and Smithers proposes that the relative merits of the neoclassical synthesis and this proposed alternative can only be properly considered through public debate.

Practical trading psychology insight that can be put to work today Trading Psychology 2.0 is a comprehensive guide to applying the science of psychology to the art of trading. Veteran trading psychologist and bestselling author Brett Steenbarger offers critical advice and proven techniques to help interested traders better understand the markets, with practical takeaways that can be implemented immediately. Academic research is presented in an accessible, understandable, engaging way that makes it relevant for practical traders, and examples, illustrations, and case studies bring the ideas and techniques to life. Interactive features keep readers engaged and involved, including a blog offering ever-expanding content, and a Twitter feed for quick tips. Contributions from market bloggers, authors, and experts bring fresh perspectives to the topic, and Steenbarger draws upon his own experience in psychology and statistical modeling as an active trader to offer insight into the practical aspect of trading psychology. Trading psychology is one of the few topics that are equally relevant to day traders and active investors, market makers and portfolio managers, and traders in different markets around the globe. Many firms hire trading coaches, but this book provides a coach in print, accessible 24/7 no matter what the market is doing. * Understand the research at the core of trading psychology * Examine the ways in which psychology is applied in real-world trading * Implement practical tips immediately to see first-hand results * Gain the perspective and insight of veteran traders who apply these techniques daily While markets may differ in scale, scope, and activity, humans remain human, with all the inherent behavioral tendencies. Studying the market from the human perspective gives traders insight into how human behavior drives market behavior. Trading Psychology 2.0 gives traders an edge, with expert guidance and practical advice.

Legendary money manager Ken Fisher outlines the most common--and costly--mistakes investors make.Small cap stocks are best for all time. Bunk A trade deficit is bad for markets. Bunk Stocks can't rise on high unemployment. Bunk

Many investors think they are safest following widely accepted Wall Street wisdom--but much of Wall Street wisdom isn't so wise. In fact, it can be costly bunk.

In "Debunkery: Learn It, Do It, and Profit From It--Seeing Through Wall Street's Money-Killing Myths," Ken Fisher--named one of the 30 most influential individuals of the last three decades by Investment Advisor magazine--details why so many investors fail to get the long-term results they desire. The short answer is many investors fail to question if what they believe is true--and are therefore blinded by tradition, biases, ideology, or any number of cognitive errors.

Your goal as an investor shouldn't be to be error-free--that's impossible. Rather, to be more successful, you should aim to lower your error rate. "Debunkery" gets you started by debunking 50 common myths--but that's just the beginning. It also gives you the tools you need to continue to do your own debunkery for the rest of your investing career.

Initial Public Offerings (IPOs) are unique economic and governance events as privately held firms issue common stock or shares to the public for the first time. The governance issues surrounding IPOs are relatively unexamined compared to more established, and usually larger, firms. As such, they provide a unique context to study corporate governance and its development around the world. Based on a collaborative international research project, this book analyses the corporate governance of IPOs in twenty-one countries, each of which is characterized by different governance environments and different levels of IPO activity. The end result is a broad and deep assessment of governance practices and IPO activity for an array of economies that represent roughly 80 percent of the global economy. These chapters collectively provide new insights into what a global theory of corporate governance might look like and offer guidance to policy makers and academics regarding national governance configurations.

A cutting-edge guide to quantum trading

Original and thought-provoking, Quantum Trading presents a compelling new way to look at technical analysis and will help you use the proven principles of modern physics to forecast financial markets.

In it, author Fabio Oreste shows how both the theory of relativity and quantum physics is required to makes sense of price behavior and forecast intermediate and long-term tops and bottoms. He relates his work to that of legendary trader W.D. Gann and reveals how Gann's somewhat esoteric theories are consistent with his applications of Einstein's theory of relativity and quantum theory to price behavior.Applies concepts from modern science to financial market forecasting Shows how to generate support/resistance areas and identify potential market turning points Addresses how non-linear approaches to trading can be used to both understand and forecast market prices

While no trading approach is perfect, the techniques found within these pages have enabled the author to achieve a very attractive annual return since 2002. See what his insights can do for you.

Investors in stocks are faced with two major problems: How to find and interpret the most useful data from company accounts. How to whittle down the list of thousands of public companies into a smaller pool of candidates for further research. In Four Ways to Beat the Market, experienced financial journalist Algy Hall provides the solution to both problems and helps investors in their quest to pick winning shares. The answer lies in stock screens. Over a decade, the four stock screens described here outperformed the market by 242% to 388%. These stock screens are ridiculously powerful - but staggeringly simple. Algy starts with four strategies for equity investing: Quality, Value, Income and Momentum. He shows how to construct four stock screens and use data from company accounts, including common accounting ratios, to filter stocks on the criteria that each of these strategies is looking for. And once the shortlist of screened stocks is produced, Algy explains how to use that shortlist as a basis for further analysis and research, before making an investment. Along the way, Algy also reveals the logical and empirical basis behind Quality, Value, Income and Momentum strategies, to help investors understand why they work and give them the confidence that they will continue to work in the future. Many other hints, tricks and tactics for investors are revealed, to help investors spot the best stocks and avoid the duds. With Algy Hall as your guide, discover the surprising ideas and stories that lie behind these strategies, while building the necessary know-how to improve your investment returns.

The #1 GROWTH STRATEGY for stock investing

"To be a successful investor, start with the basics and stick to the rules. Matt's book shows you how to do that. It may be the missing link you've been looking for."
--William J. O'Neil, "Investor's Business Daily" Founder and Chairman

""Getting Started" takes the guesswork out of investing. Anyone can use these routines and checklists to become a successful investor."
--Amy Smith, "How to Make Money in Stocks--Success Stories"

Through both bull and bear markets, Investor's Business Daily's CAN SLIM(R) Investment System has consistently been the #1 growth strategy, according to the American Association of Individual Investors. "How to Make Money in Stocks--Getting Started" shows you how to put the CAN SLIM System to work for you.

Using an easy-to-follow game plan designed for busy people, you'll discover: 2 simple rules to protect your money 3 critical factors to consider before you buy Buying & Selling Checklists to help you capture - and keep - solid gains Easy-to-follow routines How to spot--and deal with--major changes in market direction Action Steps and online videos to quickly start using what you learn

"Getting Started" is the latest addition to the bestselling "How to Make Money in Stocks" series launched by CAN SLIM creator and "Investor's Business Daily" founder William J. O'Neil. Millions of investors have used O'Neil's strategy to build financial peace of mind. Now it's your turn

So whether you're new to the stock market and a little nervous about jumping in--or if you've been investing for awhile, but aren't yet achieving the kind of results you want--"How to Make Money in Stocks--Getting Started" gives you a clear, step-by-step path to investing success.

"Investing is a simple activity, which an entire industry strives to make complicated to justify its existence." At a time when a record number of people are investing in the stock market, this book by award-winning financial writer Nicolas Berube reveals how any investor can get rich and beat the professionals at their own game by investing less than an hour a year of their time. Admitting that he felt like a "zero" after his first mistakes as a beginner investor, Nicolas has never stopped trying to understand what separates the winners from the losers. He has observed how the greatest investors around the world think and act, meeting and interviewing many of them, and going on to include the revealing results here. He also uses little-known examples, such as the forgotten theft of the Mona Lisa, Isaac Newton's stock market disaster, and the mistake made by one of the world's greatest investors, to make learning about investing a compelling journey through history, psychology, and finance. Finally, using the latest research, he identifies proven and accessible ways to invest, and offers concrete advice on how to get started or take control of your investments today. From Zero to Millionaire gives you the tools to understand the stock market, and the skills to better manage your investments.

Edited by Rajnish Mehra, this volume focuses on the equity risk premium puzzle, a term coined by Mehra and Prescott in 1985 which encompasses a number of empirical regularities in the prices of capital assets that are at odds with the predictions of standard economic theory.

Paths to Wealth through Common Stocks contains one original concept after another, each designed to greatly improve the results of those who self-manage their investments -- while helping those who rely on professional investment advice select the right advisor for their needs.
Originally written by investment legend Philip A. Fisher in 1960, this timeless classic is now reintroduced by his well-known and respected son, successful money manager Ken Fisher, in a new Foreword.
Filled with in-depth insights and expert advice, "Paths to Wealth through Common Stocks" expands upon the innovative ideas found in Fisher's highly regarded "Common Stocks and Uncommon Profits" -- summarizing how worthwhile profits have been and will continue to be made through common stock ownership, and revealing why his method can increase profits while reducing risk. Many of the ideas found here may depart from conventional investment wisdom, but the impressive results produced by these concepts -- which are still relevant in today's market environment -- will quickly remind you why Philip Fisher is considered one of the greatest investment minds of our time.

From the "Father of Candlesticks"—penetrating new Japanese techniques for forecasting and tracking market prices and improving market timing Steve Nison has done it again. The man who revolutionized technical analysis by introducing Japanese candlestick charting techniques to Western traders is back—this time with a quartet of powerful Japanese techniques never before published or used in the West. Stunningly effective on their own, these new techniques pack an even greater wallop when teamed up with traditional trading, investing, or hedging strategies, and Steve Nison shows you how to do it. Beyond Candlesticks provides step-by-step instructions, detailed charts and graphs, and clear-cut guidance on tracking and analyzing results—everything you need to pick up these sharp new tools and take your place at the cutting edge of technical analysis. Critical praise for Steve Nison’s first book … "… destined to become the classic reference on the subject." —Charles Lebeau and David Lucas Technical Trader’s Bulletin "I believe Steve Nison’s new candlestick book is destined to become one of the truly great books for this time period.… Whether you trade futures, commodities, or equities, day trade or hold positions overnight, this book is a must." —Lee Siegfried Investor’s Library, Data Broadcasting Corp. "It is hard to be too effusive about the quality of NiSon’s work … this is clearly one of the best investment books ever written in terms of covering a subject with pedagogical ability and writing skill. The organization is impeccable … reading it was a pleasure." —Commodity Traders Consumer Report

The financial crisis that began in 2007 exposed many flaws in modern financial practice and highlighted much need for change. Key among those needs is a way of understanding how and why banks fail or succeed. "Integrated Bank Analysis" and Valuation provides readers with a practical guide to the ROIC for Banks methodology - one of the few ways of both understanding what makes a bank tick and getting a fundamentally robust indication as to how much a bank is worth. It provides all the necessary tools for use in the real environment of investment banking to analyse banks results, evaluate strategic options and assess regulatory changes - with an eye towards whether a bank is creating or destroying value. Up-to-date case studies of ten of the world's largest banks show how integrated ROIC analysis and valuation works in practice, and the accompanying website features ROIC spreadsheets for each of these banks, so that each step of analysis and valuation can be explored in detail.
Written by a leading banks analyst, "Integrated Bank Analysis and Valuation: A Practical Guide to the ROIC Methodology" translates the complexity of banks into a simpler, clearer language - that can be applied by analysts, regulators and students in practice.

The markets have evolved at breakneck speed during the past decade, and change has accelerated dramatically since 2007's disastrous regulatory "reforms." An unrelenting focus on technology, hyper-short-term trading, speed, and volume has eclipsed sanity: markets have been hijacked by high-powered interests at the expense of investors and the entire capital-raising process. A small consortium of players is making billions by skimming and scalping unaware investors -- and, in so doing, they've transformed our markets from the world's envy into a barren wasteland of terror. Since these events began, Themis Trading's Joe Saluzzi and Sal Arnuk have offered an unwavering voice of reasoned dissent. Their small brokerage has stood up against the hijackers in every venue: their daily writings are now followed by investors, regulators, the media, and "Main Street" investors worldwide. Saluzzi and Arnuk don't take prisoners Now, in "Broken Markets," they explain how all this happened, who did it, what it means, and what's coming next. You'll understand the true implications of events ranging from the crash of 1987 to the "Flash Crash" -- and discover what it all means to you and your future. Warning: you will get angry (if you aren't already). But you'll know exactly "why" you're angry, "who" you're angry at, and "what" needs to be done

The Stock Exchange has been described as the mart of the world; as the nerve-centre of the politics and finances of nations; as the barometer of their prosperity and adversity; and as the bottomless pit of London, worse than all the hells. This book, first published in 1904, examines the London Stock Exchange in its purest sense, as the market for stocks and shares.

For years, traders and investors have been using unproven assumptions about popular patterns such as breakouts, momentum, new highs, new lows, market breadth, put/call ratios and more without knowing if there is a statistical edge.

Common wisdom holds that the stock markets are ever changing. But, as it turns out, common wisdom can be wrong. Offering a comprehensive look back at the way the markets have acted over the last two decades, "How Markets Really Work: A Quantitative Guide to Stock Market Behavior, Second Edition" shows that nothing has changed, that the markets behave the same way today as they have in years past, and that understanding this puts you in a prime position to profit. Written by two top financial experts and filled with charts and graphs that illustrate the market concepts they develop, the book takes a sometimes contrarian view of everything from market edges to historical volatility, and from volume to put/call ratio, giving you all that you need to truly understand how the markets function. Fully revised and updated, "How Markets Really Work, Second Edition" takes a level-headed, data-driven look at the markets to show how they function and how you can apply that information intelligently when making investment decisions.

The guide for reading long-term trends in the foreign currency market

To thrive in the marketplace traders must anticipate, enter, and stay with trends in the foreign exchange market.

In this much-needed guide top forex, expert Greg Michalowski clearly explains the attributes of successful traders, and shows how traders can set themselves up for success by drafting an explicit mission statement and game plan. The book also contains the tools and techniques traders need to read the markets and identify when a market is in a trend. Michalowski shows traders how to enter an emerging trend, how to manage the position, and how to exit the position most effectively.Includes the technical tools needed to invest in the foreign exchange market: moving averages, trendlines, and Fibonacci levelsShows how to identify a trend and stick with the trend through its durationWritten by Greg Michalowski who was cited by "SmartMoney" magazine as a "go to" source for making money moves

With this book, Michalowski offers an important resource for identifying and riding out long-term trends in the volatile foreign currency.

A comprehensive yet simplified guide to the complex world of options investing and risk management

Before trading derivatives, one needs to understand the secrets and mechanics behind the options market. Your Options Handbook: The Practical Reference and Strategy Guide to Trading Options offers a straightforward, practical explanation of the options marketplace, including its origins, the mechanics of the market, and how to profit from trading options.Walks you through the stock and option markets from a professional's perspective, but uses plain language and simple analogiesDiscusses different trading strategies based upon whether one's opinion of the market is bullish, bearish, or neutralDetails market players, useful tips, and trading psychology, and explains how options are priced

Options are a versatile trading instrument that typically cost less and can have lower risk than stocks. They also offer investors a unique edge and lucrative opportunities that are not available to stock only traders. Your Options Handbook helps investors fully understand the options market, allowing them to enter the sector with greater ease.

As China's government manages a transition away from the socialist plan, how does it build the regulatory institutions it needs to manage the new market economy? Without the correct institutions, laws and agencies that implement the laws in place, the remarkable growth witnessed in China over the last two decades will falter. Financial sector reform lies at the heart of China's economic transition and China's stock market has become critical to the reform of state-owned industry, the supply of fiscal revenues and in building a modern pension system. The Development of China's Stockmarket takes a close look at the policy-making and regulatory institutions the government has created to manage equity development and shows how, in contrast to neo-institutional and economic theories of regulatory development, public actors have controlled institutional development. Based on extensive field research in Shanghai, Shenzhen and Beijing and over forty interviews with regulators and market players, The Development of China's Stockmarket provides the first detailed academic analysis of the country's stockmarket. With a comprehensive review of Chinese language literature available on the subject, this book is essential reading for all scholars with an interest in Asian Business and China's transition from socialism.

Engines That Move Markets is a comprehensive history of market-shaping industries and their impact on how we invest today. Now in its second edition, this modern investing classic highlights the history of industrial development and its impact on investors. By exploring key technological advances of the past and what they meant for investors - including electricity, the railroad, the telephone, the computer and more - it provides vital insights on how to appraise the new technology companies of the future. A complete and deeply researched history of industries and investing, the book is filled with fascinating and instructive details, including how Thomas Edison lost control of his company, the impact of the Standard Oil breakup, the early days of the wireless industry, and the course of the computer and internet revolution. Investors looking for industry-shaping investments will undoubtedly use Engines That Move Markets as their guide. This revised and updated second edition is the most definitive and comprehensive version yet.

Praise for THE WARREN BUFFETT PORTFOLIO

THE EXTRAORDINARY FOLLOW-UP TO "THE MOST IMPORTANT STOCK BOOK OF THE 1990s."——KENNETH L. FISHER, Forbes

"This is an outstanding investment book and an important one. In The Warren Buffett Way, Robert Hagstrom explained how Warren Buffett invests. In The Warren Buffett Portfolio, he explains how you can become a better investor. Studied carefully and taken to heart, the principles and methods covered in this book will profit the novice and professional alike. A rare achievement."——BILL MILLER, President, Legg Mason Fund Advisor, Inc.,and Morningstar’s 1998 Domestic Equity Fund Manager of the Year

"Thank you, Robert Hagstrom, for the finely honed thinking, the clear writing and the simple strategies that help all of us be more successful at one of life’s most intriguing and intimidating tasks: investing our money."——JANET LOWE, Author, Warren Buffett Speaks and The Rediscovered Benjamin Graham

"Does your favorite mutual fund own too many stocks for its own good? Do fewer stocks produce happier returns? Hagstrom makes a persuasive and provocative case."——JOHN ROTHCHILD, Author, The Bear Book: Survive and Profit in Ferocious Markets

"One of the top 10 investing books of the year 1999."——HARRY EDWARDS, Business Editor, amazon.com

Please visit our Web site at www.wileyfinance.com

Written in a highly accessible style, A Factor Model Approach to Derivative Pricing lays a clear and structured foundation for the pricing of derivative securities based upon simple factor model related absence of arbitrage ideas. This unique and unifying approach provides for a broad treatment of topics and models, including equity, interest-rate, and credit derivatives, as well as hedging and tree-based computational methods, but without reliance on the heavy prerequisites that often accompany such topics. Whether being used as text for an intermediate level course in derivatives, or by researchers and practitioners who are seeking a better understanding of the fundamental ideas that underlie derivative pricing, readers will appreciate the book's ability to unify many disparate topics and models under a single conceptual theme.

Top options expert Larry Shover returns to discuss how to interpret, and profit from, market volatility

"Trading Options in Turbulent Markets, Second Edition" skillfully explains the intricacies of options volatility and shows you how to use options to cope, and profit from, market turbulence. Throughout this new edition, options expert Larry Shover reveals how to use historical volatility to predict future volatility for a security and addresses how you can utilize that knowledge to make better trading decisions.

Along the way, he also defines the so-called Greeks--delta, vega, theta, and gamma--and explains what drives their values and their relationship to historic and implied volatility. Shover then provides effective strategies for trading options contracts in uncertain times, addressing the decision-making process and how to trade objectively in the face of unpredictable and irrational market moves.Includes a new chapter of the VIX, more advanced material on volatility suitable for institutional or intermediate options trader, and additional volatility-based strategiesAnswers complex questions such as: How does a trader know when to tolerate risk and How does a successful trader respond to adversity?Provides a different perspective on a variety of options strategies, including covered calls, naked and married puts, collars, straddles, vertical spreads, calendar spreads, butterflies, condors, and more

As volatility becomes a greater focus of traders and investors, "Trading Options in Turbulent Markets, Second Edition" will become an important resource for in-depth insights, practical advice, and profitable strategies.

Trend trading lets the market do the work for you Is your portfolio doing all it should? Are you looking for a market-focused way to increase returns? Try your hand at trend trading. Instead of analyzing the performance of a company, analyze the performance of the market as a whole. When you spot a trend, jump on it and let it ride until it's time to move. Whether your strategy is short-term, intermediate-term, or long-term, trend trading can help you capitalize on the action of market and get the most out of every move you make. Trend Trading For Dummies will get you up to speed on the ins and outs of this unique technique. You'll learn how to spot the trends and just how heavily market analysis figures into your success. You can get as complex as you like with the data for long-term predictions or just go for quick rides that pump up your gains. Before you jump in, you need to know the basics that can help ensure your success. * Learn the rules of trend trading and why you need a solid system * Understand technical analysis to make accurate predictions * Analyze the market and learn what to look for before you trade * Use leverage to your advantage to make better moves Trend Trading For Dummies includes trading strategies that you can use as-is, or customize to suit your needs. Thorough preparation is the key to any good trading plan, and it's no different with trend trading. Trend Trading For Dummies allows you to trade using every angle, and will get you out of or into the market in a flash.

The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.The Handbook is divided into six comprehensive parts: - why, when and where firms go public - preparation for the IPO - transaction structure and governance at the IPO - trading in the aftermarket - the aftermarket performance of IPOs - special types of IPOs. The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private and institutional investors. Contributors: N. Appadu, D.B. Audretsch, F. Bancel, S. Banerjee, F. Bertoni, W. Bessler, R. Boissin, M. Bonaventura, P. Brown, J. Cao, M. Cattaneo, S. Chaplinsky, S. Chattopadhyay, H.M.J. Colaco, D. Cumming, J. D Souza, S. Espenlaub, A. Faelten, A. Ferguson, C.S. Fernando, V.A. Gatchev, G. Giudici, M. Goergen, D. Gounopoulos, U. Gucbilmez, S. Gupta-Mukherjee, G. Gur-Gershgorn, S.P. Hegde, J. Hoebelt, S. Johan, A. Khurshed, P. Lam, E.E. Lehmann, M. Levis, W.L. Megginson, M. Meoli, J.-S. Michel, K. Migliorati, U.R. Mittoo, A.C. Mohliver, R. Nash, S. Owen, S. Paleari, J.A. Pandes, G. Pawlina, M. Remenar, J.R. Ritter, M.J. Robinson, M. Seim, A. Signori, P.A. Spindt, J.-A. Suchard, S. Vismara, K. Yamada