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Originally published in 1871, this is a comprehensive look at the
History, General managment and method of training of the Homing or
Carrier Pigeon. This fascinating work is thoroughly recommended for
inclusion on the bookshelf of all Pigeon fanciers. Many of the
earliest books, particularly those dating back to the 1900s and
before, are now extremely scarce and increasingly expensive. We are
republishing these classic works in affordable, high quality,
modern editions, using the original text and artwork.
The authors examine the conditions under which democratic events,
including elections, cabinet formations, and government
dissolutions, affect asset markets. Where these events have less
predictable outcomes, market returns are depressed and volatility
increases. In contrast, where market actors can forecast the
result, returns do not exhibit any unusual behavior. Further,
political expectations condition how markets respond to the
political process. When news causes market actors to update their
political beliefs, market actors reallocate their portfolios, and
overall market behavior changes. To measure political information,
Professors Bernhard and Leblang employ sophisticated models of the
political process. They draw on a variety of models of market
behavior, including the efficient markets hypothesis, capital asset
pricing model, and arbitrage pricing theory, to trace the impact of
political events on currency, stock, and bond markets. The analysis
will appeal to academics, graduate students, and advanced
undergraduates across political science, economics, and finance.
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