Labor Markets Under Trade Unionism: Employment, Wages, and Hours

Book Description

Stochastic portfolio theory is a mathematical methodology for constructing stock portfolios, analyzing the behavior of portfolios, and understanding the structure of equity markets. Stochastic portfolio theory has both theoretical and practical applications: as a theoretical tool it can be used to construct examples of theoretical portfolios with specified characteristics, and to determine the distributional component of portfolio return. On a practical level, stochastic portfolio theory has been the basis for strategies used for over a decade by the institutional equity manager INTECH, where the author has served as chief investment officer. This book is an introduction to stochastic portfolio theory for investment professionals and for students of mathematical finance. Each chapter includes a number of problems of varying levels of difficulty and a brief summary of the principal results of the chapter, without proofs.

Customer Reviews:

A great book to have.......2007-09-23

The book does not have a problem about distinguishing between real world measure and the risk neutral measure as another reviewer has stated. The reason being is that return on the market portfolio can be used as the correct deflator to price securities. One can check the Heath and Platen's work on benchmarking to discover that the risk neutral measure may not always exist, while fair pricing in incomplete markets can still be attained. Fernholz's book actually tells how to construct a market portfolio and readjust it depending on performance and distribution assumptions. Moreover, it can be used as a good source to tie the language of stochastic processes with the classical portfolio theories in economics.

his original paper in J of Finance 1982 does not seem right.......2004-06-29

have not read this book. but happen to read his paper with Brian Shay in Journal of finance 1982(Stochastic Portfolio Theory and Stock Market Equilibrium). This review is for his paper. It has a flaw in distinguishing risk neutral measure and real world measure.

Optimal Portfolios with Stochastic Interest Rates and Defaultable Assets (Lecture Notes in Economics and Mathematical Systems)

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Optimal Portfolios with Stochastic Interest Rates and Defaultable Assets (Lecture Notes in Economics and Mathematical Systems)
Holger Kraft
Manufacturer: Springer
ProductGroup: Book
Binding: Paperback

General | Popular Economics | Business & Investing | Subjects | Books

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ASIN: 3540212302

Book Description

The continuous-time portfolio problem consists of finding the optimal investment strategy of an investor. In the classical Merton problem the investor can allocate his funds to a riskless savings account and risky assets. However, to get explicit results, it is assumed that the interest rates are deterministic and that the assets are default free. In this monograph both assumptions are weakened: The author analyzes and solves portfolio problems with stochastic interest rates and with defaultable assets. Besides, he briefly discusses how portfolio problems with foreign assets can be handled. The focus of the monograph is twofold: On the one hand, the economical problems are carefully explained, on the other hand their formal solution is rigorously presented. For this reason the text should be of interest to researchers with a Finance background as well as to researchers with a more formal background who would like to see how mathematics is applied to portfolio theory.

Optimal investment decisions with a liability: The case of defined [An article from: Insurance Mathematics and Economics]

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Optimal investment decisions with a liability: The case of defined [An article from: Insurance Mathematics and Economics]
R. Josa-Fombellida , and J.P. Rincon-Zapatero
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Management | Management & Leadership | Business & Investing | Subjects | Books

Book Description

This digital document is a journal article from Insurance Mathematics and Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
In this paper the optimal management of an aggregated dynamic pension fund is studied. To cover the promised liabilities to workers at the age of retirement, the plan sponsor continuously manages time-varying funds. He or she can choose the rate of contribution to the fund, the investment in a given number of risky assets, and a security with constant rate of return. The problem of maximizing the probability that the fund assets achieve some prescribed goal before some undesirable lower value, or ruin point, is first considered. Secondly, the problem of minimizing (resp. maximizing) the expected discounted cost of reaching a ruin point (resp. beating a desired objective) is solved. Finally, maximization of utility function when the fund can suddenly terminate is analyzed. The main finding is that optimal investment policies are of constant proportionality type.

Ranking mutual funds using unconventional utility theory and stochastic dominance [An article from: Journal of Empirical Finance]

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Ranking mutual funds using unconventional utility theory and stochastic dominance [An article from: Journal of Empirical Finance]
H.D. Vinod
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RQZVQ0

Book Description

This digital document is a journal article from Journal of Empirical Finance, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
We make the choice between mutual funds realistic and rigorous by incorporating (i) unconventional non-expected utility theories implying four desirable properties (4DPs) of utility functions, and (ii) the fourth-order stochastic dominance (4SD). Kimball's (Econometrica 58 (1990) 53) diminishing prudence is shown to need 4SD. A new weighting incorporates 4DPs into various criteria including the Sharpe ratio. We use 1281 mutual funds rated with one to five stars by Morningstar, a trapezoidal approximation for evaluating 4SD and propose a new cumulative 4SD measure with superior properties for statistical inference. An appendix describes a new maximum entropy (ME) bootstrap for dependent time series.

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Stochastic Portfolio Theory
Erhard Robert/ Fernholz, E. Ro Fernholz
Manufacturer: Springer Verlag 01/1//2002
ProductGroup: Book
Binding: Paperback
ASIN: B000N5LOF2

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Important English Work

Legal Masterpiece

Most valuable resource

Most valuable resource

Perfect book for comperative risalat

The Distinguished Jurist's Primer Volume II
Ibn Rushd , and Professor Imran Nyazee
Manufacturer: Garnet Publishing, Ltd.
ProductGroup: Book
Binding: Paperback

General | Law | Subjects | Books
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Reliance of the Traveller: The Classic Manual of Islamic Sacred Law Umdat Al-Salik

Distinguished Jurist's Primer (The Great Books of Islamic Civilization)

A History of Islamic Legal Theories: An Introduction to Sunni usul al-fiqh

A Guide to Conclusive Proofs for the Principles of Belief (Great Books of Islamic Civilization)

The Life of the Prophet Muhammad Voulme I

ASIN: 1859641393

Customer Reviews:

Important English Work.......2007-01-27

This is a very important English work on Islamic Fiqh (Jurisprudence). Any serious student of Shari'ah studying in English should have volumes 1 and 2.

Legal Masterpiece.......2007-01-19

Bidaytul Mujtahid is a text studied by all major students of knowledge, jurists, and those interested in Islamic Law. The translation is easily understood. However, I must state that I personally read the arabic along with the first and second volumes, and found many times the translator leaving out quoted opinions from Imam Ahmad ibn Hanbal and others. This is not a huge blunder, but it is leaving out a primary source of knowledge; the scholars. I am not sure if manuscripts disagree or? Overall the book is awesome and a great resource for students of fiqh.

Most valuable resource.......2002-01-29

Even if you have several books of Islamic law, this book is extremely valuable for two main reasons. First, it outlines the positions of the major schools and the sources and reasoning they use to arrive at those positions. Second, and more importantly, Ibn Rushd (Averroes to most of his European admirers) explains the divergence of views among the schools on the basis of the different methodologies they employ on a particular issue; or the different weight they might give to two apparently conflicting verses or hadith; or their different judgements about abrogation or the relative authority of Qur'an and Sunnah.

Because of this, both Muslims and students of Islam are able to grasp how Muslim law is not simply reducible to a code but remains an ongoing conversation (even an argument) about how God wants us to act.

The translation is excellent and the production of the book is of very good quality. The work is available in two volumes or one. One volume is obviously cheaper, but I would recommend the two-volume version because of the size.

Most valuable resource.......2002-01-29

Perfect book for comperative risalat.......2001-06-13

I would like to thank all individuals who financially and intellectually contributed into the translation and publication of this book for the benefit of those who does not know Arabic. Ibn Rushd in this book basically goes over various laws of the Sunni Schools, ie risalat of major imams, Imam Shafii, Imam Maliki, Imam Hanbali and some more. Their differed opinions on some issues or any combination of them. It is not just the difference but most importantly he clarifies why they differed on certain issues and what was their reasonings. Some time he inserts his own opinion. In this book you see how an imam's mind works with the principals of Qura'an, tradition and logic. Perfect book to ponder about. I hope second volume will follow soon.Recommend to all persons who are interested in the Islamic Legal history.

Product Description

Support to farmers in OECD countries accounted for 29% of farm receipts in 2005. The current level of support is the same as almost a decade ago and varies widely across countries. Today, although governments are gradually moving away from providing support through the most production and trade distorting measures, these measures remain dominant. Greater efforts are needed to better target policies towards clearly defined income and environmental objectives. This book is a unique source of up-to-date estimates of support to agriculture. It provides the most comprehensive description and evaluation of agricultural support developments in OECD member countries and a summary of agricultural policy developments in Brazil, China and South Africa. Agricultural Policies in OECD Countries: At a Glance is published every other year, alternating with Agricultural Policies in OECD Countries: Monitoring and Evaluation.

Book Description

Few tropical ecosystems have been subjected to multi-disciplinary investigations as broad and exhaustive as those carried out on the Ilha de Maracá, a riverine island in the Brazilian Amazon. This diverse and remarkable ecological reserve, in Brazils northernmost Amazon state of Roraima, includes environments and habitats ranging from rainforests and semi-deciduous forests to natural savannas, lakes, rivers and palm swamps. These have been subjected to an in-depth international scientific study whose primary aim was to undertake one of the most detailed ecological surveys ever conducted in Amazonia. The results of this enormous body of research, involving the collaborative fieldwork of some 200 workers, span the reserves geology, geomorphology, botany, zoology, phenology, soils, limnology, ecology and historical human occupation. These have been carefully drawn together in this volume in such a manner as to provide not only a coherent and scholarly picture of an unique and fascinating environment, but also an important and enduring source of reference for a broad spectrum of disciplines to the Amazon environment. This book is a timely reminder of the crucial importance of our understanding of rainforest components and their interrelationships, appearing as it does at a period when there is an intense interest in this extremely endangered ecosystem.

Book Description

Charts Western influence and national development
Beginning with the mid-19th century, when China encountered the West and began to enter the modern age, this encyclopedia offers an overview of the world's largest and most populous nation. The coverage includes not only major political topics, but also surveys the arts, business, literature, education, journalism, and all other major aspects of the nation's social, cultural, and economic life. The encyclopedia also offers significant material on such often neglected subjects as women and minorities, modern drama, Sino-French War, the federalist movement, overseas Chinese, Mongolian independence, and more. Special emphasis throughout is on the dramatic changes that have taken place in the country since the end of World War II.

Provides an overview of the modern era
The entries are written by China specialists, who are thoroughly familiar with every aspect of the nation and its peoples. While history predominates, the articles cover all academic fields and include considerable material on recent decades as well as on earlier periods. There are entries on national political leaders and key thinkers, major events and trends in the nation's history, institutions, organizations, and currents of thought that led to the emergence of the modern nation. The encyclopedia's longer essays offer detailed and insightful surveys of censorship, important eras, literary movements, powerful social groups, anti-imperialism campaigns, Five Year Plans, the Sino-Vietnamese War, economic breakthroughs, and other vital topics. The coverage is informed by a thorough exploration of the historical role of Chinese nationalism, a potent force that was shaped by the need to retain national unity and independence under foreign assault.

Useful to experts and general readers
Easy-to-use and easy-to-read, the encyclopedia meets the needs of both specialists and non-specialists. It is an excellent source of basic information and answers to specific questions for students, teachers, journalists, and others interested in the national character, recent history, and social and intellectual forces of this immense country. Asian specialists too will benefit from this ready-reference that pulls together in a single source and organizes for quick access a large volume of facts, data, and historical information gathered by fellow experts. All major entries are followed by an English-language bibliography for pursuing more detailed research.

Special Features
Brings together all aspects of Chinese nationalism * The highly specific focus of many entries is balanced by longer interpretive essays * Covers many topics that inform contemporary issues * All major entries are accompanied by English-language bibliographies * A comprehensive index provides easy access

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