The New Finance: The Case Against Efficient Markets (Contemporary Issues in Finance)

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Obvious and yet not

Read Without Prejudice

Poorly Written and Thoughtless

The Emperor has no clothes!!!

Great book that really makes you think about finance !

The New Finance: The Case Against Efficient Markets (Contemporary Issues in Finance)
Robert A. Haugen
Manufacturer: Prentice Hall
ProductGroup: Book
Binding: Paperback

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ASIN: 0131730800

Book Description

The Second Edition makes the case for the inefficient market, positioning the efficient market paradigm at the extreme end of a spectrum of possible states. It presents a comprehensive and organized collection of the evidence and the arguments which constitute a strong and persuasive case for over-reactive markets. Updates the expected 30-year future returns to growth and value stocks. Adds a much more comprehensive study of the international evidence on the relative returns to growth and value stocks. Includes a critique of the FAMA—the French three-factor model. Presents new evidence exploring how expensive stocks tend to have rapid trailing earnings growth but not rapid future growth. Offers new evidence demonstrating the nature of subsequent earnings revisions for cheap and expensive stocks. An excellent book for professionals in the financial market field.

Customer Reviews:

Obvious and yet not.......2007-06-15

It is nice to have someone spell out exactly why the market can be inefficient. In this regard, Robert Haugen makes a valient and concise attempt to tackle the subject. A quick and easy read that will help articulate that which is intuitive.

Read Without Prejudice.......2005-02-19

This book is controversial.
It defends the opposite of what almost all mainstream financial academics belive : Markets are inneficient and somehow forecastable by a money manager with proper analysis tools. Thats exactly why this book is important for a serious finance thinker. It forces one to rethink key assumptions - yes, Haugen's arguments, reasoning and numbers are convincing - for a better understanding.
An open minded reader with adequate finance knowledge (beginners wont benefit much) will truly benefit from this challenging book, be it changing his mind/view on finance (accepting some of haugen's ideas), or simply reassuring his own previous belifs/approach.

Poorly Written and Thoughtless.......2000-03-29

"The New Finance" has basically everything going against it.

First, Haugen's writing style is annoying and childish. An engaging use of humor and metaphor are apparently beyond his skill.

Second, Haugen's story is unconvincing. The case against the efficient market hypothesis has been made much more rigorously and interestingly by other authors (e.g. Andrei Shleifer, Hersh Shefrin, and Richard Thaler, among others). Haugen in some case makes mountains out of statistical molehills and misses vital information in others. In short, Haugen is neither convincing nor complete in his critique. The field of economics covered here has a name, by the way, which Haugen never once cites: behavioral finance.

Third, in many cases Haugen is just plain wrong in his assertions. The cases are too numerous to count, but I'll give two examples from page 12. First, Haugen asserts that if no one uses the CAPM to construct their portfolios then markets cannot be efficient. This is not true. The efficient market hypothesis can hold, as Milton Friedman pointed out, if people act AS IF they use the CAPM, even if they don't really use it. Second, of evidence that markets generally react to new information quickly and without bias, Haugen says "Not true." Which is overstating the case, if not outright misrepresenting it. While there is some evidence of investor overreaction and/or underreaction, the case is far from closed. Moreover, anecdotal evidence of occasional over- and under-reaction does not prove the efficient market hypothesis to be a "Fantasy," as Haugen claims.

Fourth, and this point is somewhat related to the third, Haugen is far too full of himself. Assertions of his own intellectual superiority cloud his arguments and reasoning. This can be dangerous when dueling with men like Eugene Fama, Harry Markowitz, Bill Sharpe, and Milton Friedman. More importantly, it leaves Haugen apparently very comfortable making blanket, absolute statements about financial economics that no self-respecting, respected, or respectful economist has any business making. And I say that not only because Haugen is very frequently wrong. It also isn't very becoming. And since the material in this book is reviewed in far superior books, there is little reason to pay much attention to Haugen and his rantings.

The Emperor has no clothes!!!.......1999-09-25

Only a courageous professor willing to really find truth would write this insightful book. The fact that he also has a great sense of humor is to be greatly commended. This man deserves a Nobel Prize. It APPEARS THAT HE WILL BE ABLE TO FUND IIT!

Great book that really makes you think about finance !.......1999-09-02

The author's humor is not always funny and is mostly used to fill up the pages, but the contents are interesting and enlightening. It gave me courage to continue what I was already doing in the stock market, buying "losers". A must read for everybody interested in investing or finance !!

Contemporary Financial Markets and Services

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Contemporary Financial Markets and Services
William L. Scott
Manufacturer: South-Western Educational Publishing
ProductGroup: Book
Binding: Mass Market Paperback

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

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Markets & Institutions: A Contemporary Introduction to Financial Services

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Markets & Institutions: A Contemporary Introduction to Financial Services
William L. Scott
Manufacturer: Thomson South-Western
ProductGroup: Book
Binding: Hardcover

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

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ASIN: 0538859636

Book Description

This text differs from traditional markets and institutions texts by centering around the FINANCIAL SERVICES companies provide rather than on the markets and institutions themselves. The text focuses on both the CREATION of financial services and the USE of financial services. This emphasis provides for a much more integrated, less encyclopedic treatment of financial markets and institutions that better represents today's continuously evolving financial environment.

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Contemporary Financial Markets and Services
William L.; Burvikovs, Scott
Manufacturer: South-Western Educational Publishing
ProductGroup: Book
Binding: Paperback
ASIN: B000OU1JY2

Markets and Institutions: A Contemporary Introduction to Financial Services, 2ND, pb, 2002

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Markets and Institutions: A Contemporary Introduction to Financial Services, 2ND, pb, 2002
Scott
Manufacturer: Thomson Custom
ProductGroup: Book
Binding: Paperback
ASIN: B000V9QSZQ

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Solar and Interplanetary Dynamics (International Astronomical Union Symposia)

Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

Astronomy | Astronomy | Science | Subjects | Books
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ASIN: 9027711623

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Dynamic modeling of coronal transients and interplanetary disturbances: Final technical report
R. S Steinolfson
Manufacturer: University of Alabama in Huntsville
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006Y84OY

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Solar and Interplanetary Dynamics.

Manufacturer: 1980
ProductGroup: Book
Binding: Paperback
ASIN: B000IBMR2U

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The solar corona and the interplanetary gas (The University of Michigan Institute of Science and Technology series)
Sydney Chapman
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0007I0QRC

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Termination shock response to large-scale solar wind fluctuations (SuDoc NAS 1.26:199348)
R. S. Steinolfson
Manufacturer: National Aeronautics and Space Administration National Technical Information Service, distributor
ProductGroup: Book
Binding: Unknown Binding
ASIN: B00010QSIW

Book Description

"Angewandte Mathematik: Body & Soul" ist ein neuer Grundkurs in der Mathematikausbildung für Studienanfänger in den Naturwissenschaften, der Technik, und der Mathematik, der an der Chalmers Tekniska Högskola in Göteborg entwickelt wurde. Er besteht aus drei Bänden sowie Computer-Software. Das Projekt ist begründet in der Computerrevolution, die ihrerseits völlig neue Möglichkeiten des wissenschaftlichen Rechnens in der Mathematik, den Naturwissenschaften und im Ingenieurwesen eröffnet hat. Es besteht aus einer Synthese der mathematischen Analysis (Soul) mit der numerischen Berechnung (Body) sowie den Anwendungen. Die Bände I-III geben eine moderne Version der Analysis und der linearen Algebra wieder, einschließlich konstruktiver numerischer Techniken und Anwendungen, zugeschnitten auf Anfängerprogramme im Maschinenbau und den Naturwissenschaften. Weitere Bände behandeln Themen wie z.B. dynamische Systeme, Strömungsdynamik, Festkörpermechanik und Elektromagnetismus.

Dieser Band behandelt die Grundlagen der Analysis, beginnend mit dem Aufbau der natürlichen, rationalen, realen und complexen Zahlen und führt weiter zur analytischen Geometrie in zwei- und drei-dimensionalem Raum sowie Lipschitz Funktionen und Ableitungen, jeweils mit einer Fülle von Anwendungen.

Die Autoren sind führende Experten im wissenschaftlichen Rechnen und haben schon einige erfolgreiche Bücher geschrieben.

"[......] Oh, by the way, I suggest immediate purchase of all three volumes!"

The Mathematical Association of America Online, 7.7.04

Book Description

This book traces a remarkable path of mathematical connections through seemingly disparate topics. Frustrations with a 1940’s electro-mechanical computer at a premier research laboratory begin this story. Subsequent mathematical methods of encoding messages to ensure correctness when transmitted over noisy channels led to discoveries of extremely efficient lattice packings of equal-radius balls, especially in 24-dimensional space. In turn, this highly symmetric lattice, with each point neighbouring exactly 196,560 other points, suggested the possible presence of new simple groups as groups of symmetries. Indeed, new groups were found and are now part of the ‘Enormous Theorem’ - the classification of all simple groups whose entire proof runs to some 10,000+ pages. And these connections, along with the fascinating history and the proof of the simplicity of one of those ‘sporadic’ simple groups, are presented at an undergraduate mathematical level.

Customer Reviews:

Fascinating!.......2003-06-14

One of the best math books around. It has a good story, clear explanations, and great subject matter.

Customer Reviews:

A new voice in memoir.......2002-06-08

In a series of lovingly detailed vignettes, Ms. Mannion paints the picture of her unique life story. Although in many ways she has lived the quintessential American experience, Ms. Mannion's bold spirit has led her to break past many of the boundaries set for women of her generation. From her roots in New York City to the days before air-conditioning in Miami, readers will experience worlds that are only now accesible through valuable memoirs such as Ms. Mannion's. The Tomato Caper is also immensly entertaining, as Ms. Mannion is a natural storyteller. I highly recommend this book to anyone who is interested in the American immigrant experience, the genre of the memoir, or just an engrossing and enriching read.

A new voice in memoir.......2002-06-08

Book Description

Matthew J. Perry: The Man, His Times, and His Legacy chronicles the life and accomplishments of the attorney who led the struggle for desegregation in South Carolina, served as a primary legal advocate in the national civil rights movement, and became South Carolina's first African American U.S. District Court judge. In this volume, scholars of the civil rights era, fellow civil rights activists, jurists, attorneys, a governor, and an award-winning photojournalist join together to produce a multilayered biography of Matthew J. Perry. Collectively they bring to light the remarkable achievements of a man well known in his home state but sometimes obscured on the national stage by the shadows of Thurgood Marshall, J. Waties Waring, and Charles Hamilton Houston.

This volume tells the story of Perry's life, including his humble beginnings in Columbia, his service to the nation during wartime, his remarkable career as a creator of positive social change, and, finally, his achievements as a respected member of the federal judiciary. The contributors describe Perry's courage, skills as an orator, quick legal mind, and genteel nature. They set his story in the turbulent civil-rights-era South, revealing how broad social, historical, and legal issues affected Perry's life and shaped the trajectory of his activist and professional life. The volume underscores how Perry enabled his home state to escape from Jim Crow's clutches with much less turmoil than many of its neighbors.

Published in concert with the dedication of the Matthew J. Perry, Jr. United States Courthouse in Columbia, South Carolina, this life story portrays an esteemed juror whose grace and resiliency led South Carolina into the twentieth century.

Customer Reviews:

The Gentleman Lawyer.......2004-10-12

This books does more than just tell you about the gentleman lawyer, Matthew J. Perry, it sets the scene for him before, during and now in South Carolina. The book puts in perspective what Perry had to deal with as he fought for the rights of South Carolina's African American citizens. He is an unflappable, decisive, thorough, warm, honest human being and a civil rights attorney par excellence. It is well written, with various contributors talking about him based on their experiences. It is well documented, so that it may also be used as a reference tool. It is timely and very readable. I recommend it highly.

Book Description

If Edward Everett is remembered at all today, it is as the orator who gave the other speech at Gettysburg, Pennsylvania on November 19, 1863. Ironically, Everett's oration, which was given wide coverage in contemporary newspapers, was recognized as both epideictic and argumentative. Everett defended the Union cause, whereas Lincoln's speech was strictly ceremonial. A second irony that attends Everett's oratorical career is that his countrymen believed him to be one of the great orators of the time, the undisputed master of ceremonial address. In this first new study of Edward Everett's oratory, author Ronald Reid addresses the historical and oratorical paradoxes that have influenced perceptions of Everett's career. Reid reconstitutes the role of epideictic rhetoric in the United States from the end of the Revolutionary War to the eve of the Civil War and reinstates Everett in the pantheon of great American orators. He demonstrates why Everett fell into virtual obscurity and treats the reader to a penetrating analysis of the role of public persuasion in the United States during a critical period in its history. In Edward Everett: Unionist Orator Reid effectively restores Everett to his rightful rostrum in the unfolding national drama from the 1820s to the 1860s, providing a sweeping story of America's golden age of oratory in the process. The book opens with a discussion of the influence of Everett's eighteenth-century heritage on his desire to save the Union at all costs. The author shows how the seeds of Everett's Unionism were starting to sprout in his literary and theological speeches and writings, and how he developed the rhetorical methods that he would use throughout his career. Next, Reid deals with Everett's oratory during his years of service, first as a congressman and then as governor of Massachusetts. Here he discusses Everett's increasing concern about the divisiveness of the partisan and sectional causes he espoused. Chapters three and four deal with Everett's modification of his earlier Unionist strategies in an effort to deal with increasing sectionalism and preserve the United States. In conclusion, Reid reviews Everett's oratory, speculating about the role of epideictic oratory in general in maintaining, or failing to maintain, social unity. Sample speeches complete the work, which include a partial text of one of Everett's congressional speeches, a 4th of July oration, his "Character of Washington," and a partial text of Everett's Gettysburg address.

Book Description

Having grown up amid the ravaged coalfields of Ohio, David Axelrod felt oddly at home when, twenty years ago, he moved west and saw his first clear-cut forest. In Troubled Intimacies, Axelrod explores his life in the rural interior West and the way in which surroundings, visible and invisible, shape our emotional and intellectual lives.

In describing his life and the lives of his neighbors in eastern Oregon's Grande Ronde Valley, Axelrod raises hard questions about the relationship between humans and the western landscape-a relationship too often predicated on disastrous violence. Axelrod reveals the dissonance that exists between the mythical American West and the far more complex, troubled relations we actually experience as individuals and communities in the western U.S. In these powerful and provocative essays, he shows the challenges and rewards of piecing together a meaningful life in the rural West.

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[Chapters from "The life and letters of Walter H. Page"
Burton Jesse Hendrick
Manufacturer: Doubleday, Doran
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0008CPFDC

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Life & Letters of Walter H Page Volume 1
Burton Hendrick
Manufacturer: DOUBLEDAY PAGE & CO
ProductGroup: Book
Binding: Hardcover
ASIN: B000WGXX0Q

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Life & Letters of Walter H Page 3 Volumes
Burton J Hendrick
Manufacturer: DOUBLEDAY, PAGE & CO
ProductGroup: Book
Binding: Hardcover
ASIN: B000TLQMGQ

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Life & Letters of Walter H Page 3 Volumes
Burton Hendrick
Manufacturer: DOUBLEDAY PAGE & CO
ProductGroup: Book
Binding: Hardcover
ASIN: B000TKQUF0

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Life & Letters of Walter H Page 3 Volumes
Burton J Hendrick
Manufacturer: DOUBLEDAY PAGE & CO
ProductGroup: Book
Binding: Hardcover
ASIN: B000TXFO54

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Life & Letters of Walter H Page 3 Volumes
Burton J Hendrick
Manufacturer: DOUBLEDAY PAGE & CO
ProductGroup: Book
Binding: Hardcover
ASIN: B000TMD9VG

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The Life & Letters of Walter H. Page: 1855 to 1918: Volume I 1855 to 1915
Burton J. Hendrick
Manufacturer: Garden City Publishing Company
ProductGroup: Book
Binding: Hardcover
ASIN: B000PRV7UU

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The Life and Letters of Walter H Page VOL 1 Only
Hendrick Burton J
Manufacturer: Double Page & Co.
ProductGroup: Book
Binding: Hardcover
ASIN: B000LBYLCG

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The life and letters of Walter H Page VOLUME II
B J Hendrick
Manufacturer: Doubleday Page & Co.
ProductGroup: Book
Binding: Hardcover
ASIN: B000TZRDII

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THE LIFE AND LETTERS OF WALTER H PAGE, 2 books in 1
Burton J Hendrick
Manufacturer: William Heinemann
ProductGroup: Book
Binding: Hardcover
ASIN: B000VGH18M

Book Description

The FBI's former top serial-killer hunter shares his unique perspective as both a lawman and a member of the clergy counseling convicts--revealing the dangerously thin line between good and evil.

Roger L. Depue spent decades tracking down America's most depraved criminals. First as a small town police chief, then as a S.W.A.T. team member, and ultimately as head of the FBI's famed Behavioral Sciences Unit--the unit responsible for profiling and hunting serial killers--where he pioneered revolutionary law enforcement programs and techniques that remain in use today by the FBI and police departments across the globe. In his quest to comprehend the true nature of good and evil, Depue embarked on a mid-career spiritual sabbatical to become a Brother of the Missionaries of the Holy Apostles, counseling maximum security inmates. With his combined experiences as both a law enforcement professional and a member of the clergy, Depue explores the criminal mind and soul as no one has ever done before.

Customer Reviews:

Less profiling than autobiography.......2007-05-25

I enjoy profiling books and recommend John Douglas' Mindhunters and Obsession . This book has very little for the reader to learn except minor tidbits like how to tell (via "overkill") that the unsub was known to the victim. The book has a long backstory on the authors childhood, dating, marines, etc. and he seems like a bully. The last 1/3 of the book is his religion taking over which is boring. None of the life story or seminary time relate to criminal investigations, which is probably why you are interested in this type of book. The John Douglas books cover fascinating, yet horrible crimes while giving insights into clues to the traits of the criminal - thus are far more interesting than this book by Depue.

This guy is a clown.......2007-03-23

He gives the insights of a profiler fine and good. But he is sickeningly boastful the whole book, not just in his description of profiler work, but before he even gets to that point. Its nothing but obvious delusion. Of course you have to try to make the book interesting, but you're NOT Charles Bronson, you're NOT Mike Tyson. I had to stop reading and skip forward in the book because I got tired of reading about how he won a fist fight in high school and then he said Claire Michigan was the closest thing the state had to the wild west, how he got beat up by two guys but should have paid attention because he could have taken them. That aspect of the book is nauseating. You would think he knocked out Muhammed Ali. I would skip this book if I had it to do over.

Another Profiler's Life Story.......2007-01-19

I am sure I have read the 'life story' type books of most of the well known profilers. I have to admit Roger L Depue was not a name I had come accross in any like books written in the same era. In fact I discovered only one well know book where his name appeared, then only a brief mention.
That aside if you have an interest in this type of book this one is worth the read.
The book essentially follows the life of Roger Depue from his childhood through his career as a rural police officer to the FBI. As most peoples' lives have there interesting aspects certainly anyone with the live experience of the author could not miss out in this area. Therefore I would see this book as esentially a biography. Certainly, in the book, there are many interesting examples of how profiling works and written in a style that is very easy to understand. The book also delves off into how his career and life events produced many 'turnings in the road'.
One of the more interesting parts of the book I found was the author's brief summation of a number of the 'big name' profilers of that era. I found it interesting some get mentioned by their christian names and others by surname only. I guess we can form our own opinions as to why.
Overall, yes 'Another Profiler's Life Story', but if you have an interest in that area, and don't mind a good dose of his personal life, go ahead and have a read. Might not be the best of these books but I found it interesting enough to go cover to cover in three 'sittings'.

Fabulous book.......2006-06-26

I just can't say enough GOOD about this book!!!!! It was a great page turner and hard to put down once started. I thought it would be primarily about profiling, but the added twist of how that affected his life and faith is phenomenal....

The Jury's Still out on Profiling's Value.......2006-01-04

The book details Depue's life in law enforcement, beginning with growing up with a father who was a Detroit policeman, followed by his own first police job in a small town, rising to chief, moving to the FBI, becoming head of the FBI's Behavioral Science Unit in 1979 for 10 years, and finally retiring to start and head a crime investigation firm.

Actual cases are used throughout the book, as well as some of his conclusions - eg. psychopaths tend to degenerate as the police close in (Bundy's final murders occurred as a rampage in a Florida sorority house, totally unlike his initial well-planned and conning cases), violent criminals have a common thread of child abuse and often head injury as well (though not all abusers become violent), "overkill" at a murder is a sign that the victim knew the perpetrator.

Depue was involved in the Martha Moxley murder case while a consultant, and his FBI staff interviewed a number of killers (including Ted Bundy) while developing their conclusions.

Depue is clearly a very skilled detective. However, the jury is still out on whether criminal profiling is useful. The research literature on the topic is limited and somewhat negative; in addition, more than one leading police official has declared that he knew of no instance where profiling led directly to apprehension (though it often confirms what is eventually found).

Between Good and Evil, A Master Profiler's Hunt for Society's Most Violent Predators

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Between Good and Evil, A Master Profiler's Hunt for Society's Most Violent Predators

Manufacturer: Warner Books
ProductGroup: Book
Binding: Paperback
ASIN: 0739456717

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Between Good and Evil : A Master Profiler's Hunt for Society's Most Violent Predators
Roger L. Depue; Susan Schindehette
Manufacturer: Warner Books
ProductGroup: Book
Binding: Paperback
ASIN: B000NHZSCU

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Between Good and Evil: A Master Profiler's Hunt for Society's Most Violent Predators
Schindehette, Roger, Susan Depue
Manufacturer: audible.com
ProductGroup: Book
Binding: Audio Download
ASIN: B0007V43AA

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