Since the US stock market crashed on October 19, 1987, many studies have been conducted to learn from this experience in the hopes of avoiding a similarly adverse future fall. The book, originally published as a special issue of the Journal of Financial Services Research, considers some of the important policy adjustments that have been implemented in the wake of the 1987 crash. Taken separately and together, these five papers offer a synthesis and summary of the most important policy innovations that have evolved since the largest single-day decline in stock market history.
Most of us would accept that recent large economic fluctuations have been caused by crashes of speculative bubbles in asset markets. For example, few would disagree that the most important cause of the global financial crisis in 2008 was the collapse of an unprecedented bubble in U.S. housing markets. However, the reasons why bubbles frequently occur in various financial markets, and why bubbles collapse are not always well understood. The book provides a new theoretical explanation of bubbles and crashes to help answer questions relating to how asset bubbles come about, why they persist, and the causes of the subsequent crashes.
In this innovative volume, Taisei Kaizoji proposes a stock market model in which noise traders and fundamentalists who follow the traditional asset pricing model coexist. A distinctive feature of this study is that the so called noise-trader's behavior is modeled in a framework of Keynes' beauty contest metaphor. The author elucidate a mechanism in which (i) noise-traders' herd behavior gives cause to a bubble, and (ii) their trading momentum prolongs the bubble, (iii) the bubble inevitably results in a crash, and (iv) the cycles of bubble and crash are repeated. The results give a possible theoretical solution to the equity premium puzzle. This model will deepen our understanding of the mechanism of bubbles and subsequent crashes and help to bring about an innovation in financial economics which allow us to consider the laws of capitalist economies in a new light.
Since the US stock market crashed on October 19, 1987, many studies have been conducted to learn from this experience in the hopes of avoiding a similarly adverse future fall. The book, originally published as a special issue of theJournal of Financial Services Research, considers some of the important policy adjustments that have been implemented in the wake of the 1987 crash. Taken separately and together, these five papers offer a synthesis and summary of the most important policy innovations that have evolved since the largest single-day decline in stock market history.
Is this is final hurrah for Fizzlebert Stump? Have the circus performers taken their final bow? Find out in the final book in this hilarious series that is perfect for fans of Mr Gum. ..When the ringmaster sells Fizz's circus to the mysterious Mr Pinkbottle, disaster strikes! All the acts who aren't fired are forced to work in his supermarket. Not an easy task at all if your only skill is plate-spinning or being a trapeze artist, or indeed a sea lion!..Will the ex-circus performers adjust to their new lives as shop assistants, or will Fizz find a way to save them all?
When you are the victim of an automobile accident, it can be difficult to know who to trust. You are surrounded by insurance adjusters who work for the other side, attorneys who may or may not have your best interest at heart, and health care providers who are often indifferent to your needs. Who can you rely on? Yourself. Learn what physical evidence to collect from the scene and how to preserve witness testimony. Know the tactics insurance adjusters use to deny you the benefits to which you are rightfully entitled, and avoid their traps. Get fair compensation for damage to your vehicle, as well as you medical bills and pain and suffering. Many people make catastrophic errors in attempting to handle their own automobile accident claims. The result can be financial ruin. Fortunately, most of these mistakes are easily avoided. The author is a trial lawyer and former university professor. This book is based on years of experience as an advocate and teacher.
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