A new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can´t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist-the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo´s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought-a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
Drawing on detailed archival research on the parallel histories of human rights and neoliberalism, Jessica Whyte uncovers the place of human rights in neoliberal attempts to develop a moral framework for a market society. In the wake of the Second World War, neoliberals saw demands for new rights to social welfare and self-determination as threats to ´´civilisation.´´ Yet, rather than rejecting rights, they developed a distinctive account of human rights as tools to depoliticise civil society, protect private investments and shape liberal subjects.
SHORTLISTED FOR THE FT AND MCKINSEY BUSINESS BOOK OF THE YEAR AWARD 2019 Jim Simons is the greatest moneymaker in modern financial history. His record bests those of legendary investors, including Warren Buffett, George Soros and Ray Dalio. Yet Simons and his strategies are shrouded in mystery. The financial industry has long craved a look inside Simons´s secretive hedge fund, Renaissance Technologies and veteran Wall Street Journal reporter Gregory Zuckerman delivers the goods. After a legendary career as a mathematician and a stint breaking Soviet codes, Simons set out to conquer financial markets with a radical approach. Simons hired physicists, mathematicians and computer scientists - most of whom knew little about finance - to amass piles of data and build algorithms hunting for the deeply hidden patterns in global markets. Experts scoffed, but Simons and his colleagues became some of the richest in the world, their strategy of creating mathematical models and crunching data embraced by almost every industry. As Renaissance became a major player in the financial world, its executives began exerting influence on other areas. Simons became a major force in scientific research, education and Democratic politics, funding Hilary Clinton´s presidential campaign. While senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign, funding Trump´s victorious 2016 effort and backing alt-right publication Breitbart . Mercer also impacted the success of the Brexit campaign. For all his prescience, Simons failed to anticipate how Mercer´s activity would impact his firm and the world. In this fast-paced narrative, Zuckerman examines how Simons launched a quantitative revolution on Wall Street, and reveals the impact that Simons, the quiet billionaire king of the quants, has had on worlds well beyond finance.
Revolutionary ideas on how to use markets to achieve fairness and prosperity for all Many blame today´s economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right? Radical Markets turns this thinking on its head. With a new foreword by Ethereum creator Vitalik Buterin and virtual reality pioneer Jaron Lanier as well as a new afterword by Eric Posner and Glen Weyl, this provocative book reveals bold new ways to organize markets for the good of everyone. It shows how the emancipatory force of genuinely open, free, and competitive markets can reawaken the dormant nineteenth-century spirit of liberal reform and lead to greater equality, prosperity, and cooperation. Only by radically expanding the scope of markets can we reduce inequality, restore robust economic growth, and resolve political conflicts. But to do that, we must replace our most sacred institutions with truly free and open competition- Radical Markets shows how.
Vito Tanzi offers a truly comprehensive treatment of the economic role of the state in the twentieth and twenty-first centuries from a historical and world perspective. The book addresses the fundamental question of what governments should do, or have attempted to do, in economic activities in past and recent periods. It also speculates on what they are likely or may be forced to do in future years. The investigation assembles a large set of statistical information that should prove useful to policy-makers and scholars in the perennial discussion of government´s optimal economic roles. It will become an essential reference work on the analytical borders between the market and the state, and on what a reasonable ´exit strategy´ from the current fiscal crises should be.
From New York Times and USA TODAY bestselling author Cassandra Clare comes an exciting new short story collection that follows Jem Carstairs as he travels through the many Shadow Markets around the world. Ghosts of the Shadow Market is a Shadowhunters novel. The Shadow Market is a meeting point for faeries, werewolves, warlocks, and vampires. There, the Downworlders buy and sell magical objects, make dark bargains, and whisper secrets they do not want the Nephilim to know. Through two centuries, however, there has been a frequent visitor to the Shadow Market from the City of Bones, the very heart of the Shadowhunters´ world. As a Silent Brother, Brother Zachariah is a sworn keeper of the laws and lore of the Nephilim. But once he was a Shadowhunter called Jem Carstairs, and his love, then and always, is the warlock Tessa Gray. And Jem is searching through the Shadow Markets, in many different cities over long years, for a relic from his past. Follow Jem and see, against the backdrop of the Shadow Market´s dark dealings and festival, Anna Lightwood´s doomed romance, Matthew Fairchild´s great sin, and Tessa Gray as she is plunged into a world war. Valentine Morgenstern buys a soul at the Market and a young Jace Wayland´s soul finds safe harbor. In the Market is hidden a lost heir and a beloved ghost, and no one can save you once you have traded away your heart. Not even Brother Zachariah.
Robert Greifeld was CEO of NASDAQ for over a decade, during which time it was named Company of the Year, ranked one of the best performing companies in the U.S., included in Fortune´s annual list of 100 fastest growing companies and shares of the company´s stock rose a whopping 800%. In Market Mover , Bob looks at the headline-making events that took place while he was at the helm from the collapse of Lehman Brothers and the financial crisis of 2008, to Facebook´s disastrous IPO and the Bernie Madoff scandal. He takes you exclusively behind the headlines using them as jumping off points for lessons that can be applied to any business, including jumpstarting change, working with technology, finding the best people, and adapting to globalization.
This book provides a comprehensive view of the entrepreneurial dynamics within startups by analyzing their marketing strategies in the context of exploiting new opportunities, enhancing stakeholder values, and protecting their business ecosystem for continuous growth. Managing startup enterprises is a complex managerial task, as these businesses need to overcome the competition by understanding thoroughly all the moves of rival firms in the local-global markets. This book explores the incidence and severity of problems pertaining to organizational design, marketing strategy, the consumer-centric approach, and the transaction-based approach faced by start-up enterprises in order to improve business performance. This text will motivate future research on managing start-up enterprises in terms of developing efficiency in leadership and achieving market competitiveness and organizational growth. It will serve as an important work to those studying entrepreneurial leadership and marketing.
The neoliberal transformation of welfare state institutions has intensified social inequalities, raising questions of social justice across European varieties of capitalism. In Germany, this transformation occurred with Third Way social democracy and the consequent Hartz reforms. After ten years of reducing unemployment, this ´Hartz Regime´ is now cited as a model for reforming other European political economies. Despite this apparent success, it has also received criticism for exacerbating the social injustices of neoliberal capitalism, ultimately leading to the question: how do we know if the German Hartz Regime is socially just? Drawing on the Frankfurt School of critical theory, this study demonstrates not only how to develop a theory of social justice for empirically studying labour market institutions, but also illustrates it through an extensive study of the German case. The result is both unsurprising and reinforces classical social democratic concerns: not only the Hartz Regime, but capitalism itself, is inherently unjust. By accepting this previously recognised conclusion, the book provides a critical framework for the normative evaluation of empirical institutions, effective for studying the varieties of social (in)justice in contemporary capitalism beyond Germany.