Leonard C Maclean William T Ziemba Popular Books

Leonard C Maclean William T Ziemba Biography & Facts

Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade". Its concern is thus the interrelation of financial variables, such as share prices, interest rates and exchange rates, as opposed to those concerning the real economy. It has two main areas of focus: asset pricing and corporate finance; the first being the perspective of providers of capital, i.e. investors, and the second of users of capital. It thus provides the theoretical underpinning for much of finance. The subject is concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment". It therefore centers on decision making under uncertainty in the context of the financial markets, and the resultant economic and financial models and principles, and is concerned with deriving testable or policy implications from acceptable assumptions. It thus also includes a formal study of the financial markets themselves, especially market microstructure and market regulation. It is built on the foundations of microeconomics and decision theory. Financial econometrics is the branch of financial economics that uses econometric techniques to parameterise the relationships identified. Mathematical finance is related in that it will derive and extend the mathematical or numerical models suggested by financial economics. Whereas financial economics has a primarily microeconomic focus, monetary economics is primarily macroeconomic in nature. Underlying economics Financial economics studies how rational investors would apply decision theory to investment management. The subject is thus built on the foundations of microeconomics and derives several key results for the application of decision making under uncertainty to the financial markets. The underlying economic logic yields the fundamental theorem of asset pricing, which gives the conditions for arbitrage-free asset pricing. The aside formulae result directly. Present value, expectation and utility Underlying all of financial economics are the concepts of present value and expectation. Calculating their present value X s j / r {\displaystyle X_{sj}/r} allows the decision maker to aggregate the cashflows (or other returns) to be produced by the asset in the future to a single value at the date in question, and to thus more readily compare two opportunities; this concept is the starting point for financial decision making. (Note that here, " r {\displaystyle r} " represents a generic or arbitrary discount rate applied to the cash flows, whereas in the above, the risk-free rate is applied once these have been "adjusted" for their riskiness.) An immediate extension is to combine probabilities with present value, leading to the expected value criterion which sets asset value as a function of the sizes of the expected payouts and the probabilities of their occurrence, X s {\displaystyle X_{s}} and p s {\displaystyle p_{s}} respectively. This decision method, however, fails to consider risk aversion ("as any student of finance knows"). In other words, since individuals receive greater utility from an extra dollar when they are poor and less utility when comparatively rich, the approach is to therefore "adjust" the weight assigned to the various outcomes ("states") correspondingly, Y s {\displaystyle Y_{s}} . See indifference price. (Some investors may in fact be risk seeking as opposed to risk averse, but the same logic would apply). Choice under uncertainty here may then be characterized as the maximization of expected utility. More formally, the resulting expected utility hypothesis states that, if certain axioms are satisfied, the subjective value associated with a gamble by an individual is that individual's statistical expectation of the valuations of the outcomes of that gamble. The impetus for these ideas arise from various inconsistencies observed under the expected value framework, such as the St. Petersburg paradox and the Ellsberg paradox. Arbitrage-free pricing and equilibrium The concepts of arbitrage-free, "rational", pricing and equilibrium are then coupled with the above to derive various of the "classical" (or "neo-classical") financial economics models. Rational pricing is the assumption that asset prices (and hence asset pricing models) will reflect the arbitrage-free price of the asset, as any deviation from this price will be "arbitraged away". This assumption is useful in pricing fixed income securities, particularly bonds, and is fundamental to the pricing of derivative instruments. Economic equilibrium is, in general, a state in which economic forces such as supply and demand are balanced, and, in the absence of external influences these equilibrium values of economic variables will not change. General equilibrium deals with the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall equilibrium. (This is in contrast to partial equilibrium, which only analyzes single markets.) The two concepts are linked as follows: where market prices do not allow for profitable arbitrage, i.e. they comprise an arbitrage-free market, then these prices are also said to constitute an "arbitrage equilibrium". Intuitively, this may be seen by considering that where an arbitrage opportunity does exist, then prices can be expected to change, and are therefore not in equilibrium. An arbitrage equilibrium is thus a precondition for a general economic equilibrium. The immediate, and formal, extension of this idea, the fundamental theorem of asset pricing, shows that where markets are as described – and are additionally (implicitly and correspondingly) complete – one may then make financial decisions by constructing a risk neutral probability measure corresponding to the market. "Complete" here means that there is a price for every asset in every possible state of the world, s {\displaystyle s} , and that the complete set of possible bets on future states-of-the-world can therefore be constructed with existing assets (assuming no friction): essentially solving simultaneously for n (risk-neutral) probabilities, q s {\displaystyle q_{s}} , given.... Discover the Leonard C Maclean William T Ziemba popular books. Find the top 100 most popular Leonard C Maclean William T Ziemba books.

Best Seller Leonard C Maclean William T Ziemba Books of 2024

  • His Own Heaven synopsis, comments

    His Own Heaven

    Jennie Kew

    Winner of the 2021 Passionate Plume Award for BDSM Romance Finalist in the 2021 Stiletto Contest for Contemporary Romance He taught her to trust, she taught him to love. ​ Lucy Bar...

  • His Girl Next Door synopsis, comments

    His Girl Next Door

    Khardine Gray

    From USA Today Bestselling author Khardine Gray comes a sizzling hot single dad romance you won't want to miss. No strings attached fun with the ubergorgeous single d...

  • Teach Me synopsis, comments

    Teach Me

    Cassandra Dean

    From awardwinning author Cassandra Dean comes a tale where lessons of pleasure between a curious, sunshine widow and a dissolute, grumpy earl leads to passion and allconsuming love...

  • The Odyssey synopsis, comments

    The Odyssey

    Homer

    An Apple Books Classic edition. Homer’s eighthcentury epic poem is a companion to The Iliad . It tells the story of Odysseus, who journeys by ship for 10 years after the Trojan War...

  • Pride and Prejudice synopsis, comments

    Pride and Prejudice

    Jane Austen

    An Apple Books Classic edition. Jane Austen’s beloved classic opens with this witty and very memorable line: “It is a truth universally acknowledged, that a single man in possessio...

  • The Stoic Mind synopsis, comments

    The Stoic Mind

    Addy Osmani & GoLimitlesss

    Discover the timeless wisdom of Stoicism in a modern context with "The Stoic Mind," an enlightening visual guide by Addy Osmani and GoLimitlesss. This rich exploration co...

  • The Honeymoon Homicide synopsis, comments

    The Honeymoon Homicide

    J. R. Mathis & Susan Mathis

    Enjoy this SmallTown Murder Mystery Featuring A Unique Sleuthing Couple I'm Father Tom Greer, a Catholic Priest in a smalltown parish who never expected this . . . When I came...

  • Becoming Lady Dalton synopsis, comments

    Becoming Lady Dalton

    Carrie Lomax

    A dance of desire and deceit... In the glittering world of London's ton, Mrs. Viola Cartwright revels in her newfound freedom as a lady of leisureuntil a series of jewel theft...

  • Just Me synopsis, comments

    Just Me

    Lexy Timms

    We all need somewhere where we feel safe… After leaving her abusive husband, Katherine Marshall is out on her own for the first time. She's hopped from city to city to avoid t...

  • Never Enough synopsis, comments

    Never Enough

    Lexy Timms

    Be good enough never is... Anthony Accardi is a man on a mission: make his father's watch company a success while bringing in millions of dollars. To do that, he needs an assi...

  • The Cupcake Cottage synopsis, comments

    The Cupcake Cottage

    Jean Oram

    NHL player Maverick Blades could fall in love with anyone... But he had to fall for a woman who falls under the Bro Code as untouchablehis best friend’s beautiful ex, DaisyMae Ray....

  • Escape, A New Life synopsis, comments

    Escape, A New Life

    David J Antocci

    To save herself, she had to lose everything. Trapped in a tropical paradise with no memory of how she got there, Abby is thrust into a fight for her life. Hunted by a madman, and c...

  • A Green Kind of Witch synopsis, comments

    A Green Kind of Witch

    Sierra Cross

    Cinderella crossed with Mean Girls.   That's what Hazel's daily existence feels like. Born to a family of elegant yet shallow Beige Witches, seventeen y...

  • Caught Up with the Captain synopsis, comments

    Caught Up with the Captain

    Kait Nolan

    Can a retired naval commander and the love he left behind overcome a 34yearold secret to find their way to a second chance? Captain Mitchell Greyson is a man who believes in duty. ...

  • Inception of Gold synopsis, comments

    Inception of Gold

    Lexy Timms

    Things are not as bad as they seem. They are worse. Being the personal assistant to a narcissistic actress who just happens to own the key to my family's undoing isn't ex...

  • The Adventures of Sherlock Holmes synopsis, comments

    The Adventures of Sherlock Holmes

    Arthur Conan Doyle

    An Apple Books Classic You get not one, not two, but 25 gripping mysteries in Arthur Conan Doyle’s first of five collections of Sherlock Holmes short stories. Follow the brilliant ...

  • Think and Grow Rich synopsis, comments

    Think and Grow Rich

    Greg Habstritt & Napoleon Hill

    Think and Grow Rich is one of the most popular success book of alltime, having sold more than 60 million copies since it was first published more than 70...

  • A Christmas Carol synopsis, comments

    A Christmas Carol

    Charles Dickens

    An Apple Books Classic edition. It’s Christmas Eve in Victorian England. While some families don’t know where their next meal will come from, Ebenezer Scrooge sits in his large hom...

  • The Wonderful Wizard of Oz synopsis, comments

    The Wonderful Wizard of Oz

    L. Frank Baum

    An Apple Books Classic edition. You’ve seen the iconic 1939 movie, but do you know about the talking field mice, the Winkies, and the Witch of the North that appear in the original...

  • Noxious synopsis, comments

    Noxious

    Lexy Timms

    Stop setting yourself on fire to keep someone else warm. Brady and Levi have been together since high school, since before he became famous and started thinking only about himself....

  • Rogue Alpha synopsis, comments

    Rogue Alpha

    Kimber White

    One touch made her crave him. But the pull of fate could be the path to ruin. College student Laura Prince lands a plum internship deep in the Michigan wilderness. When she discove...

  • Dream Psychology synopsis, comments

    Dream Psychology

    Sigmund Freud

    An Apple Books Classic edition. Written by the founding father of psychoanalysis, Sigmund Freud’s 1899 book is the definitive text on learning to interpret dreams. Freud’s groundbr...

  • The Great Gatsby synopsis, comments

    The Great Gatsby

    F. Scott Fitzgerald

    An Apple Books Classics edition. The Roaring Twenties are in full effect in F. Scott Fitzgerald’s riveting classic. Manabouttown Jay Gatsby seems to have it all, including loads of...

  • Tempting the King synopsis, comments

    Tempting the King

    Jessa York

    An escaped Mafia Queen, hiding from her past. A Mafia King who wants to claim her… Giselle They think I'm lostbut I know better. I can never be found. The path I've creat...

  • Peace on Earth synopsis, comments

    Peace on Earth

    Maia Ross

    Crime never takes a holiday. Why should Irma? Irma Abercrombie is an energetic retiree with a shadowy past, a mean right hook, and a profound love of Christmas. Surrounded by seaso...

  • The Target synopsis, comments

    The Target

    Lexy Timms

    When you seek revenge be sure to dig two graves… Revenge was the only thing I had going for me. It kept me awake at night and drove me into desperate situations in dive bars across...

  • Dark Psychology and Manipulation synopsis, comments

    Dark Psychology and Manipulation

    Margaret Morrison

    THE MENTAL MANIPULATOR WILL NO LONGER KEEP SECRETS FROM YOU! Are you fed up with the wool being pulled over your eyes?Are you prepared to stand up to those who believe they can man...

  • Pretty Little Lies synopsis, comments

    Pretty Little Lies

    Ivy Thorn

    Four years ago, Nicolo Marchetti took my innocence. But he left me with something else Nicolo almost took everything from me. My virginity, my reputation, and very nearly my future...

  • Always Yours synopsis, comments

    Always Yours

    Claire Raye

    Some things are just meant to be... Ellen Somerville and Will McIntyre met by accident and under unusual circumstances. Getting sprayed by a skunk in a parking lot wouldn’t normall...

  • Little Women synopsis, comments

    Little Women

    Louisa May Alcott

    An Apple Books Classic edition. Meet the Marches! Louisa May Alcott’s classic introduces us to four unforgettable sisters: beautiful Meg, tomboyish Jo, delicate Beth, and Amy, the ...

  • Christmas in Sweetbriar Cove synopsis, comments

    Christmas in Sweetbriar Cove

    Melody Grace

    Celebrate the holidays in Sweetbriar Cove with this festive romance collection, containing two sizzling smalltown holiday stories perfect for fans of Tessa Bailey, Sophie Kinsella...

  • The Three Little Pigs synopsis, comments

    The Three Little Pigs

    Mark Lesky

    Classic fairy tales, legends and folk stories in short version without violence retold with lovely illustrations in simple language. Perfect for reading aloud to small chi...

  • The Four Loves synopsis, comments

    The Four Loves

    C. S. Lewis

    The Four Loves summarizes four kinds of human loveaffection, friendship, erotic love, and the love of God. Masterful without being magisterial, this book's wise, gentle, candi...

  • Dracula synopsis, comments

    Dracula

    Bram Stoker

    An Apple Books Classic edition. Few characters have seized readers’ imaginations quite like Count Dracula of Transylvania, the hero of Bram Stoker’s classic. The 1897 novel put vam...

  • Wuthering Heights synopsis, comments

    Wuthering Heights

    Emily Brontë

    An Apple Books Classic edition. If you’ve only ever seen Wuthering Heights on screen, you may have an image of Catherine and Heathcliff as the ultimate starcrossed lovers. But that...

  • Meditations synopsis, comments

    Meditations

    Emperor of Rome Marcus Aurelius

    Meditations is a series of personal writings by Marcus Aurelius, Roman Emperor 161–180 CE, setting forth his ideas on Stoic philosophy.

  • Good Guy synopsis, comments

    Good Guy

    Kate Meader

    He's a Special Forces veteran making his pro hockey debut. She's a dogged sports reporter determined to get a scoop. She's also his best friend's widow . . . Fa...

  • Eternal synopsis, comments

    Eternal

    W.J. May

    She will fight for what is hers. When the king is murdered, Katerina, his only daughter, must flee for her life. She finds herself on a strange and dangerous path. Alone for the fi...

  • My Paper Heart synopsis, comments

    My Paper Heart

    Magan Vernon

    One piece of paper can change everything After my parents received the letter I failed out of college, they didn't ask questions. They just sent me to work for my great aunt i...

  • The Seduction Series Boxset synopsis, comments

    The Seduction Series Boxset

    Roxy Sloane

    “Sensual, thrilling and wild!”   Discover the bestselling series in one collection: THE SEDUCTION, THE BARGAIN, and THE INVITATION. Perfect for fans of Ana Huang, Sierra S...

  • Law of Attraction synopsis, comments

    Law of Attraction

    Jordan Hollis

    How to Finally Overcome the Hurdles of Manifesting Proven, effective and enjoyable ways to help you manifest faster… Right now, think of something that makes you successful. If you...

  • Saltwater Cove synopsis, comments

    Saltwater Cove

    Amelia Addler

    Second chances...and the secrets that sabotage them. At 48 years old, Margie Clifton never expected to be starting her life all over again. But when her brother gifts her a propert...

  • Silenced Girls synopsis, comments

    Silenced Girls

    Roger Stelljes

    “ Wow wow wow!  Grips you in a choke hold and  does not let go … Oozes suspense and  bonechilling twists and turns .  Astonishing … One of those...

  • Teased by Fire synopsis, comments

    Teased by Fire

    Molly O'Hare

    From USA Today bestselling author Molly O’Hare comes an enemiestolovers, older brother’s best friend, romantic comedy with a curvy, antisocial, supernaturalobsessed, allyearround h...

  • The Scarlet Letter synopsis, comments

    The Scarlet Letter

    Nathaniel Hawthorne

    An Apple Books Classic edition. Hester Prynne lives in infamy. After committing adultery and bearing a child with a man whose name she refuses to divulge, the heroine of Nathaniel ...

  • Silver Santa synopsis, comments

    Silver Santa

    Lacey Silks

    Trapped together on Christmas, their unintended onenight stand becomes a lifechanging encounter amidst the snow. Laura Young's professional role as a security guard at the Sil...

  • Death at Hazel House synopsis, comments

    Death at Hazel House

    Betty Rowlands

    ‘Riveting, can't put it down! I love this story… a wonderfully twisted tale of a crime that has more twists than I thought possible... fantastic.’ Goodreads Reviewer, 5 stars ...

  • Once Upon A One-Night Stand synopsis, comments

    Once Upon A One-Night Stand

    Zoey Locke

    At first sight, there was electrifying chemistry.  So why not go for it? After all, Lynx Grove, the city's most eligible bachelor, wants to claim her, at least for th...

  • A Bookshop to Die For synopsis, comments

    A Bookshop to Die For

    M.P. Black

    Ditching her fiancé at the altar, Alice Hartford bolts to her childhood hometown to reconnect with the last, happy remnant of her past: her mom's old bookstore. But the bookst...

  • Awaken Me synopsis, comments

    Awaken Me

    Jenna Jacob

    He was more than a ghost haunting my dreams…he was real. By day, I’m Julianna Garrett …a prim, proper accountant. By night, I’m tormented by dreams of an alpha, ambereyed Adonis wh...