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Showing 1 - 7 of 7 matches in All departments

Investments (Paperback): Haim Levy, Thierry Post Investments (Paperback)
Haim Levy, Thierry Post
R1,230 Discovery Miles 12 300 Shipped within 7 - 12 working days

Investments offers a topical and thorough introduction to securities, securities markets and investment strategies, discussing in detail the various ways in which you can minimise risk and maximise yields.

Recent years have witnessed a revolution in the field of finance and investment in the capital market, with the market becoming truly global. This book addresses this difficult subject in a logical manner organised and written around the new developments and challenges facing the capital market. The book takes a truly international approach with coverage of international markets and companies.

This book is suitable for any undergraduate or postgraduate investments course taken as part of a finance, business or economics programme.

"

The Capital Asset Pricing Model in the 21st Century - Analytical, Empirical, and Behavioral Perspectives (Paperback): Haim Levy The Capital Asset Pricing Model in the 21st Century - Analytical, Empirical, and Behavioral Perspectives (Paperback)
Haim Levy
R691 Discovery Miles 6 910 Shipped within 7 - 12 working days

The Capital Asset Pricing Model (CAPM) and the mean-variance (M-V) rule, which are based on classic expected utility theory, have been heavily criticized theoretically and empirically. The advent of behavioral economics, prospect theory and other psychology-minded approaches in finance challenges the rational investor model from which CAPM and M-V derive. Haim Levy argues that the tension between the classic financial models and behavioral economics approaches is more apparent than real. This book aims to relax the tension between the two paradigms. Specifically, Professor Levy shows that although behavioral economics contradicts aspects of expected utility theory, CAPM and M-V are intact in both expected utility theory and cumulative prospect theory frameworks. There is furthermore no evidence to reject CAPM empirically when ex-ante parameters are employed. Professionals may thus comfortably teach and use CAPM and behavioral economics or cumulative prospect theory as coexisting paradigms.

Stochastic Dominance - Investment Decision Making under Uncertainty (Hardcover, 3rd ed. 2016): Haim Levy Stochastic Dominance - Investment Decision Making under Uncertainty (Hardcover, 3rd ed. 2016)
Haim Levy
R3,159 R2,598 Discovery Miles 25 980 Save R561 (18%) Shipped within 7 - 12 working days

This fully updated third edition is devoted to the analysis of various Stochastic Dominance (SD) decision rules. It discusses the pros and cons of each of the alternate SD rules, the application of these rules to various research areas like statistics, agriculture, medicine, measuring income inequality and the poverty level in various countries, and of course, to investment decision-making under uncertainty. The book features changes and additions to the various chapters, and also includes two completely new chapters. One deals with asymptotic SD and the relation between FSD and the maximum geometric mean (MGM) rule (or the maximum growth portfolio). The other new chapter discusses bivariate SD rules where the individual's utility is determined not only by his own wealth, but also by his standing relative to his peer group. Stochastic Dominance: Investment Decision Making under Uncertainty, 3rd Ed. covers the following basic issues: the SD approach, asymptotic SD rules, the mean-variance (MV) approach, as well as the non-expected utility approach. The non-expected utility approach focuses on Regret Theory (RT) and mainly on prospect theory (PT) and its modified version, cumulative prospect theory (CPT) which assumes S-shape preferences. In addition to these issues the book suggests a new stochastic dominance rule called the Markowitz stochastic dominance (MSD) rule corresponding to all reverse-S-shape preferences. It also discusses the concept of the multivariate expected utility and analyzed in more detail the bivariate expected utility case. From the reviews of the second edition: "This book is an economics book about stochastic dominance. ... is certainly a valuable reference for graduate students interested in decision making under uncertainty. It investigates and compares different approaches and presents many examples. Moreover, empirical studies and experimental results play an important role in this book, which makes it interesting to read." (Nicole Bauerle, Mathematical Reviews, Issue 2007 d)

Microscopic Simulation of Financial Markets - From Investor Behavior to Market Phenomena (Hardcover): Moshe Levy, Haim Levy,... Microscopic Simulation of Financial Markets - From Investor Behavior to Market Phenomena (Hardcover)
Moshe Levy, Haim Levy, Sorin Solomon
R3,000 Discovery Miles 30 000 Shipped within 7 - 11 working days

Microscopic Simulation (MS) uses a computer to represent and keep track of individual ("microscopic") elements in order to investigate complex systems which are analytically intractable. A methodology that was developed to solve physics problems, MS has been used to study the relation between microscopic behavior and macroscopic phenomena in systems ranging from those of atomic particles, to cars, animals, and even humans. In finance, MS can help explain, among other things, the effects of various elements of investor behavior on market dynamics and asset pricing. It is these issues in particular, and the value of an MS approach to finance in general, that are the subjects of this book. The authors not only put their work in perspective by surveying traditional economic analyses of investor behavior, but they also briefly examine the use of MS in fields other than finance.
Most models in economics and finance assume that investors are rational. However, experimental studies reveal systematic deviations from rational behavior. How can we determine the effect of investors' deviations from rational behavior on asset prices and market dynamics? By using Microscopic Simulation, a methodology originally developed by physicists for the investigation of complex systems, the authors are able to relax classical assumptions about investor behavior and to model it as empirically and experimentally observed. This rounded and judicious introduction to the application of MS in finance and economics reveals that many of the empirically-observed "puzzles" in finance can be explained by investors' quasi-rationality.
Researchers use the book because it models heterogeneous investors, a group that has proven difficult to model. Being able to predict how people will invest and setting asset prices accordingly is inherently appealing, and the combination of computing power and statistical mechanics in this book makes such modeling possible. Because many finance researchers have backgrounds in physics, the material here is accessible.
Key Features
* Emphasizes investor behavior in determining asset prices and market dynamics
* Introduces Microscopic Simulation within a simplified framework
* Offers ways to model deviations from rational decision-making

Stochastic Dominance - Investment Decision Making under Uncertainty (Paperback, Softcover reprint of the original 3rd ed.... Stochastic Dominance - Investment Decision Making under Uncertainty (Paperback, Softcover reprint of the original 3rd ed. 2016)
Haim Levy
R2,744 Discovery Miles 27 440 Out of stock

This fully updated third edition is devoted to the analysis of various Stochastic Dominance (SD) decision rules. It discusses the pros and cons of each of the alternate SD rules, the application of these rules to various research areas like statistics, agriculture, medicine, measuring income inequality and the poverty level in various countries, and of course, to investment decision-making under uncertainty. The book features changes and additions to the various chapters, and also includes two completely new chapters. One deals with asymptotic SD and the relation between FSD and the maximum geometric mean (MGM) rule (or the maximum growth portfolio). The other new chapter discusses bivariate SD rules where the individual's utility is determined not only by his own wealth, but also by his standing relative to his peer group. Stochastic Dominance: Investment Decision Making under Uncertainty, 3rd Ed. covers the following basic issues: the SD approach, asymptotic SD rules, the mean-variance (MV) approach, as well as the non-expected utility approach. The non-expected utility approach focuses on Regret Theory (RT) and mainly on prospect theory (PT) and its modified version, cumulative prospect theory (CPT) which assumes S-shape preferences. In addition to these issues the book suggests a new stochastic dominance rule called the Markowitz stochastic dominance (MSD) rule corresponding to all reverse-S-shape preferences. It also discusses the concept of the multivariate expected utility and analyzed in more detail the bivariate expected utility case. From the reviews of the second edition: "This book is an economics book about stochastic dominance. ... is certainly a valuable reference for graduate students interested in decision making under uncertainty. It investigates and compares different approaches and presents many examples. Moreover, empirical studies and experimental results play an important role in this book, which makes it interesting to read." (Nicole Bauerle, Mathematical Reviews, Issue 2007 d)

Stochastic Dominance - Investment Decision Making under Uncertainty (Paperback, Softcover reprint of hardcover 2nd ed. 2006):... Stochastic Dominance - Investment Decision Making under Uncertainty (Paperback, Softcover reprint of hardcover 2nd ed. 2006)
Haim Levy
R3,964 R3,743 Discovery Miles 37 430 Save R221 (6%) Out of stock

This book is devoted to investment decision-making under uncertainty. The book covers three basic approaches to this process: the stochastic dominance approach; the mean-variance approach; and the non-expected utility approach, focusing on prospect theory and its modified version, cumulative prospect theory. Each approach is discussed and compared. In addition, this volume examines cases in which stochastic dominance rules coincide with the mean-variance rule and considers how contradictions between these two approaches may occur.

The Capital Asset Pricing Model in the 21st Century - Analytical, Empirical, and Behavioral Perspectives (Hardcover, New): Haim... The Capital Asset Pricing Model in the 21st Century - Analytical, Empirical, and Behavioral Perspectives (Hardcover, New)
Haim Levy
R2,216 Discovery Miles 22 160 Out of stock

The Capital Asset Pricing Model (CAPM) and the mean-variance (M-V) rule, which are based on classic expected utility theory, have been heavily criticized theoretically and empirically. The advent of behavioral economics, prospect theory and other psychology-minded approaches in finance challenges the rational investor model from which CAPM and M-V derive. Haim Levy argues that the tension between the classic financial models and behavioral economics approaches is more apparent than real. This book aims to relax the tension between the two paradigms. Specifically, Professor Levy shows that although behavioral economics contradicts aspects of expected utility theory, CAPM and M-V are intact in both expected utility theory and cumulative prospect theory frameworks. There is furthermore no evidence to reject CAPM empirically when ex-ante parameters are employed. Professionals may thus comfortably teach and use CAPM and behavioral economics or cumulative prospect theory as coexisting paradigms.

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