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L 85
Lo, (Andrew Wen-Chuan),.
Adaptive markets : : financial evolution at the speed of thought / / Andrew W. Lo ; with a new afterword by the author. - First paperback edition. - Princeton : : Princeton University Press,, ©2017. - 1 online resource. - Includes bibliographical references and index. - URL: https://library.dvfu.ru/lib/document/SK_ELIB/BB040591-A3AE-4AF2-96D9-3F4CF13CE42B. - ISBN 9780691196800 (electronic book). - ISBN 069119680X (electronic book)
Description based on online resource; title from digital title page (viewed on June 06, 2019).
Параллельные издания: Print version: : LO, ANDREW W. ADAPTIVE MARKETS. - [Place of publication not identified], PRINCETON UNIV Press, 2019. - ISBN 0691191360
Содержание:
Cover; Dedication; Contents; Introduction; Financial Fear Factor; Don't Try This At Home; The Great Divide; "It's the environment, stupid!"; Revenge of the Nerds; Chapter 1. Are We All Homo economicus Now?; Tragedy and the Wisdom of Crowds; A Random Walk through History; The Birth of Efficient Markets; Efficient Markets Unpacked; What to Expect When You're Expecting; Efficient Markets in Action; Chapter 2. If You're So Smart, Why Aren't You Rich?; Rejecting the Random Walk; Risk versus Uncertainty and the Ellsberg Paradox; Losing Hurts More than Winning Feels Good
No-Limit Texas Hold 'em, Rogue Traders, and RegulatorsProbability Matching and March Madness; Humans as Prediction Machines; It Takes a Theory to Beat a Theory; Culture Shock; Chapter 3. If You're So Rich, Why Aren't You Smart?; Looking under the Hood; The Microscope of Neuroscience; Fear; Pain; Pleasure and Greed; Wired-Up Traders; The Stuff Good Traders Are Made Of; Mind over Money via Neural Currency; I Want It All, and I Want It Now; Chapter 4. The Power of Narrative; A New Meaning of Rationality; The Human Fire Alarm and Sprinkler System; The Fear Factor and Finance
I Know You Know That I KnowHomo economicus and the Left Hemisphere; The Prefrontal Cortex as CEO; The Power of Self-Fulfilling Prophecies; Barbara Ficalora, the Best Third Grade Teacher Ever; Narrative Is Intelligence; Chapter 5. The Evolution Revolution; A Day at the Zoo; The Evolution Revolution; Just-So Stories or Scientific Fact?; The Power of Selection; Variety Is the Spice of Life; "It's the environment, stupid!"; The Emergence of Homo sapiens; Enter Homo economicus; An Evolutionary Pecking Order; Swedish Twins and Savings; Evolution at the Speed of Thought
Sociobiology and Evolutionary PsychologySurvival of the Richest?; Chapter 6. The Adaptive Markets Hypothesis; It Takes a Theory to Beat a Theory; Simon Says Satisfice; The Superman Jacket; The Adaptive Markets Hypothesis; Probability Matching Explained; Nature Abhors an Undiversified Bet; "It's the environment, stupid!" All Over Again; Homo economicus and Idiosyncratic Risk; The Origin of Risk Aversion; Efficient versus Adaptive Markets; Waylaid by Physics Envy; On the Shoulders of Giants; Chapter 7. The Galapagos Islands of Finance; Quantum Mechanics; Mission Impossible
The Islands of EvolutionHedge Fund Archipelago; An Evolutionary History of the Hedge Fund; The Birth of Quants; The Revenge of the Nerds; Quant Goes Mainstream; The Evolution of the Random Walk; Cell Phones and Kerala Fishermen; Chapter 8. Adaptive Markets in Action; The Traditional Investment Paradigm; The Great Modulation; A New World Order; Risk/Reward and Punishment; The Democratization of Investing; New Species of Index Funds; Smart Beta versus Dumb Sigma; Disbanding the Alpha Beta Sigma Fraternity; The Random Walk Revisited; A New Investment Paradigm; The Quant Meltdown of August 2007
~РУБ DDC 332
Рубрики: Finance.
Stock exchanges.
Efficient market theory.
Efficient market theory.
Finance.
Stock exchanges.
BUSINESS & ECONOMICS / Finance
Аннотация: A new, evolutionary explanation of markets and investor behaviorHalf 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.
L 85
Lo, (Andrew Wen-Chuan),.
Adaptive markets : : financial evolution at the speed of thought / / Andrew W. Lo ; with a new afterword by the author. - First paperback edition. - Princeton : : Princeton University Press,, ©2017. - 1 online resource. - Includes bibliographical references and index. - URL: https://library.dvfu.ru/lib/document/SK_ELIB/BB040591-A3AE-4AF2-96D9-3F4CF13CE42B. - ISBN 9780691196800 (electronic book). - ISBN 069119680X (electronic book)
Description based on online resource; title from digital title page (viewed on June 06, 2019).
Параллельные издания: Print version: : LO, ANDREW W. ADAPTIVE MARKETS. - [Place of publication not identified], PRINCETON UNIV Press, 2019. - ISBN 0691191360
Содержание:
Cover; Dedication; Contents; Introduction; Financial Fear Factor; Don't Try This At Home; The Great Divide; "It's the environment, stupid!"; Revenge of the Nerds; Chapter 1. Are We All Homo economicus Now?; Tragedy and the Wisdom of Crowds; A Random Walk through History; The Birth of Efficient Markets; Efficient Markets Unpacked; What to Expect When You're Expecting; Efficient Markets in Action; Chapter 2. If You're So Smart, Why Aren't You Rich?; Rejecting the Random Walk; Risk versus Uncertainty and the Ellsberg Paradox; Losing Hurts More than Winning Feels Good
No-Limit Texas Hold 'em, Rogue Traders, and RegulatorsProbability Matching and March Madness; Humans as Prediction Machines; It Takes a Theory to Beat a Theory; Culture Shock; Chapter 3. If You're So Rich, Why Aren't You Smart?; Looking under the Hood; The Microscope of Neuroscience; Fear; Pain; Pleasure and Greed; Wired-Up Traders; The Stuff Good Traders Are Made Of; Mind over Money via Neural Currency; I Want It All, and I Want It Now; Chapter 4. The Power of Narrative; A New Meaning of Rationality; The Human Fire Alarm and Sprinkler System; The Fear Factor and Finance
I Know You Know That I KnowHomo economicus and the Left Hemisphere; The Prefrontal Cortex as CEO; The Power of Self-Fulfilling Prophecies; Barbara Ficalora, the Best Third Grade Teacher Ever; Narrative Is Intelligence; Chapter 5. The Evolution Revolution; A Day at the Zoo; The Evolution Revolution; Just-So Stories or Scientific Fact?; The Power of Selection; Variety Is the Spice of Life; "It's the environment, stupid!"; The Emergence of Homo sapiens; Enter Homo economicus; An Evolutionary Pecking Order; Swedish Twins and Savings; Evolution at the Speed of Thought
Sociobiology and Evolutionary PsychologySurvival of the Richest?; Chapter 6. The Adaptive Markets Hypothesis; It Takes a Theory to Beat a Theory; Simon Says Satisfice; The Superman Jacket; The Adaptive Markets Hypothesis; Probability Matching Explained; Nature Abhors an Undiversified Bet; "It's the environment, stupid!" All Over Again; Homo economicus and Idiosyncratic Risk; The Origin of Risk Aversion; Efficient versus Adaptive Markets; Waylaid by Physics Envy; On the Shoulders of Giants; Chapter 7. The Galapagos Islands of Finance; Quantum Mechanics; Mission Impossible
The Islands of EvolutionHedge Fund Archipelago; An Evolutionary History of the Hedge Fund; The Birth of Quants; The Revenge of the Nerds; Quant Goes Mainstream; The Evolution of the Random Walk; Cell Phones and Kerala Fishermen; Chapter 8. Adaptive Markets in Action; The Traditional Investment Paradigm; The Great Modulation; A New World Order; Risk/Reward and Punishment; The Democratization of Investing; New Species of Index Funds; Smart Beta versus Dumb Sigma; Disbanding the Alpha Beta Sigma Fraternity; The Random Walk Revisited; A New Investment Paradigm; The Quant Meltdown of August 2007
Рубрики: Finance.
Stock exchanges.
Efficient market theory.
Efficient market theory.
Finance.
Stock exchanges.
BUSINESS & ECONOMICS / Finance
Аннотация: A new, evolutionary explanation of markets and investor behaviorHalf 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.
2.
Подробнее
M 14
MacKenzie, Donald A. ,
Trading at the speed of light : : how ultrafast algorithms are transforming financial markets / / Donald MacKenzie. - Princeton, New Jersey : : Princeton University Press,, [2021]. - 1 online resource (xii, 282 pages) : : il. - Includes bibliographical references and index. - URL: https://library.dvfu.ru/lib/document/SK_ELIB/DA7E34CD-71D3-4C89-9A69-318154CDD6DF. - ISBN 0691217793 (electronic book). - ISBN 9780691217796 (electronic bk.)
Description based on online resource; title from digital title page (ProQuest Ebook Central, viewed December 12, 2022).
Параллельные издания: Print version: : MacKenzie, Donald A. Trading at the speed of light. - Princeton, New Jersey : Princeton University Press, [2021]. - ISBN 9780691211381
Содержание:
Introduction -- To the towers -- "We'll show you our book. Why won't they?" -- Dealers, clients, and the politics of market structure -- "Not only would I lose my job, I might lose my legs too!" -- How HFT algorithms interact, and how exchanges seek to influence it -- 7. Conclusion -- Appendix : a note on the literature on HFT.
~РУБ DDC 332.640285
Рубрики: Investments--Data processing.
Program trading (Securities)
Stock exchanges.
Algorithms.
Finance.
Computer algorithms.
Investissements--Informatique.
Négociation assistée par ordinateur (Valeurs mobilières)
Bourse.
Algorithmes.
Finances.
exchange (method of acquisition)
stock exchanges.
algorithms.
finance.
BUSINESS & ECONOMICS / Finance / Financial Engineering.
Computer algorithms.
Algorithms.
Finance.
Investments--Data processing.
Program trading (Securities)
Stock exchanges.
Аннотация: "Trading at the Speed of Light tells the story of how many of our most important financial markets have transformed from physical trading floors on which human beings trade face-to-face, into electronic systems within which computer algorithms trade with each other. Tracing the emergence of ultrafast, automated, high-frequency trading (HFT) since the early 2000s, Donald MacKenzie draws particular attention to the importance of what he deems the 'material political economy' of twenty-first century finance. Fast transmission of price data used to involve fibre-optic cables, but the strands in such cables are made of materials (usually a specialised form of glass) which slow light down to around two-thirds of its speed in free space. By contrast, microwave and other wireless signals used in HFT travel through the atmosphere at nearly full light speed. At these nanosecond speeds, the physical nature of information transmission and the precise spatial location of the equipment involved become hugely important, thus creating inevitable pinch points in the system. MacKenzie details the ways in which these pinch points - individual frequency bands, specific locations on the roofs of computer data centres, and particular sites for microwave towers - are especially advantageous, making it possible for those who control them to profit from that control. The book draws from over 300 interviews conducted with high-frequency traders around the world, the people who supply them with technological systems and communication links, exchange staff and regulators, as well as with others who function within markets that have not yet become dominated by HFT. MacKenzie focuses most closely upon the four main sites of international HFT - Chicago, New York, Amsterdam, and London - and examines both the technology and the politics underpinning modern financial markets"--
M 14
MacKenzie, Donald A. ,
Trading at the speed of light : : how ultrafast algorithms are transforming financial markets / / Donald MacKenzie. - Princeton, New Jersey : : Princeton University Press,, [2021]. - 1 online resource (xii, 282 pages) : : il. - Includes bibliographical references and index. - URL: https://library.dvfu.ru/lib/document/SK_ELIB/DA7E34CD-71D3-4C89-9A69-318154CDD6DF. - ISBN 0691217793 (electronic book). - ISBN 9780691217796 (electronic bk.)
Description based on online resource; title from digital title page (ProQuest Ebook Central, viewed December 12, 2022).
Параллельные издания: Print version: : MacKenzie, Donald A. Trading at the speed of light. - Princeton, New Jersey : Princeton University Press, [2021]. - ISBN 9780691211381
Содержание:
Introduction -- To the towers -- "We'll show you our book. Why won't they?" -- Dealers, clients, and the politics of market structure -- "Not only would I lose my job, I might lose my legs too!" -- How HFT algorithms interact, and how exchanges seek to influence it -- 7. Conclusion -- Appendix : a note on the literature on HFT.
Рубрики: Investments--Data processing.
Program trading (Securities)
Stock exchanges.
Algorithms.
Finance.
Computer algorithms.
Investissements--Informatique.
Négociation assistée par ordinateur (Valeurs mobilières)
Bourse.
Algorithmes.
Finances.
exchange (method of acquisition)
stock exchanges.
algorithms.
finance.
BUSINESS & ECONOMICS / Finance / Financial Engineering.
Computer algorithms.
Algorithms.
Finance.
Investments--Data processing.
Program trading (Securities)
Stock exchanges.
Аннотация: "Trading at the Speed of Light tells the story of how many of our most important financial markets have transformed from physical trading floors on which human beings trade face-to-face, into electronic systems within which computer algorithms trade with each other. Tracing the emergence of ultrafast, automated, high-frequency trading (HFT) since the early 2000s, Donald MacKenzie draws particular attention to the importance of what he deems the 'material political economy' of twenty-first century finance. Fast transmission of price data used to involve fibre-optic cables, but the strands in such cables are made of materials (usually a specialised form of glass) which slow light down to around two-thirds of its speed in free space. By contrast, microwave and other wireless signals used in HFT travel through the atmosphere at nearly full light speed. At these nanosecond speeds, the physical nature of information transmission and the precise spatial location of the equipment involved become hugely important, thus creating inevitable pinch points in the system. MacKenzie details the ways in which these pinch points - individual frequency bands, specific locations on the roofs of computer data centres, and particular sites for microwave towers - are especially advantageous, making it possible for those who control them to profit from that control. The book draws from over 300 interviews conducted with high-frequency traders around the world, the people who supply them with technological systems and communication links, exchange staff and regulators, as well as with others who function within markets that have not yet become dominated by HFT. MacKenzie focuses most closely upon the four main sites of international HFT - Chicago, New York, Amsterdam, and London - and examines both the technology and the politics underpinning modern financial markets"--
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