購物比價找書網找車網
FindBook  
 有 1 項符合

Systemic Liquidity Risk and Bipolar Markets

的圖書
Systemic Liquidity Risk and Bipolar Markets Systemic Liquidity Risk and Bipolar Markets

作者:Clive M. Corcoran 
出版社:Wiley
出版日期:2012-11-26
語言:英文   
圖書選購
型式價格供應商所屬目錄
電子書
$ 1862
樂天KOBO 樂天KOBO
會計
圖書介紹 - 資料來源:樂天KOBO   評分:
圖書名稱:Systemic Liquidity Risk and Bipolar Markets

The dramatic and well chronicled crisis of 2007/8 marked a watershed moment for all stakeholders in global capital markets. In the aftermath, financial markets have become even more tightly coupled as correlations in returns across multiple asset classes have been at historically elevated levels. Investors and fund managers are, to a much larger degree than previously and often much more than they realize, subject to the risk of severe wealth destruction. The ultimate hazard, which is not adequately characterized by the widely touted notion of tail risk, is the systemic risk which arises when liquidity in markets completely evaporates.  Not only did this happen in the second half of 2008, but it has been repeated episodically since then – most notably in May 2010, in an incident known as the Flash Crash, and in the fall of 2011 when correlations were at historically elevated levels.

Conventional asset allocation tools and techniques have failed to keep apace with the changing financial landscape which has emerged since 2008. In addition to the preponderance of algorithmic trading and the associated changes in the liquidity characteristics of financial markets, a new paradigm of risk on/risk off asset allocation has emerged.  Risk on/risk off is a widely adopted style of trading and macro allocation strategy where positions are taken in several closely aligned asset classes depending on the prevailing sentiment or appetite for risk.  The consequences of the day to day (and intraday) switching between either a risk on or risk off tactical strategies poses significant new challenges to investors who are still making investment decisions with outmoded notions from traditional asset allocation theory.

How can one cushion the impact of systemically threatening events when the ability to exit financial instruments becomes almost non existent? How can one trust the integrity of financial models and orthodox macro financial theory which have become increasingly discredited? Can central bankers be relied upon to become the counter-parties of last resort and provide a safety net under the financial system?  These vital questions, and many others, need to be addressed by everyone who has a stake in modern financial markets, and they are addressed in Systemic Liquidity Risk and Bipolar Markets.

Proper functioning markets require fractiousness or divided opinion, and this needs to be lubricated by communications from central bankers, economic forecasters, corporate executives and so on. As long as such messages and market conditions remain ambiguous, providing asymmetric information to different market players, then the conditions are present to enable systemic liquidity to be preserved. Seen in this context the prevailing paradigm of bipolar risk on/risk off asset allocations is both a prerequisite to liquid markets, and also paradoxically, when one side of the polarity becomes too extreme, a major source of systemic instability.  Should such polarities become critically unbalanced, and should the signals received by market players become symmetrically disadvantageous as they were in the fall of 2008, then an even more substantial systemic liquidity crisis than that seen in those troubled times is a dangerous possibility. 

Apart from the practical risk management tools and tactics that are recommended in Systemic Liquidity Risk and Bipolar Markets, there is a provocative and cogent narrative to provide anxious and perplexed investors with a coherent explanation of the post GFC financial environment, and which should assist them in navigating the choppy waters ahead.

贊助商廣告
 
金石堂 - 今日66折
個人實相的本質有聲書第10輯
作者:許添盛
出版社:賽斯文化
出版日期:2016-10-01
66折: $ 660 
金石堂 - 今日66折
健康之道有聲書第7輯
作者:許添盛
出版社:賽斯文化
出版日期:2015-03-05
66折: $ 581 
金石堂 - 今日66折
未知的實相有聲書 第10輯
作者:許添盛主講
出版社:賽斯文化
出版日期:2013-04-01
66折: $ 581 
金石堂 - 今日66折
【阿育吠陀養生智慧套書】(三冊):《阿育吠陀療法(二版)》、《阿育吠陀原理(二版)》、《阿育吠陀養生湯》
作者:維桑特.賴德
出版社:橡實
出版日期:2024-02-26
66折: $ 1043 
 
博客來 - 暢銷排行榜
張忠謀自傳:下冊 一九六四 ── 二〇一八
出版日期:2024-11-29
$ 592 
博客來 - 暢銷排行榜
生命的溫暖戰歌(全新增訂版):從抗癌到立法,在逆境中堅持希望的勇氣
作者:邱議瑩
出版社:天下文化
出版日期:2024-12-30
$ 450 
Taaze 讀冊生活 - 暢銷排行榜
自學日語 看完這本就能說:專為華人設計的日語教材,50音+筆順+單字+文法+會話一次學會!(附QR CODE音檔)
作者:許心瀠
出版社:語研學院
出版日期:2020-12-10
$ 374 
Taaze 讀冊生活 - 暢銷排行榜
被討厭的勇氣:自我啟發之父「阿德勒」的教導
作者:岸見一郎、古賀史健
出版社:究竟出版
出版日期:2014-10-30
$ 237 
 
博客來 - 新書排行榜
輝達之道:黃仁勳打造晶片帝國,引領AI 浪潮的祕密
作者:金泰(Tae Kim)
出版社:商業周刊
出版日期:2025-01-03
$ 355 
Taaze 讀冊生活 - 新書排行榜
山野花香(3)
作者:清風九度
出版社:北京億森同創文化
出版日期:2025-01-17
$ 590 
金石堂 - 新書排行榜
想要聽妳說妳喜歡我(全)
作者:竹嶋えく
出版社:青文出版社股份有限公司
出版日期:2025-01-22
$ 111 
金石堂 - 新書排行榜
我推的孩子(14)
作者:横槍メンゴ
出版社:青文出版社股份有限公司
出版日期:2025-01-08
$ 119 
 

©2025 FindBook.com.tw -  購物比價  找書網  找車網  服務條款  隱私權政策