In today's dynamic business landscape, understanding the economic roles of accounting is essential: more than simply measuring change in value, accounting information plays a vital role facilitating exchanges, whether within an organization itself or in capital markets. In The Economics of Accounting, Richard M. Frankel, S.P. Kothari, and Luo Zuo take the view that earnings and other accounting outputs help firms function more efficiently by making contracts more effective, aiding...

In today's dynamic business landscape, understanding the economic roles of accounting is essential: more than simply measuring change in value, accounting information plays a vital role facilitating exchanges, whether within an organization itself or in capital markets. In The Economics of Accounting, Richard M. Frankel, S. P. Kothari, and Luo Zuo take the view that earnings and other accounting outputs help firms function more efficiently by making contracts more effective, aidin...

Financial markets are noisy and full of half-baked opinions, innuendo, and misinformation. With deep insights about investor psychology, Book of Value shows how to apply tools of business analysis to sort through the deceptions and self-deceptions in financial markets. Anurag Sharma joins philosophy with practical know-how to launch an integrated approach to building high-performance stock portfolios.Investors at all skill levels should learn to be mindful of their psychol...

As long as there have been financial markets, there have been bubbles—those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book José A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles—such as the rise in trading volume and the coincidence between increases in supply and bubble implosions—Scheink...

The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. Market Liquidity offers a more accurate and authoritative take on liquidity and price discovery. The authors start from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of participants who are have quite diverse information about the securit...

"Magnificent."—The EconomistFrom the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate financeRecent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporat...

The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are ove...

In the 11 articles in this first of two parts, top scholars summarize and analyze recent scholarship in corporate finance. Covering subjects from corporate taxes to behavioral corporate finance and econometric issues, their articles reveal how specializations resonate with each other and indicate likely directions for future research. By including both established and emerging topics, Volume 2 will have the same long shelf life and high citations that characterize Volume 1 (2003). - Presen...

Guthlac Kirk Anyalezus Economics provides an advanced econometrics analysis integrating the real world (macroeconomics and microeconomics) of analyzing and/or synthesizing aggregate productivity and aggregate technology. The books conciseness and easy-to-follow chapters provide the best mix of approach and methodology analysis. It will enable and enhance students, researchers and other users understanding of how to measure aggregate productivity and technology shocks, including the evaluat...

This book identifies and discusses the most successful investing practices with an emphasis on the academic articles that produced them and why this research led to popular adoption and growth in $AUM.Investors are bombarded with ideas and prescriptions for successful investing every day. Given the steady stream of information on stock tips, sector timing, asset allocation, etc., how do investors decide? How do they judge the quality and reliability of the investment advice they ar...

The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. In Market Liquidity, Thierry Foucault, Marco Pagano, and Ailsa Röell offer a more accurate take on the liquidity of securities markets, its determinants, and its effects. They start from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of pa...

A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas.Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency t...