Irrational Exuberance

Irrational Exuberance
Author: Robert J. Shiller
Publsiher: Unknown
Total Pages: 358
Release: 2015
ISBN 10: 9780691166261
ISBN 13: 0691166269
Language: EN, FR, DE, ES & NL

Irrational Exuberance Book Review:

The author argues that investor euphoria and discouragement can cause extreme fluctuations in the stock, bond, and housing markets and presents advice for investors on protecting themselves from future bubbles.

Irrational Exuberance

Irrational Exuberance
Author: Robert J. Shiller
Publsiher: Princeton University Press
Total Pages: 392
Release: 2016-08-16
ISBN 10: 0691173125
ISBN 13: 9780691173122
Language: EN, FR, DE, ES & NL

Irrational Exuberance Book Review:

In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize–winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008–9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets—and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity—and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read this book.

Irrational Exuberance

Irrational Exuberance
Author: Robert J. Shiller
Publsiher: Princeton University Press
Total Pages: 336
Release: 2009-02-09
ISBN 10: 9781400824366
ISBN 13: 1400824362
Language: EN, FR, DE, ES & NL

Irrational Exuberance Book Review:

This first edition of this book was a broad study, drawing on a wide range of published research and historical evidence, of the enormous stock market boom that started around 1982 and picked up incredible speed after 1995. Although it took as its specific starting point this ongoing boom, it placed it in the context of stock market booms generally, and it also made concrete suggestions regarding policy changes that should be initiated in response to this and other such booms. The book argued that the boom represents a speculative bubble, not grounded in sensible economic fundamentals. Part one of the book considered structural factors behind the boom. A list of twelve precipitating factors that appear to be its ultimate causes was given. Amplification mechanisms, naturally-occurring Ponzi processes, that enlarge the effects of these precipitating factors, were described. Part Two discussed cultural factors, the effects of the news media, and of "new era" economic thinking. Part Three discussed psychological factors, psychological anchors for the market and herd behavior. Part Four discussed attempts to rationalize exuberance: efficient markets theory and theories that investors are learning. Part Five presented policy options and actions that should be taken. The second edition, 2005, added an analysis of the real estate bubble as similar to the stock market bubble that preceded it, and warned that "Significant further rises in these markets could lead, eventually, to even more significant declines. The bad outcome could be that eventual declines would result in a substantial increase in the rate of personal bankruptcies, which could lead to a secondary string of bankruptcies of financial institutions as well. Another long-run consequence could be a decline in consumer and business confidence, and another, possibly worldwide, recession." Thus, the second edition of this book was among the first to warn of the global financial crisis that began with the subprime mortgage debacle in 2007

Irrational Exuberance

Irrational Exuberance
Author: Robert J. Shiller
Publsiher: Unknown
Total Pages: 296
Release: 2001-01
ISBN 10: 9780691089157
ISBN 13: 0691089159
Language: EN, FR, DE, ES & NL

Irrational Exuberance Book Review:

In this bold and potentially urgent volume, Robert J. Shiller, a respected expert on market volatility, offers an unconventional interpretation of recent U.S. stock market highs and shows that Alan Greenspan's term "irrational exuberance" is a good description of the mood behind the market. He warns that poorer performance may be in the offing and tells us how we--as a country and individually--can respond. Shiller credits an unprecedented confluence of events with driving stocks to uncharted heights. He analyzes the structural and psychological factors that explain why the Dow Jones Industrial Average tripled between 1994 and 1999, a level of growth not reflected in any other sector of the economy. In contrast to many analysts, Shiller stresses circumstances that alter investors' perceptions of the market. These include the entry of the Internet into American homes, the misimpression that the aging of the baby-boom generation builds long-term protection into the market, and herd behavior, such as day-trading. He also examines cultural factors, including sports-style media coverage of the Dow's ups and downs and "new era" thinking about the economy. He considers--and challenges--efforts to rationalize exuberance that are based on either efficient-markets theory, narrowly construed, or the claim that investors have only recently learned the true value of the market. In the most controversial portion of the book, Shiller cautions that a market that is overvalued by historical standards is inherently precarious. Among his prescriptions is an urgent plea to immediately end what he argues are perilous schemes to privatize social security in favor of plans to reform it. He also argues that private pension plans that encourage many people to put their entire retirement funds in the stock market should be modified. And he calls on our savings and investment institutions to take more sensible account of emerging risk-management principles. Shiller's analysis is convincingly documented, and--regardless of the market's future behavior--his book will stand as an important elaboration of why stocks soared and what our investment alternatives are. Irrational Exuberance is a must-read for pension-plan sponsors and endowment managers in the United States and abroad. It will also be studied by investment advisers, policy makers, and anyone from Wall Street to Main Street who doesn't want to be caught sitting on the speculative bubble if (or when) it bursts.

Finance and the Good Society

Finance and the Good Society
Author: Robert J. Shiller
Publsiher: Princeton University Press
Total Pages: 312
Release: 2013-04-21
ISBN 10: 140084617X
ISBN 13: 9781400846177
Language: EN, FR, DE, ES & NL

Finance and the Good Society Book Review:

Nobel Prize-winning economist explains why we need to reclaim finance for the common good The reputation of the financial industry could hardly be worse than it is today in the painful aftermath of the 2008 financial crisis. New York Times best-selling economist Robert Shiller is no apologist for the sins of finance—he is probably the only person to have predicted both the stock market bubble of 2000 and the real estate bubble that led up to the subprime mortgage meltdown. But in this important and timely book, Shiller argues that, rather than condemning finance, we need to reclaim it for the common good. He makes a powerful case for recognizing that finance, far from being a parasite on society, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. We need more financial innovation—not less—and finance should play a larger role in helping society achieve its goals. Challenging the public and its leaders to rethink finance and its role in society, Shiller argues that finance should be defined not merely as the manipulation of money or the management of risk but as the stewardship of society's assets. He explains how people in financial careers—from CEO, investment manager, and banker to insurer, lawyer, and regulator—can and do manage, protect, and increase these assets. He describes how finance has historically contributed to the good of society through inventions such as insurance, mortgages, savings accounts, and pensions, and argues that we need to envision new ways to rechannel financial creativity to benefit society as a whole. Ultimately, Shiller shows how society can once again harness the power of finance for the greater good.

Animal Spirits

Animal Spirits
Author: George A. Akerlof,Robert J. Shiller
Publsiher: Princeton University Press
Total Pages: 264
Release: 2010-02-01
ISBN 10: 1400834724
ISBN 13: 9781400834723
Language: EN, FR, DE, ES & NL

Animal Spirits Book Review:

The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time--unless we are prepared to take further, decisive action.

Narrative Economics

Narrative Economics
Author: Robert J. Shiller
Publsiher: Princeton University Press
Total Pages: 408
Release: 2020-09-01
ISBN 10: 0691212074
ISBN 13: 9780691212074
Language: EN, FR, DE, ES & NL

Narrative Economics Book Review:

From Nobel Prize–winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events—and why financial panics can spread like epidemic viruses Stories people tell—about financial confidence or panic, housing booms, or Bitcoin—can go viral and powerfully affect economies, but such narratives have traditionally been ignored in economics and finance because they seem anecdotal and unscientific. In this groundbreaking book, Robert Shiller explains why we ignore these stories at our peril—and how we can begin to take them seriously. Using a rich array of examples and data, Shiller argues that studying popular stories that influence individual and collective economic behavior—what he calls "narrative economics"—may vastly improve our ability to predict, prepare for, and lessen the damage of financial crises and other major economic events. The result is nothing less than a new way to think about the economy, economic change, and economics. In a new preface, Shiller reflects on some of the challenges facing narrative economics, discusses the connection between disease epidemics and economic epidemics, and suggests why epidemiology may hold lessons for fighting economic contagions.

Summary

Summary
Author: Book Summary Publishing
Publsiher: Unknown
Total Pages: 28
Release: 2020-03-05
ISBN 10: 1928374650XXX
ISBN 13: 9798621828967
Language: EN, FR, DE, ES & NL

Summary Book Review:

Summary of: Irrational Exuberance by Robert Shiller "Irrational exuberance" is a catchphrase made famous by former Fed chairman Alan Greenspan during the notorious dot.com bubble of the 1990s. After repeat disasters, like the housing bubble of the early 2000s and speculative bubbles that heralded the 2007-2009 world financial crisis, are investors any wiser? Worse, is it even possible to know when a market is in a bubble? Nobel Prize-winning economist and Yale University professor Robert Shiller puts this speculative behavior into perspective. On the one hand, price volatility-which leads to substantial profit-is a powerful motivator in a free market. On the other, instability-which exacts a terrible toll on unwary investors-is a risk that the Fed might well do to rein in. A survey of ways and means provides you with vital lessons learned...or perhaps sadly unlearned? But you'll get one surefire reward: you'll know how you too can lower your exposure to the agony of the next economic bubble. Why read this summary: Save time Understand the key concepts Notice: This is a IRRATIONAL EXUBERANCE Book Summary. NOT THE ORIGINAL BOOK.

Governments Quarterly Report

Governments Quarterly Report
Author: Anonim
Publsiher: Unknown
Total Pages: 135
Release: 1985
ISBN 10: 1928374650XXX
ISBN 13: MINN:30000010433690
Language: EN, FR, DE, ES & NL

Governments Quarterly Report Book Review:

Career and Family

Career and Family
Author: Claudia Goldin
Publsiher: Princeton University Press
Total Pages: 344
Release: 2021-10-12
ISBN 10: 0691201781
ISBN 13: 9780691201788
Language: EN, FR, DE, ES & NL

Career and Family Book Review:

"In Career and Family, Claudia Goldin builds on decades of complex research to examine the gender pay gap and the unequal distribution of labor between couples in the home. Goldin argues that although recent public and private discourse has brought these concerns to light, the actions taken-such as a single company slapped on the wrist or a few progressive leaders going on paternity leave-are the economic equivalent of tossing a band-aid to someone with cancer. These solutions, Goldin writes, treat the symptoms and not the disease of gender inequality in the workplace and economy. Goldin points to data that reveals how the pay gap widens further down the line in women's careers, about 10 to 15 years out, as opposed to those beginning careers after college. She examines five distinct groups of women over the course of the twentieth century: cohorts of women who differ in terms of career, job, marriage, and children, in approximated years of graduation-1900s, 1920s, 1950s, 1970s, and 1990s-based on various demographic, labor force, and occupational outcomes. The book argues that our entire economy is trapped in an old way of doing business; work structures have not adapted as more women enter the workforce. Gender equality in pay and equity in home and childcare labor are flip sides of the same issue, and Goldin frames both in the context of a serious empirical exploration that has not yet been put in a long-run historical context. Career and Family offers a deep look into census data, rich information about individual college graduates over their lifetimes, and various records and new sources of material to offer a new model to restructure the home and school systems that contribute to the gender pay gap and the quest for both family and career"--

Stocks for the Long Run 4th Edition

Stocks for the Long Run  4th Edition
Author: Jeremy J. Siegel
Publsiher: McGraw Hill Professional
Total Pages: 436
Release: 2007-12-18
ISBN 10: 0071643923
ISBN 13: 9780071643924
Language: EN, FR, DE, ES & NL

Stocks for the Long Run 4th Edition Book Review:

Stocks for the Long Run set a precedent as the most complete and irrefutable case for stock market investment ever written. Now, this bible for long-term investing continues its tradition with a fourth edition featuring updated, revised, and new material that will keep you competitive in the global market and up-to-date on the latest index instruments. Wharton School professor Jeremy Siegel provides a potent mix of new evidence, research, and analysis supporting his key strategies for amassing a solid portfolio with enhanced returns and reduced risk. In a seamless narrative that incorporates the historical record of the markets with the realities of today's investing environment, the fourth edition features: A new chapter on globalization that documents how the emerging world will soon overtake the developed world and how it impacts the global economy An extended chapter on indexing that includes fundamentally weighted indexes, which have historically offered better returns and lower volatility than their capitalization-weighted counterparts Insightful analysis on what moves the market and how little we know about the sources of big market changes A sobering look at behavioral finance and the psychological factors that can lead investors to make irrational investment decisions A major highlight of this new edition of Stocks for the Long Run is the chapter on global investing. With the U.S. stock market currently holding less than half of the world's equity capitalization, it's important for investors to diversify abroad. This updated edition shows you how to create an “efficient portfolio” that best balances asset allocation in domestic and foreign markets and provides thorough coverage on sector allocation across the globe. Stocks for the Long Run is essential reading for every investor and advisor who wants to fully understand the market-including its behavior, past trends, and future influences-in order to develop a prosperous long-term portfolio that is both safe and secure.

The Profit Paradox

The Profit Paradox
Author: Jan Eeckhout
Publsiher: Princeton University Press
Total Pages: 336
Release: 2021-06
ISBN 10: 0691214476
ISBN 13: 9780691214474
Language: EN, FR, DE, ES & NL

The Profit Paradox Book Review:

"A book on why most things are more expensive or lower quality, and why we're all still working long hours for the same or lower wages. Does it ever seem like most things you buy are more expensive or not as good as they once were, or both? Does it ever seem odd that, despite having access to much better communication and cheaper transportation, we're all working just as many hours and for the same wages as workers decades ago? Well, we now know you're not wrong to wonder about these things. In recent years, economists have been documenting how most of the gains from technology and globalization have been going to an increasingly concentrated number of huge businesses, at the expense of consumers and workers. Prices are higher and wages are lower. The reason is market power. One of the first to authoritatively document the rise of market power was Jan Eeckhout. In this book, he will explain for a general audience how large firms have faced increasingly little competition, allowing them to charge higher prices than they otherwise could. And how we, as consumers, pay more for many goods and services-"everything from a bottle of beer to a flight to Houston to our grandmother's prosthetic hip." As a result, business profits have soared since 1980, and just a few "mega firms" dominate the marketplace. Eeckhout shows how the rise in market power has had radically negative effects on work and the lives of workers-trends that, if not reversed, may cause historical corrections in the form of wars and market collapse. Drawing on a wealth of research and the stories of working people, The Profit Paradox will explain in clear language the rise of market power, how it could change the world further if left unaddressed, and how we can tackle the problem"--

Cogs and Monsters

Cogs and Monsters
Author: Diane Coyle
Publsiher: Princeton University Press
Total Pages: 272
Release: 2021-10-12
ISBN 10: 0691210594
ISBN 13: 9780691210599
Language: EN, FR, DE, ES & NL

Cogs and Monsters Book Review:

Introduction: Economics Today and Tomorrow -- The Public Responsibilities of the Economist -- The Economist as Outsider -- AIs, Rats and Humans -- Cogs and Monsters -- Changing Technology, Changing Economics.

Economic Dignity

Economic Dignity
Author: Gene Sperling
Publsiher: Penguin
Total Pages: 384
Release: 2020-05-05
ISBN 10: 198487988X
ISBN 13: 9781984879882
Language: EN, FR, DE, ES & NL

Economic Dignity Book Review:

“Timely and important . . . It should be our North Star for the recovery and beyond.” —Hillary Clinton “Sperling makes a forceful case that only by speaking to matters of the spirit can liberals root their belief in economic justice in people’s deepest aspirations—in their sense of purpose and self-worth.” —The New York Times When Gene Sperling was in charge of coordinating economic policy in the Obama White House, he found himself surprised when serious people in Washington told him that the Obama focus on health care was a distraction because it was “not focused on the economy.” How, he asked, was the fear felt by millions of Americans of being one serious illness away from financial ruin not considered an economic issue? Too often, Sperling found that we measured economic success by metrics like GDP instead of whether the economy was succeeding in lifting up the sense of meaning, purpose, fulfillment, and security of people. In Economic Dignity, Sperling frames the way forward in a time of wrenching change and offers a vision of an economy whose guiding light is the promotion of dignity for all Americans.

Why Smart People Make Big Money Mistakes and How to Correct Them

Why Smart People Make Big Money Mistakes and How to Correct Them
Author: Gary Belsky,Thomas Gilovich
Publsiher: Simon and Schuster
Total Pages: 288
Release: 2010-01-12
ISBN 10: 1439169748
ISBN 13: 9781439169742
Language: EN, FR, DE, ES & NL

Why Smart People Make Big Money Mistakes and How to Correct Them Book Review:

Protect and grow your finances with help from this definitive and practical guide to behavioral economics—revised and updated to reflect new economic realities. In their fascinating investigation of the ways we handle money, Gary Belsky and Thomas Gilovich reveal the psychological forces—the patterns of thinking and decision making—behind seemingly irrational behavior. They explain why so many otherwise savvy people make foolish financial choices: why investors are too quick to sell winning stocks and too slow to sell losing shares, why home sellers leave money on the table and home buyers don’t get the biggest bang for their buck, why borrowers pay too much credit card interest and savers can’t sock away as much as they’d like, and why so many of us can’t control our spending. Focusing on the decisions we make every day, Belsky and Gilovich provide invaluable guidance for avoiding the financial faux pas that can cost thousands of dollars each year. Filled with fresh insight; practical advice; and lively, illustrative anecdotes, this book gives you the tools you need to harness the powerful science of behavioral economics in any financial environment.

Advances in Behavioral Finance

Advances in Behavioral Finance
Author: Richard H. Thaler
Publsiher: Princeton University Press
Total Pages: 712
Release: 2005-07-25
ISBN 10: 0691121753
ISBN 13: 9780691121758
Language: EN, FR, DE, ES & NL

Advances in Behavioral Finance Book Review:

A definitive and wide-ranging overview of developments in behavioural finance over the past ten years. This second volume presents twenty recent papers by leading specialists that illustrate the abiding power of behavioural finance.

Manias Panics and Crashes

Manias  Panics  and Crashes
Author: Robert Z. Aliber,Charles P. Kindleberger
Publsiher: Springer
Total Pages: 426
Release: 2017-12-07
ISBN 10: 1137525746
ISBN 13: 9781137525741
Language: EN, FR, DE, ES & NL

Manias Panics and Crashes Book Review:

This seventh edition of an investment classic has been thoroughly revised and expanded following the latest crises to hit international markets. Renowned economist Robert Z. Aliber introduces the concept that global financial crises in recent years are not independent events, but symptomatic of an inherent instability in the international system.

After the Music Stopped

After the Music Stopped
Author: Alan S. Blinder
Publsiher: Penguin Group USA
Total Pages: 504
Release: 2013
ISBN 10: 014312448X
ISBN 13: 9780143124481
Language: EN, FR, DE, ES & NL

After the Music Stopped Book Review:

Assesses the U.S. financial crisis and its lessons, exploring its contributing factors while revealing its more devastating but lesser-known consequences and outlining potentially divisive solutions that may be necessary for recovery.

The Essays of Warren Buffett

The Essays of Warren Buffett
Author: Lawrence A. Cunningham,Warren E. Buffett
Publsiher: Carolina Academic Press
Total Pages: 306
Release: 2013-03-15
ISBN 10: 1611634474
ISBN 13: 9781611634471
Language: EN, FR, DE, ES & NL

The Essays of Warren Buffett Book Review:

In the third edition of this international best seller, Lawrence Cunningham brings you the latest wisdom from Warren Buffett’s annual letters to Berkshire Hathaway shareholders. New material addresses: the financial crisis and its continuing implications for investors, managers and society; the housing bubble at the bottom of that crisis; the debt and derivatives excesses that fueled the crisis and how to deal with them; controlling risk and protecting reputation in corporate governance; Berkshire’s acquisition and operation of Burlington Northern Santa Fe; the role of oversight in heavily regulated industries; investment possibilities today; and weaknesses of popular option valuation models. Some other material has been rearranged to deepen the themes and lessons that the collection has always produced: Buffett’s “owner-related business principles” are in the prologue as a separate subject and valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff. Media coverage is available at the following links: Interviews/Podcasts: Motley Fool, click here. Money, Riches and Wealth, click here. Manual of Ideas, click here. Corporate Counsel, click here. Reviews: William J. Taylor, ABA Banking Journal, click here. Bob Morris, Blogging on Business, click here. Pamela Holmes, Saturday Evening Post, click here. Kevin M. LaCroix, D&O Diary, click here. Blog Posts: On Finance issues (Columbia University), click here. On Berkshire post-Buffett (Manual of Ideas), click here. On Publishing the book (Value Walk), click here. On Governance issues (Harvard University blog), click here. Featured Stories/Recommended Reading: Motley Fool, click here. Stock Market Blog, click here. Motley Fool Interviews with LAC at Berkshire's 2013 Annual Meeting Berkshire Businesses: Vastly Different, Same DNA, click here. Is Berkshire's Fat Wallet an Enemy to Its Success?, click here. Post-Buffett Berkshire: Same Question, Same Answer, click here. How a Disciplined Value Approach Works Across the Decades, click here. Through the Years: Constant Themes in Buffett's Letters, click here. Buffett's Single Greatest Accomplishment, click here. Where Buffett Is Finding Moats These Days, click here. How Buffett Has Changed Through the Years, click here. Speculating on Buffett's Next Acquisition, click here. Buffett Says “Chief Risk Officers” Are a Terrible Mistake, click here. Berkshire Without Buffett, click here.

This Time Is Different

This Time Is Different
Author: Carmen M. Reinhart,Kenneth Rogoff
Publsiher: Princeton University Press
Total Pages: 463
Release: 2011-08-07
ISBN 10: 0691152640
ISBN 13: 9780691152646
Language: EN, FR, DE, ES & NL

This Time Is Different Book Review:

Examines financial crises of the past and discusses similarities between these events and the current crisis, presenting and comparing historical patterns in bank failures, inflation, debt, currency, housing, employment, and government spending.