The liquidity theory of asset prices [[electronic resource] /] / Gordon Pepper with Michael J. Oliver

• Record Nr.: UNINA9910143587103321
• Autore: Pepper Gordon T. <1934->
• Pubbl/distr/stampa: Chichester, England, : John Wiley & Sons, c2006
• ISBN: 1-118-67342-5; 1-280-41110-4; 9786610411108; 0-470-03277-4
• Descrizione fisica: 1 online resource (191 p.)
• Collana: Wiley finance series
• Classificazione: 85.30
• Altri autori (Persone): OliverMichael J
• Disciplina: 332.63232; 332/.041501
• Soggetti: Monetary policy; Liquidity (Economics); Electronic books.
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references (p. [157]-158) and index.
• Nota di contenuto: The Liquidity Theory of Asset Prices; Contents; Foreword; Acknowledgements; About the Authors; List of Tables, Figures and Charts; Introduction; Appetiser; Structure of the Book; Language and Jargon; Academic Theories; Modern Portfolio Theory; The Efficient Markets Hypothesis; Forms of Investment Analysis; Fundamental Analysis; Monetary Analysis; Technical Analysis; The Intuitive Approach; What the Book is Going to Say; Part I the Liquidity Theory; 1 Types of Trades in Securities; 1.1 Liquidity Trades and Portfolio Trades; 1.2 Information Trades and Price Trades; 1.3 'Efficient Prices'; 1.4 Expectations of Further Rises or Falls2 Persistent Liquidity Trades; 2.1 Demand for Money; 2.1.1 Transactions Demand for Money; 2.1.2 Savings Demand for Money; 2.1.3 Interest Rates and the Demand for Money; 2.2 Supply of Money; 2.2.1 Printing-Press Money; 2.2.2 Fountain-Pen Money; 2.2.3 Interest Rates and the Supply of Money; 2.3 Monetary Imbalances; 2.4 Excess Money in the Economy; 2.5 Summary; 3 Extrapolative Expectations; 3.1 Sentiment; 3.2 Intuition; 3.3 Decision-Taking Inertia; 3.4 Crowds; 3.5 Fundamental and Monetary ; Forces in the Same Direction; 4 Discounting Liquidity Transactions; 4.1 Speculation4.2 Timing; 4.3 Short-Term Risk Versus Profits in the Longer Term; Appendix: Speculation and Market Patterns; 5 Cyclical Changes Associated with Business Cycles; 5.1 Introduction; 5.2 Direct and Indirect Effects of Money on Asset Prices; 5.2.1 Money, Business Cycles and Inflation; 5.2.2 Business Cycles and Fundamental Factors: the 'indirect Effect' on Asset Prices; 5.2.3 The Combination of the Indirect and Direct Effects; 5.3 Strategy; 5.4 Timing; 5.5 Sequences; 5.6 Triggers; 6 Shifts in the Savings Demand for Money; 6.1 The Peak of a Business Cycle; 6.2 Running Down Bank DepositsAppendix 6A: Some Bond Arithmetic; Appendix 6B: Government Bond Markets; Part II Financial Bubbles and Debt Deflation; 7 Financial Bubbles; 7.1 Detection of a Bubble; 7.2 Phases; 7.2.1 Chronically Dangerous; 7.2.2 The Burst; 7.2.3 Acutely Dangerous; 7.3 Crosschecks; 8 Debt Deflation; 8.1 The Cure for Debt Deflation; 8.1.1 Money Supply Policy; 8.1.2 Fiscal Policy; Appendix: Ignorance of Irving Fisher's Prescription; Part III Elaboration; 9 Creation of Printing-Press Money; 9.1 The UK in More Detail; 9.2 Four Policies; 10 Control of Fountain-Pen Money and the Counterparts of Broad Money10.1 Control of Bank Lending; 10.1.1 The Teaching in Textbooks; 10.1.2 How Central Banks Operate in Practice; 10.2 Bank Capital; 10.3 The UK in More Detail; 10.4 The 'Counterparts' of Changes in Broad Money; 10.5 Relationship Between the Counterparts; 11 Modern Portfolio Theory and the Nature of Risk; 11.1 Summary; 11.2 Expected Yield; 11.3 Risk; 11.3.1 Risk and the Circumstances of the Investor; 11.3.2 Variation in Risk - Life Assurance Funds; 11.3.3 Investment Managers' Personal Risk; 11.3.4 Unacceptable Risks; 11.4 Exploiting Skewness
• Sommario/riassunto: Professional investors are bombarded on a day to day basis with assertions about the role liquidity is playing and will play in determining prices in the financial markets. Few, if any, of the providers or recipients of such advice can truly claim to understand the well-springs of such liquidity and the transmission mechanisms through which it impacts asset prices. This groundbreaking new book explores the belief that at the core of liquidity there is a force which exerts individuals to effect a financial transaction when they would not otherwise do so. Understanding this force of compulsio