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The Banking Panics in the United States in the 1930s: Some Lessons for Today

Michael Bordo and John Landon-Lane

in The Great Depression of the 1930s: Lessons for Today

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199663187
eISBN:
9780191749216
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199663187.003.0007
Subject:
Economics and Finance, Economic History

This chapter discusses the lessons learned from the US banking panics in the 1930s for the response by the Federal Reserve to the crisis of 2008. We revisit the debate over illiquidity versus ... More


Hedge Fund Regulation and Misreported Returns

Douglas Cumming, Na Dai, and Sofia A. Johan

in Hedge Fund Structure, Regulation, and Performance around the World

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199862566
eISBN:
9780199332762
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199862566.003.0008
Subject:
Economics and Finance, Financial Economics

Chapter 8 addresses the issue of whether hedge fund regulation mitigates or exacerbates the tendency of fund managers to misreport returns. By examining cross-country evidence on misreported returns, ... More


Measuring Liquidity

Thierry Foucault, Marco Pagano, and Ailsa Röell

in Market Liquidity: Theory, Evidence, and Policy

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199936243
eISBN:
9780199333059
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199936243.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter addresses liquidity measurement. Liquidity has several dimensions, such as trading costs, the depth available to customers placing large orders, speed of execution, protection against ... More


Liquidity and Asset Prices

Thierry Foucault, Marco Pagano, and Ailsa Röell

in Market Liquidity: Theory, Evidence, and Policy

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199936243
eISBN:
9780199333059
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199936243.003.0010
Subject:
Economics and Finance, Financial Economics

This chapter first explains how liquidity affects the returns required by investors, and hence asset prices. It then examines how prices in illiquid markets may diverge from underlying long-run ... More


The Most Important Thing Is … Understanding Risk

Howard Marks

in The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

Published in print:
2013
Published Online:
November 2015
ISBN:
9780231162845
eISBN:
9780231530798
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231162845.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter describes another important requirement for successful investing: understanding risk. Investing consists of exactly one thing: dealing with the future. And because none of us can know ... More


The Most Important Thing Is … Understanding Risk

Howard Marks

in The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231153683
eISBN:
9780231527095
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231153683.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter asks about a further important requirement for successful investing: understanding risk. Dealing with risk is an essential element in investing. It is not hard to find investments that ... More


Consumption and Investment Booms in the 1920s and Their Collapse in 1930

Steven Gjerstad and Vernon L. Smith

in Housing and Mortgage Markets in Historical Perspective

Published in print:
2014
Published Online:
January 2015
ISBN:
9780226073842
eISBN:
9780226093284
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226093284.003.0004
Subject:
Economics and Finance, Economic History

Similarities between the financial crisis in September 2008 and the collapse of the financial system during the depression have been widely noted. Yet the comparability of the origins and ... More


How to Measure Risk, Rank Deals, and Set Aside Capital

Andrew Davidson and Alexander Levin

in Mortgage Valuation Models: Embedded Options, Risk, and Uncertainty

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199998166
eISBN:
9780199363698
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199998166.003.0020
Subject:
Economics and Finance, Financial Economics

This chapter discusses both short-term and long-term risk measures. The theoretical Delta-Gamma VaR method is presented as advantageous over historical VaR in that it does not require a long history ... More


Asset Owners

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0001
Subject:
Economics and Finance, Financial Economics

Stocks and bonds? Real estate? Hedge funds? Private equity? The conventional way of allocating across asset classes fails to account for the overlapping risks that they represent. Investors must ... More


Bonds

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0009
Subject:
Economics and Finance, Financial Economics

The level factor, which shifts the yields of all bonds, is the crucial factor in fixed income investments. The level factor is affected by risks associated with economic growth, inflation, and ... More


Tax-Efficient Investing

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0012
Subject:
Economics and Finance, Financial Economics

Tax-efficient asset management confronts investors with a traditional asset allocation problem—how much of each asset to hold—and also an asset location problem. The traditional asset allocation ... More


Illiquid Assets

Andrew Ang

in Asset Management: A Systematic Approach to Factor Investing

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199959327
eISBN:
9780199382323
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199959327.003.0013
Subject:
Economics and Finance, Financial Economics

After taking into account biases induced by infrequent trading and selection, it is unlikely that illiquid asset classes have higher risk-adjusted returns than traditional liquid stock and bond ... More


Systemic Risk and Hedge Funds

Nicholas Chan, Mila Getmansky, Shane M. Haas, and Andrew W. Lo

in The Risks of Financial Institutions

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226092850
eISBN:
9780226092980
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226092980.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter reports that inferences about risk can be acutely sensitive to the sample period used to produce risk measures. It also discusses the increasing role of hedge funds. The dynamics of ... More


Private Real Estate Markets and Investments

H. Kent Baker and Peter Chinloy (eds)

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199388752
eISBN:
9780199388783
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199388752.001.0001
Subject:
Economics and Finance, Financial Economics

This book provides an overview of private real estate markets and investments. The 14 chapters are divided into three sections: (1) foundations of private real estate, (2) private assets and ... More


Residential Mortgage Defaults, Foreclosures, and Modifications

Faten Sabry, Ignacio Franceschelli, and Drew Claxton

in The Handbook of Mortgage-Backed Securities: 7th Edition

Published in print:
2016
Published Online:
October 2016
ISBN:
9780198785774
eISBN:
9780191827594
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198785774.003.0028
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

This chapter reviews several factors that impact mortgage default behavior; the expansive literature on the determinants of mortgage default, before and after the credit crisis; and the private and ... More


Cost of Capital for Private Equity

Alain Coën and Aurélie Desfleurs

in Private Equity: Opportunities and Risks

Published in print:
2015
Published Online:
August 2015
ISBN:
9780199375875
eISBN:
9780199375899
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199375875.003.0009
Subject:
Economics and Finance, Financial Economics

After a short literature review on the cost of capital for private equity (PE), this chapter focuses on the cost of equity estimation for PE. First, unbiased estimators are used to correct for ... More


Private Real Estate Markets and Investments: An Overview

H. Kent Baker and Peter Chinloy

in Private Real Estate Markets and Investments

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199388752
eISBN:
9780199388783
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199388752.003.0001
Subject:
Economics and Finance, Financial Economics

This chapter provides an introduction to private real estate markets and investments. Real estate markets cover a wide range of assets. The conventional and traditional real estate assets have been ... More


The Clinton Years

Kathleen C. Engel and Patricia A. McCoy

in The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195388824
eISBN:
9780190258535
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195388824.003.0007
Subject:
Business and Management, Political Economy

This chapter focuses on the 1990s when subprime lending took off. While Bill Clinton was president, many of the same problems that led to the credit crisis in 2007 and 2008 came to light, including ... More


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