This book explains how investor behavior, from mental accounting to the combustible interplay of hope and fear, affects financial economics. The transformation of portfolio theory begins with the identification of anomalies. Gaps in perception and behavioral departures from rationality spur momentum, irrational exuberance, and speculative bubbles. Behavioral accounting undermines the rational p…
This book develops foresight techniques to turn future societal challenges into opportunities. The authors present foresight approaches for innovation policy and management. Future developments in fields such as education, energy, new materials, nanotechnologies are highlighted for different countries. Readers will discover tools and instruments to capture the potentials of the grand societal c…
The book presents applications of stochastic calculus to derivative security pricing and interest rate modelling. By focusing more on the financial intuition of the applications rather than the mathematical formalities, the book provides the essential knowledge and understanding of fundamental concepts of stochastic finance, and how to implement them to develop pricing models for derivatives as…
This book is a collection of papers celebrating 20 years of the Journal of Derivatives and Hedge Funds (JDHF)
This is a new edition of Kleijnens advanced expository book on statistical methods for the Design and Analysis of Simulation Experiments (DASE). Altogether, this new edition has approximately 50% new material not in the original book. More specifically, the author has made significant changes to the bookℓ́ℓs organization, including placing the chapter on Screening Designs immediately after…
Worldwide, postal operators have been slow to address the threats from and opportunities created by electronic competition. The European Commission and member states are wrestling with these issues, while at the same time continuing to deal with the interrelated issues of implementing entry into postal markets and maintaining the universal service obligation. The Postal Accountability and Enha…
Markus P. Urban investigates the influence of large shareholders (the so-called blockholders) on agency costs and firm value, thereby accounting for blockholder characteristics and blockholder interrelationships. The work provides a profound theoretical and empirical analysis on the nature and effect of shareholder engagement with due regard to the specifics of the German institutional environm…
Presents a strategic perspective and design methodology that guide the process of developing digital products and services that provide?real experience? to users. Only when the material experienced runs its course to fulfilment is it then regarded as?real experience? that is distinctively senseful, evaluated as valuable, and harmoniously related to others. Based on the theoretical background of…
This Brief proposes a new theory of public economics which deemphasizes reliance on the free market and affirms the importance of public goods and services within the context of the democratic process and constitutional governance. Public non-market production makes up from a quarter to more than half of all economic activity in advanced democratic nation-states. Yet by imposing market precepts…
This monograph offers a detailed analysis of the creation, pilot implementation, and possible wide adoption of the real property tax at the local level in China. Starting in 2003, as China’s economy gradually recovered from the Asian financial crisis that started in 1998, the real property market entered a period of rapid expansion, followed immediately by rampant speculation, rising housing …