Pandoras Risk - Uncertainty At the Core of Finance

Informationen zum Autor Kent Osband Klappentext Author of the acclaimed work "Iceberg Risk: An Adventure in Portfolio Theory," Kent Osband argues that uncertainty is central rather than marginal to finance. Markets don't trade mainly on changes in risk. They trade on changes in "beliefs" about risk, and in the process, markets unite, stretch, and occasionally defy beliefs. Recognizing this truth would make a world of difference in investing. Belittling uncertainty has created a rift between financial theory and practice and within finance theory itself, misguiding regulation and stoking huge financial imbalances. Sparking a revolution in the mindset of the investment professional, Osband recasts the market as a learning machine rather than a knowledge machine. The market continually errs, corrects itself, and makes new errors. Respecting that process, without idolizing it, will promote wiser investment, trading, and regulation. With uncertainty embedded at its core, Osband's rational approach points to a finance theory worthy of twenty-first-century investing. Inhaltsverzeichnis Preface Acknowledgments Abbreviations 1. Introduction 2. The Ultimate Confidence Game 3. Great Expectations 4. Sustainable Debt 5. The Midas Touch 6. Safety in Numbers 7. When God Changes Dice 8. Credit- ability 9. Insecuritization 10. Risks in Value- at- Risk 11. Resizing Risks 12. Conclusions Appendix References Index

Product details

• Authors: Ken Osband, Kent Osband, Osband Kent
• Publisher: Columbia University Press
• Languages: English
• Product format: Hardback
• Released: 31.08.2011
• EAN: 9780231151726
• ISBN: 978-0-231-15172-6
• No. of pages: 304
• Dimensions: 159 mm x 235 mm x 32 mm
• Series: Columbia University Press; Columbia Business School Publi; Columbia Business School Publi
• Subjects: Social sciences, law, business > Business > Business administration; BUSINESS & ECONOMICS / Finance / Financial Risk Management, Business & management, Management decision making, Budgeting and financial management, Business mathematics and systems, Finance and the finance industry, commodities; business