- Liquidity Theory of Asset Prices;
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KGaA - Betreiber - www. Versand In den Warenkorb. Beschreibung Inhalt Autoreninfo For at least the last decade, there has been a growing sense of frustration among market professionals with the attempts by academics to account for the behaviour of financial markets. Speculation and market patterns. Ignorance of Irving Fisher's prescription. Monetary targets in the UK. Distortions to monetary data in the UK. Gordon Pepper has the unusual combination of an economics degree from Cambridge and actuarial training.
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Immediately after he finished taking examinations, he became a dealer on the Floor of the London Stock Exchange. His 'postgraduate university' was the market place, where he underwent the harshest of disciplines. Forecasts based on conventional theories were often wrong.
Liquidity Theory of Asset Prices by Gordon T. Pepper
The inescapable conclusion was that these theories were either incorrect or incomplete. Pepper was the joint founder of W. Pepper is the joint founder of W. Russell Napier of Anatomy of the Bear-fame says in the foreword that psychology and liquidity were the two key omissions in traditional financial education although we have learned a lot on Behavioral Finance lately. However, most of us have a long way to go to operationalize liquidity understandings into our investment processes. When liquidity transactions persist in one direction for some time, it might lead to extrapolative expectations that explain some of the volatile gyrations around intrinsic values.
Sometimes, as we have learned, it ends up in bubbles or busts. The current extreme experiment from our Central Bankers will be very interesting to follow.
The set-up of the book is quite conventional with five parts. Although rather short, it makes it easy to use as a reference book. There are many interesting opinions and conclusions to find. Neither does it answer my stated questions.
The Liquidity Theory of Asset Prices
My main take-away is that a solid knowledge on liquidity issues, with some number-crunching on midterm trends on aggregated data, probably helps you set the market action in perspective, pretty much like sentiment factors. I am impressed by the Authors knowledge and the detail in structuring these complex issues. I will certainly read their next book that may bring their theory to perfection. But this book is a good introduction to a fascinating topic. I still need to learn more — suggestions? Gregory Blotnick rated it it was amazing Sep 15, SS rated it it was ok Aug 19, Hisham Mannaa rated it it was amazing Feb 03, Henrik rated it liked it May 07, Andre Jakurski rated it it was amazing May 22, Michael Gassner rated it really liked it Nov 03, Andre S rated it liked it Jun 12, John rated it really liked it Sep 03, He is the author of several books, including Whatever Happened To Monetarism?
He has just finished co-editing a book with Derek Aldcroft entitled Economic Disaster of the Twentieth Century , which is being published by Edward Elgar in Request permission to reuse content from this site.
The Liquidity Theory of Asset Prices. Added to Your Shopping Cart. Description 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.