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I-clickers required
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tarix | 12.08.2018 | ölçüsü | 0,55 Mb. | | #62348 |
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I-Clickers - required Exam Schedule - Two mid terms
- Final May 5: 2PM
Office Hours - 11-12: Tues Thur
- Usually at VNB office
- Sometimes Monroe 262)
- At VNB Office 10:30 -12 most days
Reading Reading - Four Books
- Andre Shleifer – “Inefficient Markets”
- Daniel Kahneman – “Thinking: Fast and Slow (should have already read)
- Edwin Burton – Sunit Shah – “Behavioral Finance”
- Michael Lewis – The Undoing Project
- Relatively recent research
Four Books Four Books - Andre Shleifer – “Inefficient Markets”
- Daniel Kahneman – “Thinking: Fast and Slow (should have already read)
- Edwin Burton – Sunit Shah – “Behavioral Finance”
- Michael Lewis – The Undoing Project
Online Reading at Toolkit Reading is difficult I-Clickers - required Lectures Exams - Two mid terms
- Mch 2 and April 6 Final May 5: 2PM
Office Hours 11-12: Tues Thur at VNB office (sometimes on grounds, Monroe 262)
Review of MPT & EMH Review of MPT & EMH Anomalies Serial Correlation in Stock Returns
Malkiel (online) Malkiel (online) Shiller (online) Shleifer (book, Ch 1) Fama (online)
Black on Toolkit Shliefer on Toolkit Burton & Shah, pp 1-51
Price captures all relevant information Price captures all relevant information Modern version based upon “No Arbitrage” assumption Why do we care? Implications
If noise traders are truly “random,” then their effects will “cancel out.” (Kind of a law of large numbers result) If noise traders are truly “random,” then their effects will “cancel out.” (Kind of a law of large numbers result) Noise traders are “systematic,” then arbitrage traders will “trade against them” and take all of their money
October 19, 1987 October 19, 1987 1992, Article by Eugene Fama and Ken French The Tech Bubble The Rise of Hedge Funds
Both authors are staunch supporters of EMH 1992 Article gave a simple formula to pick stocks that “beat the market” consistently This lead “respectability” to a growing literature that simple formulae could “beat the market”
1999 Nasdaq up 100 percent for the year Priceline: - Came public at 20, rose to 200, fell to under 1
- No news of substance
Nasdaq peaked at 5000 in March 2000 Fell to 1800 by 2002
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