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Прогноз погоды [http://www.fin.org.ua/news/939149] Новости Базы Проекты Сервис Курс гривны Курс рубля Украинская биржа Собственники Конфискат Регистрация Искать Бизнес-образование Lecture 2 - Risk and Financial Crises (ECON 252: FINANCIAL MARKETS 2011, Yale University) Overview Professor Shiller introduces basic concepts from probability theory and embeds these concepts into the concrete context of financial crises, with examples from the financial crisis from 2007-2008. Subsequent to a historical narrative of the financial crisis from 2007-2008, he turns to the definition of the expected value and the variance of a random variable, as well as the covariance and the correlation of two random variables. The concept of independence leads to the law of large numbers, but financial crises show that the assumption of independence can be deceiving, in particular through its impact on the computation of Value at Risk measures. Additionally, he covers regression analysis for financial returns, which leads to the decomposition of a financial asset’s risk into idiosyncratic and systematic risk. Professor Shiller concludes by talking about the prominent assumption that random shocks to the financial economy are normally distributed. Historical stock market patterns, specifically during crises times, establish that outliers occur too frequently to be compatible with the normal distribution. Далее >>> Lecture 1 - Introduction and What this Course Will Do for You and Your Purposes (ECON 252: FINANCIAL MARKETS 2011) Overview Professor Shiller provides a description of the course, including its general theme, the relevant textbooks, as well as the interplay of his course with Professor Geanakoplos's course "Economics 251 – Financial Theory." Finance, in his view, is a pillar of civilized society, dealing with the allocation of resources through space and time in order to manage big and important risks. After talking about finance as an occupation, he emphasizes the moral imperative to use wealth for the purposes of philanthropy, in the spirit of Andrew Carnegie, but also of Bill Gates and Warren Buffett. Subsequently, he introduces the guest speakers David Swensen, Yale University's chief investment officer, Maurice "Hank" Greenberg, former Chief Executive Officer (CEO) at American International Group (AIG) and current CEO of C.V. Starr & Co. and of Starr International, and Laura Cha, former vice chair of the China Securities Regulatory Commission, member of the Executive Council of Hong Kong and of the government of the People’s Republic of China, and director of the Hong Kong Shanghai Banking Corporation (HSBC). Finally, he concludes with a description of the topics to be discussed in each lecture. Далее >>> Промисловий потенціал України: проблеми та перспективи структурно-інноваційних трансформацій Промисловий потенціал України: проблеми та перспективи структурно-інноваційних трансформацій [Електронний ресурс] / Вікторія Миколаївна Белінська та інш. Далее >>> Формирование отношений государства и крупного бизнеса в зарубежных странах и в России Осадчий Н. М. "Формирование отношений государства и крупного бизнеса в зарубежных странах и в России" Далее >>> Новейшие технологии в машиностроении У збірнику опубліковано статті за такими напрямками: прогресивні та високоефективні методи механічної, оздоблюючої та зміцнюючи обробки матеріалів; дослідження процесів різання та нових типів ріжучого інструменту; реновація деталей обладнання та інструменту методами термічного зміцнення, поверхневої модифікації, наплавлення та напилення. Далее >>> The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009 Приведены основные статьи Нобелевских лауреатов 2009 года по экономике. Далее >>> Потенциал национальной промышленности Потенциал национальной промышленности: цели и механизмы эффективного развития - 928 с. Далее >>> Корпоративное управление в государственных и частных компаниях в эпоху перемен Корпоративное управление в государственных и частных компаниях в эпоху перемен/Под ред. А. Ландиа и А.А. Филатова, Москва 2009 г. Далее >>> Суверенные фонды благосостояния на рынках ценных бумаг Казакевич П.А."Суверенные фонды благосостояния на рынках ценных бумаг". Диссертация Далее >>> Денежное обращение и краткосрочный кредит. Исследование связей и пропорций Рогова О.Л. "Денежное обращение и краткосрочный кредит. Исследование связей и пропорций". М.,1978 Далее >>> Financial Markets (Yale University, Spring, 2008) Financial institutions are a pillar of civilized society, supporting people in their productive ventures and managing the economic risks they take on. The workings of these institutions are important to comprehend if we are to predict their actions today and their evolution in the coming information age. The course strives to offer understanding of the theory of finance and its relation to the history, strengths and imperfections of such institutions as banking, insurance, securities, futures, and other derivatives markets, and the future of these institutions over the next century. This Yale College course, taught on campus twice per week for 75 minutes, was recorded for Open Yale Courses in Spring 2008. Далее >>> Lecture 26 - Learning from and Responding to Financial Crisis, Part II In the second of his two lectures in honor of Arthur Okun, Professor Summers points out that real interest rates have been very low in the current subprime crisis. This indicates that the shock to the economy was more a financial breakdown shock than a disinflation shock. But financial breakdown shocks are not necessarily very harmful to the economy, so long as financial intermediation capital is not destroyed. In a financial crisis like the present one, financial firms are likely to take the step of decreasing their leverage, often by contracting loans, which creates its own risks for the economy. Regulators should place pressure on financial institutions to raise their capital and should intervene in near foreclosure situations, but should not attempt to support housing prices. Далее >>> Lecture 25 - Learning from and Responding to Financial Crisis, Part I Professor Summers, former U. S. Treasury Secretary and former President of Harvard University, in this the first of two lectures in honor of former Yale Professor and Council of Economic Advisors chairman Arthur Okun, offers thoughts on the role of monetary policy in economic fluctuations, past and present. In the "Okun period," ending about when Okun died in 1980, the monetary authorities were very much involved in actually creating economic contractions. Inflation would repeatedly get out of control, the Fed would hit the brakes, and the economy would slow. But, that is not the story of the economic cycles of the last two decades. Recent economic cycles appear to be connected with factors endogenous to the financial system, such as bubbles or cycles of complacency among lending institutions. Summers argues that to understand the financial markets and the economy, we must consider models of multiple equilibria, such as bank run models, where a change in confidence may shift the economy drastically without any change in fundamentals. Далее >>> Lecture 24 - The Democratization of Finance Professor Shiller, in his final lecture, reviews some of the most important tools for individual risk management. Significant inequality in domestic and international communities has created a need for social insurance programs, such as those created in Germany in the late 1800s. The tax system, bankruptcy laws, and government insurance programs are used to manage risk of personal wealth. However, each of these inventions must take account of psychological factors, such as moral hazard, in order to be effective without eliminating incentives to participate in the workforce, or other negative side effects. With regard to careers, including those in finance, young people should frame decisions with morality and purpose in mind, and with a broad perspective of both. Далее >>> Lecture 23 - Options Markets Options introduce an essential nonlineary into portfolio management. They are contracts between buyers and writers, who agree on exercise prices and dates at which the buyer can buy or sell the underlying (such as a stock). Options are priced based on the price and volatility of the underlying asset as well as the duration of the option contract. The Black-Scholes options pricing model is one of the most famous equations in finance and offers a useful first approximation for prices for option contracts. Options exchanges and futures exchanges both are involved in creating a liquid and transparent market for options. Options are not just for stocks; they are also important for other asset classes, such as real estate. Далее >>> Lecture 22 - Stock Index, Oil and Other Futures Markets Futures markets have expanded far beyond their initial application to farmer's planting and harvest cycles. These markets now allow investors and traders to set prices for a broad spectrum of assets and for a whole term structure stretching into the distant future. Some of these markets are often priced according to simple fair-value formulae, others are not. Futures markets can be in backwardation, where the future price is lower than the present, spot price. They can also be in contango, where the price rises with maturity and is higher in the future than it is today. The S&P/Case-Shiller Home Price Index is a recent invention that has transferred the mechanics of futures markets to the prices of single-family homes in ten real estate markets, in an effort to create a national market for residential real estate. Далее >>> Lecture 21 - Forwards and Futures Futures markets were started in Osaka, Japan in the 1600s to create an authoritative and meaningful market price for agricultural products, using standardized contracts. Since then, futures markets have been copied around the world to allow the hedging various future risks, financial and other. In the United States, the Chicago Mercantile Exchange and the Chicago Board of Trade have been the most popular futures trading markets. Although futures markets are changing and becoming more electronic, they are still important risk management tools for farmers and present financial opportunities for all manner of hedgers and arbitrageurs. Далее >>> Lecture 20 - Private Equity and the Financial Crisis In this lecture filmed on April 11, 2008, Stephen Schwarzman, Co-Founder of Blackstone Group, a private equity firm, speaks about his experience in the industry. He discusses his thoughts on global finance, particularly at such an interesting and challenging point in the history of financial institutions. Although the near future might be rough for the United States and economies around the globe, capital does tend to come back and regulators are busy figuring out how best to put safeguards on the system. He also offers career advice and mentions some of the surprises he came across upon entering the world of finance. Далее >>> Lecture 19 - Brokerage, ECNs, etc The exchanges in which stocks and other securities are traded serve an important function in finance. They bring together people interested in buying and selling securities in order to create a universal price. Brokers and dealers are also an important part of the system, their methods and standards are ultimately behind the success of the exchanges. Many information innovations have advanced the functioning of exchanges, going all the way back to the ticker machine, which was created to communicate the price of securities at a point in time to all interested parties. Electronic Communication Networks and automatic exchanges, more generally, have significantly impacted the exchange of securities and few exchanges still have physical trading floors. Далее >>> Lecture 18 - Professional Money Managers and Their Influence Most people are not very good at dealing in financial markets. Professional money managers, such as financial advisors and financial planners, assist individuals in matters of personal finance. FINRA and the SEC monitor the activities of these managers in order to protect individual investors. Mutual funds, exchange traded funds also exist to assist individual investments, and pension funds provide further services. These investment institutions help people to put money in diversified portfolios and, in some cases, reap some tax benefits for funding their retirement income. Далее >>> Lecture 17 - Investment Banking and Secondary Markets First, Professor Shiller discusses today's changing financial system and recent market stabilization reform introduced by U.S. Treasury Secretary Henry Paulson. The financial system is inherently unstable and would benefit from more surveillance, particularly for consumer protection issues, given the recent subprime mortgage crisis. Although this particular reform might not be successful, more regulators and policymakers are talking about changing the stabilization system and will likely alter the role of the Fed in the future. Second, Professor Shiller introduces the mechanics and role of investment banking. Investment banks underwrite securities and arrange for the issue of stocks and bonds by corporations. Corporations work with investment banks to navigate the Securities and Exchange Commission requirements for issuing securities. The banks then take on a "bought deal" or "best efforts deal" and help the corporation to find a market for the securities. Investment banking depends on the reputation of its bankers and, as we have seen recently, can be destroyed by rumors about the bank's insolvency. Далее >>> Lecture 16 - The Evolution and Perfection of Monetary Policy Central Banks, originally created as bankers' banks, implement monetary policy using their leverage over the supply of money and credit standards. Since the Bank of England was founded in 1694, through the gold standard which lasted until the 1930s, and into modern times, central banks have pursued monetary policy to stabilize the banking system. Central banks monitor currency flows and inflation, acting when crises, such as bank runs, emerged. More recently, central banks have taken an increasingly expansive role in stabilizing economic fluctuations. In the yet to be confirmed current recession, the Federal Reserve has used open market operations and innovative financial arrangements to try to forestall the recession and bail out failing financial institutions. Далее >>> Lecture 15 - Guest Lecture by Carl Icahn Carl Icahn, a prominent activist investor in corporate America, talks about his career and how he became interested in finance and involved in shareholder activism. He discusses his thoughts about today's economy and American businesses and their inherent threats and opportunities. He believes that the biggest challenge facing corporate America is weak management and that today's CEOs, with exceptions, might not be the most capable of leading global companies. He sees opportunities for current, intelligent college students to succeed in the corporate world if they work hard and can identify valuable business pursuits. Далее >>> Lecture 14 - The Efficiency of Markets Andrew Redleaf, a Yale graduate and manager of Whitebox Advisors, a hedge fund, discusses his experience with financial markets. He addresses one of the fundamental questions in finance--whether or not markets are efficient--and concludes that although they don't seem to be efficient, beating the market is very difficult. Mr. Redleaf discusses his thoughts about psychological barriers that make markets inefficient. He also comments on his beliefs regarding risk management and how people are compensated for mitigating risks, rather than for taking on risk as is often perceived. He ends by answering several questions from students. Далее >>> Lecture 13 - Banking: Successes and Failures Banks, which were first created in primitive form by goldsmiths hundreds of years ago, have evolved into central economic institutions that manage the allocation of resources, channel information about productive activities, and offer the public convenient investment vehicles. Although there are several types of banking institutions, including credit unions and Saving and Loan Associations, commercial banks are the largest and most important in the banking system. Banks are designed to address three significant problems in capital markets: adverse selection, moral hazard, and liquidity. Banks make money by borrowing long and lending short and use fractional reserves to lend more funds than are deposited. History has seen numerous problems in banks, including bank runs and insolvency. Government support and regulation, such as those implemented via the Basel Accord, as well as rating agencies help to ensure that investors trust the banks with which they have relations. Далее >>> Предыдущие 25 новостей Share Курс гривны Курс рубля Поиск по базе предприятий Все области Крим Вінницька Волинська Дніпропетровська Донецька Житомирська Закарпатська Запорізька Івано-Франківська Київська Кіровоградська Луганська Львівська м. Київ м. Севастополь Миколаївська н.д. Одеська Полтавська Рівненська Сумська Тернопільська Харківська Херсонська Хмельницька Черкаська Чернівецька Чернігівська В базе 18757 предприятий Новости 21:00 - Обучающий онлайн-курс “Скальпинг фьючерса UX” от Школы трейдинга А-Лаб, 15 мая – 7 июня 2013 года 19:32 - Экспорт лома из Ростовской области определяет навигация по Дону? 19:32 - На найближчому засіданні Уряд заслухає Державне агентство з туризму та курортів 19:32 - У зв'язку із проведенням Дня Європи частина вулиць Києва буде перекрита, - МВС 19:32 - МВС: Фахівці з країн СНД обговорили питання функціонування Міждержавного інформаційного банку 19:32 - Прем'єр-міністр побажав Златі Огневич успіху на фіналі "Євробачення" 19:32 - Ігор Прасолов обговорив з представниками бізнесу проблемні питання українсько-білоруського співробітництва 19:32 - Прем'єр-міністр: Уряд ретельно підготувався до пожежонебезпечного періоду 19:32 - Обрано новий склад громадської ради при Держводагентстві 19:28 - Віктор Янукович привітав Олександра Моїсеєнка з перемогою на чемпіонаті Європи з шахів 19:28 - Ірина Акімова: Досвід Вінниччини у створенні інституту сімейних лікарів демонструє, що медична допомога стає доступнішою 19:00 - Премьер-министр пожелал Злате Огневич успеха на финале "Евровидения" 19:00 - Премьер-министр:Правительство тщательно подготовилось к пожароопасному периоду 19:00 - Николай Азаров: В рамках международных отношений должны приниматься взаимовыгодные решения 17:44 - Mykola Azarov: In the framework of international relations should be made mutually beneficial solutions 17:44 - PM congratulates Yaroslav Romanyuk on the occasion of his election on the post of the Head of the Supreme Court 17:24 - Renaissance Life подвела итоги 1 квартала 2013 года рост премий до почти 90 млн. грн. 17:16 - Микола Азаров: У рамках міжнародних відносин повинні прийматися взаємовигідні рішення 17:16 - Прем'єр-міністр привітав Ярослава Романюка з нагоди обрання Головою Верховного Суду України 17:16 - На озброєння ЗСУ планується прийняти 19 зразків озброєння та військової техніки 17:16 - За I квартал підприємцям Прикарпаття автоматично відшкодували ПДВ майже на 300 млн. грн. більше, ніж торік 17:16 - Цієї весни на строкову військову службу буде призвано близько 7,5 тисячі юнаків 17:16 - Продовжується будівництво Бескидського тунелю 17:16 - Миротворці 17-ї ротації у Косові успішно виконали перше бойове завдання 17:16 - Кабмін за рахунок оптимізації зменшив загальну чисельність місцевих органів влади 17:16 - Леонід Кожара зустрівся у Кракові зі своїм молдовським колегою 17:16 - Упродовж трьох років Уряд не придбав жодного нового автомобіля 17:16 - МВС: У Львові до суду направлено кримінальне провадження щодо групи фармацевтів-зловмисників 17:16 - 19 травня до Всесвітнього дня боротьби з гіпертонією на Хрещатику відбудеться інформаційно-оздоровча акція 17:16 - На Дніпропетровщині впроваджують інноваційну систему оповіщення населення Больше новостей Фирма по установке и продаже кондиционеров в киеве . | diamond bands for men | канцелярские товары секретарь. 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