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  • 1
    Monograph available for loan
    Monograph available for loan
    Money changes everything : how finance made civilization possible (2016)
    Princeton : Princeton University Press
    Details
    Call number: IASS 16.90214
    Description / Table of Contents: Cover -- Title -- Copyright -- CONTENTS -- Acknowledgments -- Introduction -- PART I FROM CUNEIFORM TO CLASSICAL CIVILIZATION -- 1 Finance and Writing -- 2 Finance and Urbanism -- 3 Financial Architecture -- 4 Mesopotamian Twilight -- 5 Athenian Finance -- 6 Monetary Revolution -- 7 Roman Finance -- PART II THE FINANCIAL LEGACY OF CHINA -- 8 China's First Financial World -- 9 Unity and Bureaucracy -- 10 Financial Divergence -- PART III THE EUROPEAN CRUCIBLE -- 11 The Temple and Finance -- 12 Venice -- 13 Fibonacci and Finance -- 14 Immortal Bonds
    Description / Table of Contents: 15 The Discovery of Chance -- 16 Efficient Markets -- 17 Europe, Inc. -- 18 Corporations and Exploration -- 19 A Projecting Age -- 20 A Bubble in France -- 21 According to Hoyle -- 22 Securitization and Debt -- PART IV THE EMERGENCE OF GLOBAL MARKETS -- 23 Marx and Markets -- 24 China's Financiers -- 25 The Russian Bear -- 26 Keynes to the Rescue -- 27 The New Financial World -- 28 Re-Engineering the Future -- 29 Post-War Theory -- Conclusion -- Notes -- Bibliography -- Illustration Credits -- Index
    Type of Medium: Monograph available for loan
    Pages: VIII, 584 Seiten : Illustrationen, Diagramme
    ISBN: 0691143781 (print) , 9780691143781 (print) , 1400881307 (ebook) , 9781400881307 (ebook)
    Language: English
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    E-BOOK
  • 2
    Electronic Resource
    Electronic Resource
    The Bias of the RSR Estimator and the Accuracy of Some Alternatives (2002)
    Boston, USA and Oxford, UK : Blackwell Publishers Inc
    Real estate economics 30 (2002), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper analyzes the implications of cross-sectional heteroskedasticity in the repeat sales regression (RSR). RSR estimators are essentially geometric averages of individual asset returns because of the logarithmic transformation of price relatives. We show that the cross-sectional variance of asset returns affects the magnitude of the bias in the average return estimate for each period, while reducing the bias for the surrounding periods. It is not easy to use an approximation method to correct the bias problem. We suggest an unbiased maximum likelihood alternative to the RSR that directly estimates index returns, which we term MLRSR. The unbiased MLRSR estimators are analogous to the RSR estimators but are arithmetic averages of individual asset returns. Simulations show that these estimators are robust to time-varying cross-sectional variance and that the MLRSR may be more accurate than RSR and some alternative methods.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00028
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    Paper (German National Licenses)
    Fulltext
  • 3
    Electronic Resource
    Electronic Resource
    Clustering Methods for Real Estate Portfolios (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 23 (1995), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: A clustering algorithm is applied to effective rents for twenty-one metropolitan U.S. office markets, and to twenty-two metropolitan markets using vacancy data. It provides support for the conjecture that there exists a few major “families” of cities: including an oil and gas group and an industrial Northeast group. Unlike other clustering studies, we find strong evidence of bicoastal city associations among cities such as Boston and Los Angeles. We present a bootstrapping methodology for investigating the robustness of the clustering algorithm, and develop a means for testing the significance of city associations. While the analysis is limited to aggregate rent and vacancy data, the results provide a guideline for the further application of cluster analysis to other types of real estate and economic information.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00666
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    Paper (German National Licenses)
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  • 4
    Electronic Resource
    Electronic Resource
    Rain or Shine: Where is the Weather Effect? (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    European financial management 11 (2005), S. 0 
    Details
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: There is considerable empirical evidence that emotion influences decision-making. In this paper, we use a database of individual investor accounts to examine the weather effects on traders. Our analysis of the trading activity in five major US cities over a six-year period finds virtually no difference in individuals’ propensity to buy or sell equities on cloudy days as opposed to sunny days. If the association between cloud cover and stock returns documented for New York and other world cities is indeed caused by investor mood swings, our findings suggest that researchers should focus on the attitudes of market-makers, news providers or other agents physically located in the city hosting the exchange. NYSE spreads widen on cloudy days. When we control for this, the weather effect becomes smaller and insignificant. We interpret this as evidence that the behaviour of market-makers, rather than individual investors, may be responsible for the relation between returns and weather.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1354-7798.2005.00298.x
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    Paper (German National Licenses)
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  • 5
    Electronic Resource
    Electronic Resource
    A Spatial Model of Housing Returns and Neighborhood Substitutability (1997)
    Springer
    The journal of real estate finance and economics 14 (1997), S. 11-31 
    Details
    ISSN: 1573-045X
    Keywords: housing returns ; distance-weighted repeat-sales method ; neighborhood substitutability
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article provides a method for estimating housing indices at the local level. It develops a ““distance-weighted repeat-sales”” procedure to exploit the factor structure of the error-covariance matrix in the repeat-sales model. A distance function defined in characteristic and geographical space provides weights for the generalized least-squares model, and allows the use of all of the repeated sales in a metropolitan area to measure returns for the specific neighborhood of interest. We use distance-weighted repeat sales to estimate return indices for all zip codes in the San Francisco Bay area over the period 1980--1994. When distance is defined in terms of socioeconomic characteristics, we find that median household income is the salient variable explaining covariance of neighborhood housing returns. Racial composition and educational attainment, while significant, are much less influential. Zip-code level indices often deviate dramatically from the citywide index, depending upon income levels. This has implications for investors and lenders. Our results indicate that rates of return may vary considerably within a metropolitan area. Thus, simply using broad metropolitan area indices as a proxy for capital appreciation within a specific neighborhood may not be justified.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007755932219
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    Paper (German National Licenses)
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  • 6
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    Art and Money (2011)
    American Economic Association
    Details
    Publication Date: 2011-05-01
    Description: This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.
    Print ISSN: 0002-8282
    Electronic ISSN: 1944-7981
    Topics: Economics
    Published by American Economic Association
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  • 7
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    The Contributions of Stephen A. Ross to Financial Economics (2021)
    Annual Reviews
    Details
    Publication Date: 2021-04-01
    Description: Stephen A. Ross was one of the most influential scholars in the field of financial economics in the late twentieth century. Ross's work was central to several novel domains of economic inquiry. His contributions included the arbitrage pricing theory (APT), the risk-neutral pricing of contingent claims, the binomial option pricing model, a theory of the term structure of interest rates, a seminal contribution to the economic theory of agency, and insights about conditioning biases in ex post performance measurement. In this article, we discuss his seminal papers and the broad scope of his curiosity within the arc of a remarkably productive and influential career that spanned five decades and yet ended sooner than most who knew him expected. Expected final online publication date for the Annual Review of Financial Economics, Volume 13 is March 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
    Print ISSN: 1941-1367
    Electronic ISSN: 1941-1375
    Topics: Economics
    Published by Annual Reviews
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