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The gripping real life account of a soldiers service up through the ranks to lead the “Air Pirates” a battalion of combat experienced soldiers, including his own son, demonstrating how inspired leadership mentors and develops subordinates before, during and after serving in combat.
The discussion in this note seeks to preserve the beneficial features of securitization while mitigating those that may pose risks to financial stability. A comprehensive set of reforms—targeting both supply- and demand-side inefficiencies—will be needed to put securitization back on a sound, growth-supportive footing. The note departs from others in proposing a broad suite of principles applicable to various elements of the financial intermediation chain. After indentifying where policy makers have already made progress, we then propose measures to address remaining impediments to the rehabilitation of securitization markets. We also encourage more consistent industry standards for the classification of risk (albeit applied at a granular rather than overarching level). Finally, we introduce various initiatives that could aid in fostering the development of a diversified non-bank investor base for securitization in Europe.
C# is a new object-oriented language that enables programmers to quickly build a wide range of applications. This book takes readers step-by-step through learning C# in an intensive, three-week course.
Web 2.0 may be an elusive concept, but one thing is certain: using the Web as merely a means of retrieving and displaying information is history. Today?s Web is immediate, interactive, innovative. It is user-controlled and community-driven. Organizations, marketers, application developers, and communicators must be ready to respond and to innovate or be left behind, and the experts featured on these pages are leading the charge. Their ideas are fresh, sometimes experimental, necessarily flexible, and always on the leading edge to prepare you for a Web where users rule.
Anyone who has read The Adventures of Tom Sawyer or been fascinated by the Civil War will be enthralled by Tom’s adventures in this novel. A graduate of West Point, Tom develops a friendship with Hiram Ulysses Grant. He is commissioned a major in the U.S. Army and commands a regiment under Colonel Cameron of the 79th New York at Manassas. Severely wounded, he spends time recuperating in Galena, Illinois. Together Tom and Rebecca discover a plot to kill General Grant. Tom is led into the nerve-racking world of undercover operations against the Confederacy. He finds the spy business another grand adventure.
Do portfolio shifts by the world’s largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generating properties) is a public and private good, how might asset owners be empowered to do more of it? These two questions motivate this study. Based on analysis of representative portfolios (totaling $24 trillion) for a range of asset owners (central banks, pension funds, insurers and endowments), portfolio changes typically appear procyclical. In response, I suggest a framework aimed at jointly bolstering long-term returns and financial stability should: (i) embed governance practices to mitigate ‘multi-year return chasing;’ (ii) rebalance to benchmarks with factor exposures best suited to long-term investors; (iii) minimize principal-agent frictions; (iv) calibrate risk management to minimize long-term shortfall risk (not short-term price volatility); and (v) ensure regulatory conventions do not amplify procyclicality at the worst possible times.
In the aftermath of the global financial crisis, the issue of how best to identify speculative asset bubbles (in real-time) remains in flux. This owes to the difficulty of disentangling irrational investor exuberance from the rational response to lower risk based on price behavior alone. In response, I introduce a two-pillar (price and quantity) approach for financial market surveillance. The intuition is straightforward: while asset pricing models comprise a valuable component of the surveillance toolkit, risk taking behavior, and financial vulnerabilities more generally, can also be reflected in subtler, non-price terms. The framework appears to capture stylized facts of asset booms and bu...
In distilling a vast literature spanning the rational— irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated (i.e. presumably rational) institutional investors. Candidate explanations for bubble persistence—such as limits to learning, frictional limits to arbitrage, and behavioral errors—seem unsatisfactory as they are inconsistent with the aforementioned trends impacting global capital markets. In lieu of the short-term nature of the asset owner—manager relationship, and the momentum bias inherent in fi...
In 21 days readers learn how to use the key features of the C♯ programming language - not only the commands, but how to create entire programs using them after a few introductory chapters.