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Now in its second edition, this edited book presents recent progress and techniques in partial least squares path modeling (PLS-PM), and provides a comprehensive overview of the current state-of-the-art in PLS-PM research. Like the previous edition, the book is divided into three parts: the first part emphasizes the basic concepts and extensions of the PLS-PM method; the second part discusses the methodological issues that have been the focus of recent developments, and the last part deals with real-world applications of the PLS-PM method in various disciplines. This new edition broadens the scope of the first edition and consists of entirely new original contributions, again written by expe...
The Asper Review of International Business and Trade Law provides reviews and articles on developments in the areas of international trade, business, & economy.
Este libro es el resultado de la colaboración entre cuatro profesores del Departamento de Ingeniería Eléctrica, Electrónica, de Computadores y Sistemas de la Universidad de Oviedo y la empresa ABB Service. Sus autores, M.F. Cabanas, M.G. Melero, G.a Orcajo, J.M. Cano - Universidad de Oviedo - y J. Solares - ABB Service - ponen de manifesto uno de los problemas más importantes que se presenta en cualquier planta industiral: las averías de usu motores eléctricos. Estas averías representan un apartado de coste importante, pero los costes fundamentales no son los relacionados específicamente com su reparación, sino los asociados com la falta de disponibilidad de la máquina averiada. E...
This survey of portfolio theory, from its modern origins through more sophisticated, “postmodern” incarnations, evaluates portfolio risk according to the first four moments of any statistical distribution: mean, variance, skewness, and excess kurtosis. In pursuit of financial models that more accurately describe abnormal markets and investor psychology, this book bifurcates beta on either side of mean returns. It then evaluates this traditional risk measure according to its relative volatility and correlation components. After specifying a four-moment capital asset pricing model, this book devotes special attention to measures of market risk in global banking regulation. Despite the defi...
Worldcom, Enron, Parmalat... son algunos de los escándalos que han puesto de moda la contabilidad creativa y la ingeniería financiera. Ignacio de la Torre acumula una gran experiencia como analista bursátil de dos bancos europeos en escudriñar desde grandes empresas mundiales a chicharros españoles. Como buen profesor de contabilidad forense que es, nos explica, de forma sencilla y fácil, el origen de estas y otras muchas desviaciones contables y cómo algunas empresas utilizan estos atajos. La profusión de casos prácticos de organismos públicos y de empresas como Ahold, Nortel, Xerox... y el nivel de detalle del análisis convierten este libro en obligada lectura para aquellos que quieran entender los estados financieros y la verdadera marcha de las empresas, para los que quieran aprender a leer entre líneas. Porque la última línea depende de las anteriores y no hay engañado más culpable que el que no quiere leer.
This book explains how investor behavior, from mental accounting to the combustible interplay of hope and fear, affects financial economics. The transformation of portfolio theory begins with the identification of anomalies. Gaps in perception and behavioral departures from rationality spur momentum, irrational exuberance, and speculative bubbles. Behavioral accounting undermines the rational premises of mathematical finance. Assets and portfolios are imbued with “affect.” Positive and negative emotions warp investment decisions. Whether hedging against intertemporal changes in their ability to bear risk or climbing a psychological hierarchy of needs, investors arrange their portfolios and financial affairs according to emotions and perceptions. Risk aversion and life-cycle theories of consumption provide possible solutions to the equity premium puzzle, an iconic financial mystery. Prospect theory has questioned the cogency of the efficient capital markets hypothesis. Behavioral portfolio theory arises from a psychological account of security, potential, and aspiration.
This book rehabilitates beta as a definition of systemic risk by using particle physics to evaluate discrete components of financial risk. Much of the frustration with beta stems from the failure to disaggregate its discrete components; conventional beta is often treated as if it were "atomic" in the original Greek sense: uncut and indivisible. By analogy to the Standard Model of particle physics theory's three generations of matter and the three-way interaction of quarks, Chen divides beta as the fundamental unit of systemic financial risk into three matching pairs of "baryonic" components. The resulting econophysics of beta explains no fewer than three of the most significant anomalies and puzzles in mathematical finance. Moreover, the model's three-way analysis of systemic risk connects the mechanics of mathematical finance with phenomena usually attributed to behavioral influences on capital markets. Adding consideration of volatility and correlation, and of the distinct cash flow and discount rate components of systematic risk, harmonizes mathematical finance with labor markets, human capital, and macroeconomics.
The Sandinista revolution brought dramatic social, economic and political changes to Nicaragua in the 1980s, but in the wake of the electoral defeat of the FSLN in 1990 the revolution has struggled to survive in the face of challenges from the Chamorro administration, the US government, and the International Monetary Fund. Gains of the revolution in health care, education, Atlantic Coast autonomy, agrarian reform, and other areas have been systematically eroded. However, significant efforts have also been mounted, especially in grass roots organizing and by women's organizations, to protect the revolution's achievements. Through a series of articles based on current research, seven experts on contemporary Nicaragua draw a balance sheet on the gains of Sandinista revolution achieved by 1990 and assess the current status of the revolutionary project.