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The liquidity theory of asset prices
- Author / Creator
- Available as
- Online
- Summary
-
Professional investors are bombarded on a day to day basis with assertions about the role liquidity is playing and will play in determining prices in the financial markets. Few, if any, of the prov...
Professional investors are bombarded on a day to day basis with assertions about the role liquidity is playing and will play in determining prices in the financial markets. Few, if any, of the providers or recipients of such advice can truly claim to understand the well8211;springs of such liquidity and the transmission mechanisms through which it impacts asset prices. This groundbreaking new book explores the belief that at the core of liquidity there is a force which exerts individuals to effect a financial transation when they would not otherwise do so. 160; Understanding this force of complusion is a key to understanding a financial market when it appears to be behaving irrationally. This book will enable new and seasoned investors tp develop an understanding of the factors, so that costly mistakes can be avoided without the lesson of experience.
Details
- Creator
- Gordon Pepper with Michael J. Oliver
- Format
- Books
- Language
- English
- Contributors
- Publication
-
- Chichester, England : John Wiley & Sons, [2006]
- ©2006
- Series
- Physical Details
-
- 1 online resource (xxv, 163 pages) : illustrations
- ISBNs
- 1280411104, 9780470027394, 9780470032770, 9781118673423, 0470027398, 0470032774, 9786610411108, 0470338776, 1118673425, 9781280411106
- OCLC
- ocm71555223, ocm68225788
- Includes bibliographical references (pages 157-158) and index.
- Cover -- Contents -- Foreword -- Acknowledgements -- About the Authors -- List of Tables, Figures and Charts -- Introduction -- Appetiser -- Structure of the Book -- Language and Jargon -- Academic Theories -- Modern Portfolio Theory -- The Efficient Markets Hypothesis -- Forms of Investment Analysis -- Fundamental Analysis -- Monetary Analysis -- Technical Analysis -- The Intuitive Approach -- What the Book is Going to Say -- Part I the Liquidity Theory -- 1 Types of Trades in Securities -- 1.1 Liquidity Trades and Portfolio Trades -- 1.2 Information Trades and Price Trades -- 1.3 Efficient Prices' -- 1.4 Expectations of Further Rises or Falls -- 2 Persistent Liquidity Trades -- 2.1 Demand for Money -- 2.2 Supply of Money -- 2.3 Monetary Imbalances -- 2.4 Excess Money in the Economy -- 2.5 Summary -- 3 Extrapolative Expectations -- 3.1 Sentiment -- 3.2 Intuition -- 3.3 Decision-Taking Inertia -- 3.4 Crowds -- 3.5 Fundamental and Monetary Forces in the Same Direction -- 4 Discounting Liquidity Transactions -- 4.1 Speculation -- 4.2 Timing -- 4.3 Short-Term Risk Versus Profits in the Longer Term -- Appendix: Speculation and Market Patterns -- 5 Cyclical Changes Associated with Business Cycles -- 5.1 Introduction -- 5.2 Direct and Indirect Effects of Money on Asset Prices -- 5.3 Strategy -- 5.4 Timing -- 5.5 Sequences -- 5.6 Triggers -- 6 Shifts in the Savings Demand for Money -- 6.1 The Peak of a Business Cycle -- 6.2 Running Down Bank Deposits -- Appendix 6A: Some Bond Arithmetic -- Appendix 6B: Government Bond Markets -- Part II Financial Bubbles and Debt Deflation -- 7 Financial Bubbles -- 7.1 Detection of a Bubble -- 7.2 Phases -- 7.3 Crosschecks -- 8 Debt Deflation -- 8.1 The Cure for Debt Deflation -- Appendix: Ignorance of Irving Fisher's Prescription -- Part III Elaboration -- 9 Creation of Printing-Press Money -- 9.1 The UK in More Detail -- 9.2 Four Policies -- 10 Control of Fountain-Pen Money and the Counterparts of Broad Money -- 10.1 Control of Bank Lending -- 10.2 Bank Capital -- 10.3 The UK in More Detail -- 10.4 The Counterparts' of Changes in Broad Money -- 10.5 Relationship Between the Counterparts -- 11 Modern Portfolio Theory and the Nature of Risk -- 11.1 Summary -- 11.2 Expected Yield -- 11.3 Risk -- 11.4 Exploiting Skewness -- 12 Technical Analysis and Crowds -- 12.1 Trends and Trading Ranges -- 12.2 Crowd Behaviour -- 12.3 Information -- 12.4 Trends and Momentum -- 12.5 Approaching a Turning Point -- 12.6 Turning Points -- 12.7 Further Reading -- 13 The Intuitive Approach to Asset Prices -- 13.1 Intuition that is a Reflection of Monetary Forces -- 13.2 Intuition that is not a Reflection of Monetary Forces -- 13.3 Forced Selling -- 14 Forms of Analysis -- 14.1 Different Languages -- 14.2 Macroeconomic Models -- 14.3 Disequilibrium -- 14.4 Intended and Actual Transactions -- 14.5 Accounting Identities -- Appendix: Direct Estimates of Supply and Demand for Credit in