Economics

Provides statistical tools and techniques needed to understand today's financial markets

The Second Edition of this critically acclaimed text provides a comprehensive and systematic introduction to financial econometric models and their applications in modeling and predicting financial time series data. This latest edition continues to emphasize empirical financial data and focuses on real-world examples. Following this approach, readers will master key aspects of financial time series, including volatility modeling, neural network applications, market microstructure and high-frequency financial data, continuous-time models and Ito's Lemma, Value at Risk, multiple returns analysis, financial factor models, and econometric modeling via computation-intensive methods.

The author begins with the basic characteristics of financial time series data, setting the foundation for the three main topics:

• Analysis and application of univariate financial time series
• Return series of multiple assets
• Bayesian inference in finance methods

This new edition is a thoroughly revised and updated text, including the addition of S-Plus® commands and illustrations. Exercises have been thoroughly updated and expanded and include the most current data, providing readers with more opportunities to put the models and methods into practice. Among the new material added to the text, readers will find:

• Consistent covariance estimation under heteroscedasticity and serial correlation
• Alternative approaches to volatility modeling
• Financial factor models
• State-space models
• Kalman filtering
• Estimation of stochastic diffusion models

The tools provided in this text aid readers in developing a deeper understanding of financial markets through firsthand experience in working with financial data. This is an ideal textbook for MBA students as well as a reference for researchers and professionals in business and finance.

"The Caribbean Trade and Investment Report 2000… is intended to be the Secretariat's flagship technical publication, oriented to the needs of regional policy makers, academic researchers, business interests and the general public"
- Edwin Carrington, Secretary-General, Community Secretariat

Planning by civil governments, businesses, and the military services has been considered separately in both theory and practice. Those concerned with each of these applications have had little contact with those in the others, despite the common concerns and characteristics of their respective practices.

A leading figure in the research and education in planning, Branch draws upon his experience in civil, corporate, and military planning to provide a comprehensive guide to the key aspects of planning. This text is invaluable to those engaged in governmental and business planning and to students working toward careers in urban and regional planning, public administration, business management, and other fields concerned with planning.

This book analyses and explains the nature of the economies of small countries and territories. It includes an assessment of material prosperity in 41 small open economies worldwide, with case studies focusing on the Caribbean and Central America, with a review of the development of their economies in recent decades. The volume recommends a suite of economic policy tools for the management of these economies, demonstrating how these may best be employed in economies that live and breathe through international commerce. Among observations of interest is the fact that the devaluation of the local currency of a small nation makes the country worse off; even a currency that maintains its value is little more than a trophy, of little value if it is not readily convertible into US dollars. Also, that while government policies affect international competitiveness and a small country's growth prospects, more important is how governments use additional resources to improve the quality of health and educational services. Moreover, economic windfalls such as the discovery of mineral resources seldom bring prosperity commensurate with their economic value, and never in the short run.

The volume will offer invaluable information and analysis to researchers and policy makers investigating small open economies.

Don't Burn our Bridges: The Case for Caribbean Carriers argues that a tourism-dependent region comprised largely of a group of islands must, in its own best interest, retain ownership of key aspects of its air access in spite of the costs and challenges involved in so doing. Air transportation is the glue that cements the tourism market to the destination, but it is also the aerial bridge connecting the territories and peoples of a single market and economy. Often regional airlines are forced to offer a mixture of commercial and social routes, which makes profitability difficult. The social service they provide is critical, however, and public sector shareholders should not measure their return on investment simply in terms of the bottom line.

Holder rejects a widely held view that Caribbean governments, should not support their own carriers financially. Instead, he argues that because of their overall contribution to development generally, the air transportation industry should be counted among those companies in the region which are too big (and important) to be allowed to fail.

Don't Burn Our Bridges documents the history of Caribbean airlines and attempts to demystify the complexities of such concepts as deregulation, yield management, hedging of oil prices, fare setting, fuel surcharges and a la carte pricing, while making the point that running successful airlines has defeated some of the world's most brilliant business minds.

Holder also explores the impact of the global economic meltdown of 2008-2009 on air transportation and Caribbean tourism, and proposes a way forward for air transportation in the Caribbean community.

Co-published with the Caribbean Development Bank

By retaining a strong focus on policy and real-world issues, Environmental Economics and Management: Theory, Policy and Applications, provides an applied, practical approach to environmental economic theory accessible to students with minimal or more advanced economic exposure. The text has a modular structure, which not only organizes the presentation, but also provides a format that allows instructors flexibility and preference in designing material for the course. The presentation does not compromise economic theoretical concepts, but it does complement economic theory with timely, real-world applications. This text is intended to give undergraduate and MBA students a clear perspective of the relationship between market activity and the environment. The text integrates the business perspective in the development of environmental decision-making - a vantage point often overlooked in more conventional treatments. The general approach uses economic analytical tools such as market models, benefit-cost analysis, and risk analysis to assess environmental problems and to evaluate policy solutions.

Die moderne Finanztheorie trifft bestimmte Voraussagen, wie ein effizient organisiertes Finanzsystems funktionieren soll. 'Financial Market Analysis' hat in Anlehnung an die moderne Finanztheorie eine aktualisierte, fundierte Analyse der Finanzmärkte durchgeführt. Dieser Band gibt Ihnen die Mittel an die Hand, das Resultat dieser Voraussagen in der Praxis zu bewerten. David Blake, Dozent für Finanzwirtschaft am Birkbeck Colloge der Universität London, erläutert, wie Wertpapiere auf Basis der modernen Finanztheorie organisiert und verwaltet werden sollten. Er vergleicht die Theorie mit der tatsächlichen Praxis von Wertpapieranalyse und -bewertung sowie von Portfoliogestaltung und -management, um festzustellen, inwieweit Theorie und Praxis übereinstimmen bzw. sich Theorie in die Praxis umsetzen läßt.
Diese komplett überarbeitete und erweiterte Auflage deckt alle Bereiche und Aspekte der modernen Finanztheorie ab, einschließlich ihrer Konsequenzen. Neueste Entwicklungen in der Literatur (z.B. Risikowerte, spekulative Aufblähung von Kursen, Volatilitätseffekte in Finanzmärkten, Chaos, neuronale Netze) werden ebenso erläutert wie die verschiedenen Finanzinstrumente und ihre Anwendung. Dies ist das einzige Lehrbuch auf dem Markt, das insbesondere britische Finanzmärkte berücksichtigt. Es schließt damit eine große Lücke zwischen hochspezialisierten Finanzfachbüchern und beschreibender, erklärender Literatur im institutionellen Finanzwesen. (11/99)

Thoroughly revised according to classroom feedback, Industrial Organization: Markets and Strategies offers an up-to-date and rigorous presentation of modern industrial organization that blends theory with real-world applications and derives implications for firm strategy and competition policy. This comprehensive textbook acquaints readers with the most important models for understanding strategies chosen by firms with market power and shows how such firms adapt to different market environments. The second edition includes new and revised formal models and case studies. Formal models are presented in detail, and analyses are summarized in 'lessons' which highlight the main insights. Theories are complemented by numerous real-world cases that engage students and lead them to connect theories to real situations. Chapters include review questions, exercises, and suggestions for further reading to enhance the learning experience, and an accompanying website offers additional student exercises, as well as teaching slides.

This text analyzes the key financial markets and instruments that facilitate trade and investment activity on a global scale. It covers the economic determinants of price, price changes and price relationships in the major financial markets; and it looks at the policy issues that result for private enterprises and public policymakers. The book features a discussion of the financial crises around the world, using real life cases looking at the collapse of pegged rates, the ramifications of floating the baht, and the possibilities of affecting other world markets. It also covers the pricing and policy challenges in the development of the European Monetary union.

This bestselling and thoroughly classroom-tested textbook is a complete resource for finance students. A comprehensive and illustrated discussion of the most common empirical approaches in finance prepares students for using econometrics in practice, while detailed case studies help them understand how the techniques are used in relevant financial contexts. Worked examples from the latest version of the popular statistical software EViews guide students to implement their own models and interpret results. Learning outcomes, key concepts and end-of-chapter review questions (with full solutions online) highlight the main chapter takeaways and allow students to self-assess their understanding. Building on the successful data- and problem-driven approach of previous editions, this third edition has been updated with new data, extensive examples and additional introductory material on mathematics, making the book more accessible to students encountering econometrics for the first time. A companion website, with numerous student and instructor resources, completes the learning package.