Princeton Science Library / Why Stock Markets Crash
Critical Events in Complex Financial Systems
(Sprache: Englisch)
Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. Sornette proposes a radically different view: the underlying cause can be sought months and even years before the abrupt,...
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Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. Sornette proposes a radically different view: the underlying cause can be sought months and even years before the abrupt, catastrophic event in the build-up of cooperative speculation, which often translates into an accelerating rise of the market price, otherwise known as a "bubble." Anchoring his sophisticated, step-by-step analysis in leading-edge physical and statistical modeling techniques, he unearths remarkable insights and some predictions--among them, that the "end of the growth era" will occur around 2050. Sornette probes major historical precedents, from the decades-long "tulip mania" in the Netherlands that wilted suddenly in 1637 to the South Sea Bubble that ended with the first huge market crash in England in 1720, to the Great Crash of October 1929 and Black Monday in 1987, to cite just a few. He concludes that most explanations other than cooperative self-organization fail to account for the subtle bubbles by which the markets lay the groundwork for catastrophe.
Autoren-Porträt von Didier Sornette
Didier Sornette is professor of entrepreneurial risks at the Swiss Federal Institute of Technology in Zurich, professor of finance at the Swiss Finance Institute in Geneva, and the director of the Financial Crisis Observatory at ETH Zurich.
Bibliographische Angaben
- Autor: Didier Sornette
- 2017, With a new preface by the author, 448 Seiten, 166 Abbildungen, Maße: 13,8 x 21,6 cm, Kartoniert (TB), Englisch
- Verlag: Princeton University Press
- ISBN-10: 0691175950
- ISBN-13: 9780691175959
- Erscheinungsdatum: 07.04.2017
Sprache:
Englisch
Pressezitat
"The book is written in a readable style and does not require technical knowledge. Any reader interested in a serious approach to the origin and possible prediction of financial bubbles will enjoy reading it."--Josep M. Porra, Journal of Statistical Physics
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