Speculative prices

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  • Stochastic volatility (SV) is the main concept used in the fields of financial economics and mathematical finance to deal with time-varying volatility in financial markets. In this book I bring together some of the main papers which have influenced the field of the econometrics of stochastic volatility with the hope that this will allow students and scholars to place this literature in a wider context.

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  • Chapter 19 - Options markets. After studying this chapter you will be able to: Understand how call and put options are used and how they are priced, examine the instruments traded on the australian options market, understand how options can be used for either risk management or for speculative purposes.

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  • Beginning with the third edition, Proudhon intends to consider doctrines on the stock market or the ―temple of speculation‖ that derive from his political and social writing. He wants to assess stock market speculation in relation to general social standards or ―public morals‖ and to ―economic development‖ of his era.

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  • We value stock options based on the Black-Scholes (1973) formula for valuing European call options, as modified by Merton (1973). 5 To construct a measure of the total stock option holdings of each CEO at a given point in time, we use proxy data on stock option grants, gains from exercising stock options, and the total number of stock options held by the CEO. Annual proxies contain information on options granted during the preceding fiscal year, including the number, duration, and exercise price of the options.

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  • Chapter 12 focuses on managed futures. As one of many different trading strategies in the alternative investment universe, managed futures investing involves speculative investments in gold, oil, and other commodities that change in value in accordance with price fluctuations.

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  • CHAPTER 8 Stock Price Behavior and Market Efficiency “One of the funny things about the stock market is that every time one man buys, another sells, and both think they are astute.” William Feather “There are two times in a man’s life when he shouldn’t speculate: When he can’t afford it

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  • In 2008 food prices surged plunging millions back into hunger and triggering riots from Egypt to Haiti and Cameroon to Bangladesh. Whereas fuel prices, which also surged, have fallen back sharply food prices remain problematic with wheat, corn and soya still higher than they were 12-18 months ago. In order to understand the factors underpinning the food crisis and to assess trends, UNEP commissioned a Rapid Response team of internal and international experts. Their conclusions are presented in this report launched during UNEP’s 25th Governing Council/Global Ministerial Environment Forum.

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  • Market structure, conduct performance analysis. Marketing channels for different products in agriculture and animal husbandry. State intervention and parastatals in agricultural marketing. Pricing of agricultural inputs and products. Buffer stocking and import policies for agricultural produce. Value addition and its impact on prices of agricultural commodities. Systems approach to agricultural marketing. Marketing costs, margins and market efficiency. Market integration-horizontal and vertical, spatial and temporal. Price integration between domestic and international markets.

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  • Continuous-time modeling in finance, though introduced by Louis Bachelier's 1900 thesis on the theory of speculation, really started with Merton's seminal work in the 1970s. Since then, the continuous-time paradigm has proved to be an immensely useful tool in finance and more generally economics. Continuous-time models are widely used to study issues that include the decision to optimally consume, save, and invest, portfolio choice under a variety of constraints, contingent claim pricing, capital accumulation, resource extraction, game theory, and more recently contract theory....

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  • A more widely used device is the buying and selling of futures contracts on the commodities exchange. All individuals or firms holding agricultural commodities for which futures markets are available may guard -- "hedge" -- against price changes. Essential marketing services are performed by the people who run the futures exchange and enforce its trading rules, the brokers who act as agents on the floor of the exchange, and the speculators who assume the risks and thus make hedging possible.

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  • OCC has developed a procedure known as Exercise By Exception to expedite its processing of exercises of expiring options by certain brokerage firms that are Clearing Members of OCC. Under this procedure, which is sometimes referred to as "ex-by-ex", OCC has established in-the-money thresholds and every contract at or above its in-the- money threshold will be exercised unless OCC's Clearing Member specifically instructs OCC to the contrary. Conversely, a contract under its in-the-money threshold will not be exercised unless OCC's Clearing Member specifically instructs OCC to do so.

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  • The main contents of this chapter include all of the following: Background on financial futures, interpreting financial futures tables, valuation of financial futures, explaining price movements of bond futures contracts, speculating with interest rate futures, closing out the futures position.

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  • In this chapter you will learn: Background on foreign exchange markets, factors affecting exchange rates, movements in exchange rates, forecasting exchange rates, forecasting exchange rate volatility, speculation in foreign exchange markets, foreign exchange derivatives, international arbitrage, explaining price movements of foreign exchange derivatives.

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  • There have been many attempts since to determine if the rise in stock prices prior to the crash in 1929 was in fact an inflated speculation, a “bubble.” The same basic methodology has been applied, namely, to estimate deviations between market values and the present value of expected future dividends. Many find a bubble. Many do not. The results are inconclusive because it is hard to estimate market participants’ expectations and the rates at which they discount the future.

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  • By contrast, three examples of speculation in relation to raw materials are not convincing in relation to their productive influence since in each case all that is involved is speculation on a rise in the price of commodities (wood, wine and wheat) and not on a source of progress: Even if in each of these situations there is no wish to deceive and if, in extremis, there is a service provided to the consumer – thus the speculative hoarding of wine allows the market to be supplied when all other supplies are exhausted – there is effectively a speculative hope...

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  • This chapter describes the workings of futures markets and the mechanics of trading in these markets. We show how futures contracts are useful investment vehicles for both hedgers and speculators and how the futures price relates to the spot price of an asset. We also show how futures can be used in several risk-management applications. This chapter deals with general principles of future markets. Chapter 23 describes specific futures markets in greater detail.

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