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Balancing the Banks: Global Lessons from the Financial Crisis
Par Mathias Dewatripont, Jean-Charles Rochet, Jean Tirole. 2010
An international perspective on the financial crisis and the future of banking regulationThe financial crisis that began in 2007 in…
the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future.While some recent policy moves go in the right direction, others, the book argues, are not sufficient to prevent another crisis. The authors show the necessity of an adaptive prudential regulatory system that can better address financial innovation. Stressing the numerous and complex challenges faced by politicians, finance professionals, and regulators, and calling for reinforced international coordination (for example, in the treatment of distressed banks), the authors put forth a number of principles to deal with issues regarding the economic incentives of financial institutions, the impact of economic shocks, and the role of political constraints.Offering a global perspective, Balancing the Banks should be read by anyone concerned with solving the current crisis and preventing another such calamity in the future.How can America's information technology (IT) industry predict serious labor shortages while at the same time laying off tens of…
thousands of employees annually? The answer is the industry's flexible labor management system--a flexibility widely regarded as the modus operandi of global capitalism today. Global "Body Shopping" explores how flexibility and uncertainty in the IT labor market are constructed and sustained through concrete human actions. Drawing on in-depth field research in southern India and in Australia, and folding an ethnography into a political economy examination, Xiang Biao offers a richly detailed analysis of the India-based global labor management practice known as "body shopping." In this practice, a group of consultants--body shops--in different countries works together to recruit IT workers. Body shops then farm out workers to clients as project-based labor; and upon a project's completion they either place the workers with a different client or "bench" them to await the next placement. Thus, labor is managed globally to serve volatile capital movement. Underpinning this practice are unequal socioeconomic relations on multiple levels. While wealth in the New Economy is created in an increasingly abstract manner, everyday realities--stock markets in New York, benched IT workers in Sydney, dowries in Hyderabad, and women and children in Indian villages--sustain this flexibility.Code Red: An Economist Explains How to Revive the Healthcare System without Destroying It
Par David Dranove. 2008
The U.S. healthcare system is in critical condition--but this should come as a surprise to no one. Yet until now…
the solutions proposed have been unworkable, pie-in-the-sky plans that have had little chance of becoming law and even less of succeeding. In Code Red, David Dranove, one of the nation's leading experts on the economics of healthcare, proposes a set of feasible solutions that address access, efficiency, and quality. Dranove offers pragmatic remedies, some of them controversial, all of them crucially needed to restore the system to vitality. He pays special attention to the plight of the uninsured, and proposes a new direction that promises to make premier healthcare for all Americans a national reality. Setting his story against the backdrop of healthcare in the United States from the early twentieth century to the present day, he reveals why a century of private and public sector efforts to reform the ailing system have largely failed. He draws on insights from economics to diagnose the root causes of rising costs and diminishing access to quality care, such as inadequate information, perverse incentives, and malfunctioning insurance markets. Dranove describes the ongoing efforts to revive the system--including the rise of consumerism, the quality movement, and initiatives to expand access--and argues that these efforts are doomed to fail without more fundamental, systemic, market-based reforms. Code Red lays the foundation for a thriving healthcare system and is indispensable for anyone trying to make sense of the thorny issues of healthcare reform.Lending to the Borrower from Hell: Debt, Taxes, and Default in the Age of Philip II (The Princeton Economic History of the Western World #47)
Par Mauricio Drelichman, Hans-Joachim Voth. 2014
What the loans and defaults of a sixteenth-century Spanish king can tell us about sovereign debt todayWhy do lenders time…
and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. Lending to the Borrower from Hell looks at one famous case—the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, Mauricio Drelichman and Hans-Joachim Voth analyze the lessons from this important historical example.Using detailed new evidence collected from sixteenth-century archives, Drelichman and Voth examine the incentives and returns of lenders. They provide powerful evidence that in the right situations, lenders not only survive despite defaults—they thrive. Drelichman and Voth also demonstrate that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The authors unearth unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times.A fascinating story of finance and empire, Lending to the Borrower from Hell offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.Social and Economic Networks
Par Matthew O. Jackson. 2008
Networks of relationships help determine the careers that people choose, the jobs they obtain, the products they buy, and how…
they vote. The many aspects of our lives that are governed by social networks make it critical to understand how they impact behavior, which network structures are likely to emerge in a society, and why we organize ourselves as we do. In Social and Economic Networks, Matthew Jackson offers a comprehensive introduction to social and economic networks, drawing on the latest findings in economics, sociology, computer science, physics, and mathematics. He provides empirical background on networks and the regularities that they exhibit, and discusses random graph-based models and strategic models of network formation. He helps readers to understand behavior in networked societies, with a detailed analysis of learning and diffusion in networks, decision making by individuals who are influenced by their social neighbors, game theory and markets on networks, and a host of related subjects. Jackson also describes the varied statistical and modeling techniques used to analyze social networks. Each chapter includes exercises to aid students in their analysis of how networks function. This book is an indispensable resource for students and researchers in economics, mathematics, physics, sociology, and business.Heaven's Door: Immigration Policy and the American Economy
Par George J. Borjas. 1999
The U.S. took in more than a million immigrants per year in the late 1990s, more than at any other…
time in history. For humanitarian and many other reasons, this may be good news. But as George Borjas shows in Heaven's Door, it's decidedly mixed news for the American economy--and positively bad news for the country's poorest citizens. Widely regarded as the country's leading immigration economist, Borjas presents the most comprehensive, accessible, and up-to-date account yet of the economic impact of recent immigration on America. He reveals that the benefits of immigration have been greatly exaggerated and that, if we allow immigration to continue unabated and unmodified, we are supporting an astonishing transfer of wealth from the poorest people in the country, who are disproportionately minorities, to the richest. In the course of the book, Borjas carefully analyzes immigrants' skills, national origins, welfare use, economic mobility, and impact on the labor market, and he makes groundbreaking use of new data to trace current trends in ethnic segregation. He also evaluates the implications of the evidence for the type of immigration policy the that U.S. should pursue. Some of his findings are dramatic: Despite estimates that range into hundreds of billions of dollars, net annual gains from immigration are only about $8 billion. In dragging down wages, immigration currently shifts about $160 billion per year from workers to employers and users of immigrants' services. Immigrants today are less skilled than their predecessors, more likely to re-quire public assistance, and far more likely to have children who remain in poor, segregated communities. Borjas considers the moral arguments against restricting immigration and writes eloquently about his own past as an immigrant from Cuba. But he concludes that in the current economic climate--which is less conducive to mass immigration of unskilled labor than past eras--it would be fair and wise to return immigration to the levels of the 1970s (roughly 500,000 per year) and institute policies to favor more skilled immigrants.Macroeconomic Theory: A Dynamic General Equilibrium Approach - Second Edition
Par Michael Wickens. 2012
The definitive graduate textbook on modern macroeconomicsMacroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second…
edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field. It is the perfect resource for students and researchers seeking coverage of the most current developments in macroeconomics.Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, and exchange-rate determination. There is also an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. In this edition, he also examines issues raised by the most recent financial crisis, and two new chapters explore banks, financial intermediation, and unconventional monetary policy, as well as modern theories of unemployment. There is new material in most other chapters, including macrofinance models and inflation targeting when there are supply shocks. While the mathematics in the book is rigorous, the fundamental concepts presented make the text self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory is the standard book on the subject for students and economists.The most up-to-date graduate macroeconomics textbook available todayGeneral equilibrium macroeconomics and the latest advances covered fully and completelyTwo new chapters investigate banking and monetary policy, and unemploymentAddresses questions raised by the recent financial crisisWeb-based exercises with answersExtensive mathematical appendix for at-a-glance easy referenceThis book has been adopted as a textbook at the following universities:American UniversityBentley CollegeBrandeis UniversityBrigham Young UniversityCalifornia Lutheran UniversityCalifornia State University - SacramentoCardiff UniversityCarleton UniversityColorado CollegeFordham UniversityLondon Metropolitan UniversityNew York UniversityNortheastern UniversityOhio University - Main CampusSan Diego State UniversitySt. Cloud State UniversityState University Of New York - Amherst CampusState University Of New York - Buffalo North CampusTemple University - MainTexas Tech UniversityUniversity of AlbertaUniversity Of Notre DameUniversity Of OttawaUniversity Of PittsburghUniversity Of South Florida - TampaUniversity Of TennesseeUniversity Of Texas At DallasUniversity Of WashingtonUniversity of Western OntarioWesleyan UniversityWestern Nevada Community CollegeLecture Notes in Microeconomic Theory: The Economic Agent - Second Edition
Par Ariel Rubinstein. 2012
Ariel Rubinstein's well-known lecture notes on microeconomics—now fully revised and expandedThis book presents Ariel Rubinstein's lecture notes for the first…
part of his well-known graduate course in microeconomics. Developed during the fifteen years that Rubinstein taught the course at Tel Aviv University, Princeton University, and New York University, these notes provide a critical assessment of models of rational economic agents, and are an invaluable supplement to any primary textbook in microeconomic theory.In this fully revised and expanded second edition, Rubinstein retains the striking originality and deep simplicity that characterize his famously engaging style of teaching. He presents these lecture notes with a precision that gets to the core of the material, and he places special emphasis on the interpretation of key concepts. Rubinstein brings this concise book thoroughly up to date, covering topics like modern choice theory and including dozens of original new problems.Written by one of the world's most respected and provocative economic theorists, this second edition of Lecture Notes in Microeconomic Theory is essential reading for students, teachers, and research economists.Fully revised, expanded, and updatedRetains the engaging style and method of Rubinstein's well-known lecturesCovers topics like modern choice theoryFeatures numerous original new problems—including 21 new review problemsSolutions manual (available only to teachers) can be found at: http://gametheory.tau.ac.il/microTheory/.The Social Life of Money
Par Nigel Dodd. 2016
A reevaluation of what money is—and what it might beQuestions about the nature of money have gained a new urgency…
in the aftermath of the global financial crisis. Even as many people have less of it, there are more forms and systems of money, from local currencies and social lending to mobile money and Bitcoin. Yet our understanding of what money is—and what it might be—hasn't kept pace. In The Social Life of Money, Nigel Dodd, one of today’s leading sociologists of money, reformulates the theory of the subject for a postcrisis world in which new kinds of money are proliferating.What counts as legitimate action by central banks that issue currency and set policy? What underpins the right of nongovernmental actors to create new currencies? And how might new forms of money surpass or subvert government-sanctioned currencies? To answer such questions, The Social Life of Money takes a fresh and wide-ranging look at modern theories of money.One of the book’s central concerns is how money can be wrested from the domination and mismanagement of banks and governments and restored to its fundamental position as the "claim upon society" described by Georg Simmel. But rather than advancing yet another critique of the state-based monetary system, The Social Life of Money draws out the utopian aspects of money and the ways in which its transformation could in turn transform society, politics, and economics. The book also identifies the contributions of thinkers who have not previously been thought of as monetary theorists—including Nietzsche, Benjamin, Bataille, Deleuze and Guattari, Baudrillard, Derrida, and Hardt and Negri. The result provides new ways of thinking about money that seek not only to understand it but to change it.Brand it Like Serhant: Stand Out From the Crowd, Build Your Following and Earn More Money
Par Ryan Serhant. 2024
Bestselling author of Sell it Like Serhant and Big Money Energy and real estate, television, and media icon Ryan Serhant…
shares his proven, three-step strategy to build your brand from scratchBrand is everything. Whether you're a real estate broker, a hair stylist, or a freelance contractor, your end goal is the same: get leads and generate new business. You want people to think of you the split second they consider looking for a new apartment, getting highlights, or finally redoing that guest bathroom. And while building a brand from scratch sounds daunting, the authentic you is already a brand - you just might not know it yet.Brand It Like Serhant guides you through the exact same strategy that transformed SERHANT from that-broker-above-Burger Heaven into the most recognized real estate brand in the world. In Phase One, you'll discover your core identity, from your written brand statement to fonts, colours, posing for photos, and more. In Phase Two, you'll learn how to deliver consistent content - realistically, by understanding social platforms and making the right choices for your work. And in Phase Three, you'll shout it from the mountaintops: share your accolades, leverage growth, and achieve your full potential. Weaving interviews with household names like Gary Vee, Rebecca Minkoff, and Mark Manson, custom worksheets to get organized, and a case study of one person's progress through each chapter, Brand It Like Serhant is textbook, classroom, and teacher rolled into one. Start to finish, Ryan's actionable guide empowers you to build an authentic, enduring brand by becoming known for what you want to be known for - and skyrocket your career.Flip Your Life: How to Find Opportunity in Distress - in Real Estate, Business, and Life
Par Tarek El Moussa. 2024
Tarek El Moussa - known to millions as the star of Flip or Flop, Flipping 101 with Tarek El Moussa…
and The Flipping El Moussas - shows how the principles that make him such a successful house flipper can also be applied to improving your personal life.Tarek El Moussa is everywhere. With 1.3 million engaged social media followers and numerous hit HGTV shows, it will surprise fans to learn that it wasn't an easy road to the top. After seeing a promising baseball career end before it even began with a devastating shoulder injury, a young and aimless Tarek had no clue what he wanted to do with his life. So, he drank. Finally, one night, Tarek decided not to drink, and instead stepped outside to look at the night sky for the first time since he could remember. That was when he decided his life needed to change - a lot. And fast. In Flip Your Life, Tarek uses his story - that of a lost young man trying to find his way in the world - to take you through the steps that will help you achieve your own goals. Whether in real estate or life, Tarek reveals his proven four-step process: Evaluate Emulate Renovate DuplicateTarek shows you how to identify your goals, find the people to help you accomplish them, and then make those first steps with confidence. Along the way, he reveals the man behind the beloved HGTV persona, and sheds light for the first time on pivotal moments in his life, from the very early days of his real estate career, filming Flip or Flop with his ex-wife Christina, to his earth-shattering bouts with thyroid and testicular cancer, a crippling back injury, his subsequent addiction to steroids, and his long and hard-earned path to recovery. A natural coach and teacher, Tarek gives us a candid look behind the camera, making Flip Your Life a practical, easy-to-use guide to help you turn your life into a focused, meaningful, hugely fulfilling success story.Today's wine industry is characterized by regional differences not only in the wines themselves but also in the business models…
by which these wines are produced, marketed, and distributed. In Old World countries such as France, Spain, and Italy, small family vineyards and cooperative wineries abound. In New World regions like the United States and Australia, the industry is dominated by a handful of very large producers. This is the first book to trace the economic and historical forces that gave rise to very distinctive regional approaches to creating wine. James Simpson shows how the wine industry was transformed in the decades leading up to the First World War. Population growth, rising wages, and the railways all contributed to soaring European consumption even as many vineyards were decimated by the vine disease phylloxera. At the same time, new technologies led to a major shift in production away from Europe's traditional winemaking regions. Small family producers in Europe developed institutions such as regional appellations and cooperatives to protect their commercial interests as large integrated companies built new markets in America and elsewhere. Simpson examines how Old and New World producers employed diverging strategies to adapt to the changing global wine industry. Creating Wine includes chapters on Europe's cheap commodity wine industry; the markets for sherry, port, claret, and champagne; and the new wine industries in California, Australia, and Argentina.While America's relationship with Britain has often been deemed unique, especially during the two world wars when Germany was a…
common enemy, the American business sector actually had a greater affinity with Germany for most of the twentieth century. American Big Business in Britain and Germany examines the triangular relationship between the American, British, and German business communities and how the special relationship that Britain believed it had with the United States was supplanted by one between America and Germany.Volker Berghahn begins with the pre-1914 period and moves through the 1920s, when American investments supported German reconstruction rather than British industry. The Nazi seizure of power in 1933 led to a reversal in German-American relations, forcing American corporations to consider cutting their losses or collaborating with a regime that was inexorably moving toward war. Although Britain hoped that the wartime economic alliance with the United States would continue after World War II, the American business community reconnected with West Germany to rebuild Europe’s economy. And while Britain thought they had established their special relationship with America once again in the 1980s and 90s, in actuality it was the Germans who, with American help, had acquired an informal economic empire on the European continent.American Big Business in Britain and Germany uncovers the surprising and differing relationships of the American business community with two major European trading partners from 1900 through the twentieth century.The Macroeconomics of Decarbonisation: Implications and Policies
Par Null Grégory Claeys, null Marie Le Mouel, Null Simone Tagliapietra, null Guntram B. Wolff, Null Georg Zachmann. 2024
Decarbonisation is the reduction of carbon dioxide emissions using low carbon power sources, lowering output of greenhouse gasses into the…
atmosphere. This is essential to meet global temperature standards set by international climate agreements. To limit global warming to 1.5°C, hence avoiding the worst-case scenarios predicted by climate science, the world economy must rapidly reduce its emissions and reach climate neutrality within the next three decades. This will not be an easy journey. Shifting away from carbon-intensive production will require a historic transformation of the structure of our economies. Written by a team of academics linked to the European think tank Bruegel, The Macroeconomics of Decarbonisation provides a guide to the macroeconomic fundamentals of decarbonisation. It identifies the major economic transformations, both over the long- and short-run, and the roadblocks requiring policy intervention. It proposes a macroeconomic policy agenda for decarbonisation to achieve the climate goals of the international community.Krupp: A History of the Legendary German Firm
Par Harold James. 2012
A history of the steel and arms maker that came to symbolize the best and worst of modern German historyThe…
history of Krupp is the history of modern Germany. No company symbolized the best and worst of that history more than the famous steel and arms maker. In this book, Harold James tells the story of the Krupp family and its industrial empire between the early nineteenth century and the present, and analyzes its transition from a family business to one owned by a nonprofit foundation.Krupp founded a small steel mill in 1811, which established the basis for one of the largest and most important companies in the world by the end of the century. Famously loyal to its highly paid workers, it rejected an exclusive focus on profit, but the company also played a central role in the armament of Nazi Germany and the firm's head was convicted as a war criminal at Nuremberg. Yet after the war Krupp managed to rebuild itself and become a symbol of Germany once again—this time open, economically successful, and socially responsible.Books on Krupp tend to either denounce it as a diabolical enterprise or celebrate its technical ingenuity. In contrast, James presents a balanced account, showing that the owners felt ambivalent about the company's military connection even while becoming more and more entangled in Germany's aggressive politics during the imperial era and the Third Reich.By placing the story of Krupp and its owners in a wide context, James also provides new insights into the political, social, and economic history of modern Germany.Brand it Like Serhant: Stand Out From the Crowd, Build Your Following and Earn More Money
Par Ryan Serhant. 2024
Bestselling author of Sell it Like Serhant and Big Money Energy and real estate, television, and media icon Ryan Serhant…
shares his proven, three-step strategy to build your brand from scratchBrand is everything. Whether you're a real estate broker, a hair stylist, or a freelance contractor, your end goal is the same: get leads and generate new business. You want people to think of you the split second they consider looking for a new apartment, getting highlights, or finally redoing that guest bathroom. And while building a brand from scratch sounds daunting, the authentic you is already a brand - you just might not know it yet.Brand It Like Serhant guides you through the exact same strategy that transformed SERHANT from that-broker-above-Burger Heaven into the most recognized real estate brand in the world. In Phase One, you'll discover your core identity, from your written brand statement to fonts, colours, posing for photos, and more. In Phase Two, you'll learn how to deliver consistent content - realistically, by understanding social platforms and making the right choices for your work. And in Phase Three, you'll shout it from the mountaintops: share your accolades, leverage growth, and achieve your full potential. Weaving interviews with household names like Gary Vee, Rebecca Minkoff, and Mark Manson, custom worksheets to get organized, and a case study of one person's progress through each chapter, Brand It Like Serhant is textbook, classroom, and teacher rolled into one. Start to finish, Ryan's actionable guide empowers you to build an authentic, enduring brand by becoming known for what you want to be known for - and skyrocket your career.Food Fights over Free Trade: How International Institutions Promote Agricultural Trade Liberalization
Par Christina L. Davis. 2003
This detailed account of the politics of opening agricultural markets explains how the institutional context of international negotiations alters the…
balance of interests at the domestic level to favor trade liberalization despite opposition from powerful farm groups. Historically, agriculture stands out as a sector in which countries stubbornly defend domestic programs, and agricultural issues have been the most frequent source of trade disputes in the postwar trading system. While much protection remains, agricultural trade negotiations have resulted in substantial concessions as well as negotiation collapses. Food Fights over Free Trade shows that the liberalization that has occurred has been due to the role of international institutions. Christina Davis examines the past thirty years of U.S. agricultural trade negotiations with Japan and Europe based on statistical analysis of an original dataset, case studies, and in-depth interviews with over one hundred negotiators and politicians. She shows how the use of issue linkage and international law in the negotiation structure transforms narrow interest group politics into a more broad-based decision process that considers the larger stakes of the negotiation. Even when U.S. threats and the spiraling budget costs of agricultural protection have failed to bring policy change, the agenda, rules, and procedures of trade negotiations have often provided the necessary leverage to open Japanese and European markets. This book represents a major contribution to understanding the negotiation process, agricultural politics, and the impact of international institutions on domestic politics.Scholars and statesmen have debated the influence of international commerce on war and peace for thousands of years. Over the…
centuries, analysts have generally treated the questions "Does international commerce influence security?" and "Do trade flows influence security?" as synonymous. In Producing Security, Stephen Brooks maintains that such an overarching focus on the security implications of trade once made sense but no longer does. Trade is no longer the primary means of organizing international economic transactions; rather, where and how multinational corporations (MNCs) organize their international production activities is now the key integrating force of global commerce. MNC strategies have changed in a variety of fundamental ways over the past three decades, Brooks argues, resulting in an increased geographic dispersion of production across borders. The author shows that the globalization of production has led to a series of shifts in the global security environment. It has a differential effect on security relations, in part because it does not encompass all countries and industries to the same extent. The book's findings indicate that the geographic dispersion of MNC production acts as a significant force for peace among the great powers. The author concludes that there is no basis for optimism that the globalization of production will promote peace elsewhere in the world. Indeed, he finds that it has a net negative influence on security relations among developing countries.The Quest for Prosperity: How Developing Economies Can Take Off - Updated Edition
Par Justin Yifu Lin. 2015
Justin Yifu Lin's groundbreaking account of how developing countries can help themselves—now fully updatedHow can developing countries grow their economies?…
Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin—the first non-Westerner to be chief economist of the World Bank—focuses on what developing nations can do to help themselves. Lin examines how the countries that have succeeded in developing their own economies have actually done it. Interwoven with insights, observations, and stories from Lin’s travels as chief economist of the World Bank and his reflections on China’s rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.Investors and Markets: Portfolio Choices, Asset Prices, and Investment Advice (Princeton Lectures in Finance #3)
Par William F. Sharpe. 2006
In Investors and Markets, Nobel Prize-winning financial economist William Sharpe shows that investment professionals cannot make good portfolio choices unless…
they understand the determinants of asset prices. But until now asset-price analysis has largely been inaccessible to everyone except PhDs in financial economics. In this book, Sharpe changes that by setting out his state-of-the-art approach to asset pricing in a nonmathematical form that will be comprehensible to a broad range of investment professionals, including investment advisors, money managers, and financial analysts. Bridging the gap between the best financial theory and investment practice, Investors and Markets will help investment professionals make better portfolio choices by being smarter about asset prices. Based on Sharpe's Princeton Lectures in Finance, Investors and Markets presents a method of analyzing asset prices that accounts for the real behavior of investors. Sharpe makes this technique accessible through a new, one-of-a-kind computer program (available for free on his Web site, at http://www.stanford.edu/~wfsharpe/apsim/index.html) that enables users to create virtual markets, setting the starting conditions and then allowing trading until equilibrium is reached and trading stops. Program users can then analyze the final portfolios and asset prices, see expected returns, and measure risk. In addition to popularizing the most sophisticated form of asset-price analysis, Investors and Markets summarizes much of Sharpe's most important previous work and reflects a lifetime of thinking about investing by one of the leading minds in financial economics. Any serious investment professional will benefit from Sharpe's unique insights.