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This book seeks to develop the intertemporal approach into an empirical paradigm that can compete with the standard mean-variance analysis.
About this book
Academic finance has had a remarkable impact on many financial services. Yet long-term investors have received curiously little guidance from academic financial economists. Mean-variance analysis, developed almost fifty years ago, has provided a basic paradigm for portfolio choice. This approach usefully emphasizes the ability of diversification to reduce risk, but it ignores several critically important factors. Most notably, the analysis is static; it assumes that investors care only about risks to wealth one period ahead. However, many investors—-both individuals and institutions such as charitable foundations or universities—-seek to finance a stream of consumption over a long lifetime. In addition, mean-variance analysis treats financial wealth in isolation from income. Long-term investors typically receive a stream of income and use it, along with financial wealth, to support their consumption. At the theoretical level, it is well understood that the solution to a long-term portfolio choice problem can be very different from the solution to a short-term problem. Long-term investors care about intertemporal shocks to investment opportunities and labor income as well as shocks to wealth itself, and they may use financial assets to hedge their intertemporal risks. This should be important in practice because there is a great deal of empirical evidence that investment opportunities—-both interest rates and risk premia on bonds and stocks—-vary through time. Yet this insight has had little influence on investment practice because it is hard to solve for optimal portfolios in intertemporal models. This book seeks to develop the intertemporal approach into an empirical paradigm that can compete with the standard mean-variance analysis. The book shows that long-term inflation-indexed bonds are the riskless asset for long-term investors, it explains the conditions under which stocks are safer assets for long-term than for short-term investors, and it shows how labor income influences portfolio choice. These results shed new light on the rules of thumb used by financial planners. The book explains recent advances in both analytical and numerical methods, and shows how they can be used to understand the portfolio choice problems of long-term investors.
From a teacher's perspective, using this book in an advanced project management seminar challenges students to understand the application of these concepts.” —Alexander Walton, PMP, IT consultant to the University of California at ...
About this book
“…a well written and content rich book. From a teacher's perspective, using this book in an advanced project management seminar challenges students to understand the application of these concepts.” —Alexander Walton, PMP, IT consultant to the University of California at BerkeleyWidely acclaimed as one of the top agile books in its first edition, Project Management the Agile Way has now been updated and redesigned by popular demand. This second edition is in a modular format to facilitate training and advanced course instruction, and provides new coverage of agile, such as hybrid agile methods, the latest public sector practices, and a chapter dedicated to transitioning to agile. It discusses the “grand bargain” between project management and business; the shift in dominance from plans to product and from input to output; and introduces new concepts such as return on benefit.Experienced practitioners and students that want to learn how to make agile work effectively in the enterprise should read this book.Individuals preparing for the PMI Agile Certified Practitioner (PMI-ACP)®examination, and training providers developing courses, will find this second edition quite helpful.
This is paradoxical as the perceived invisibility of transportation is derived from its efficiency. Understanding how mobility is linked with geography is main the purpose of this book.
About this book
Mobility is fundamental to economic and social activities such as commuting, manufacturing, or supplying energy. Each movement has an origin, a potential set of intermediate locations, a destination, and a nature which is linked with geographical attributes. Transport systems composed of infrastructures, modes and terminals are so embedded in the socio-economic life of individuals, institutions and corporations that they are often invisible to the consumer. This is paradoxical as the perceived invisibility of transportation is derived from its efficiency. Understanding how mobility is linked with geography is main the purpose of this book. The third edition of The Geography of Transport Systems has been revised and updated to provide an overview of the spatial aspects of transportation. This text provides greater discussion of security, energy, green logistics, as well as new and updated case studies, a revised content structure, and new figures. Each chapter covers a specific conceptual dimension including networks, modes, terminals, freight transportation, urban transportation and environmental impacts. A final chapter contains core methodologies linked with transport geography such as accessibility, spatial interactions, graph theory and Geographic Information Systems for transportation (GIS-T). This book provides a comprehensive and accessible introduction to the field, with a broad overview of its concepts, methods, and areas of application. The accompanying website for this text contains a useful additional material, including digital maps, PowerPoint slides, databases, and links to further reading and websites. The website can be accessed at: http://people.hofstra.edu/geotrans This text is an essential resource for undergraduates studying transport geography, as well as those interest in economic and urban geography, transport planning and engineering.