The Liquidity Theory of Asset Prices资产价值的流动性理论 epub 下载 pdf 网盘 2025 mobi 在线 免费

Professional investors are bombarded on a day to day basis with assertions about the role liquidity is playing and will play in determining prices in the financial markets. Few, if any, of the providers or recipients of such advice can truly claim to understand the well–springs of such liquidity and the transmission mechanisms through which it impacts asset prices.

This groundbreaking new book explores the belief that at the core of liquidity there is a force which exerts individuals to effect a financial transaction when they would not otherwise do so.

Understanding this force of compulsion is a key to understanding a financial market when it appears to be behaving irrationally. This book will enable new and seasoned investors to develop an understanding of the factors, so that costly mistakes can be avoided without the lesson of experience.

Foreword by Russell Napier.

Acknowledgements.

About the Authors.

List of Tables, Figures and Charts.

Introduction.

PART Ⅰ: THE LIQUIDITY THEORY.

　1 Types of Trades in Securities.

　2 Persistent Liquidity Trades.

　3 Extrapolative Expectations.

　4 Discounting Liquidity Transactions.

　5 Cyclical Changes Associated with Business Cycles.

　6 Shifts in the Savings Demand for Money.

PART Ⅱ: FINANCIAL BUBBLES AND DEBT DEFLATION.

　7 Financial Bubbles.

　8 Debt Deflation.

PART Ⅲ: ELABORATION.

　9 Creation of Printing-press Money.

　10 Control of Fountain-pen Money and the Counterparts of Broad Money.

　11 Modern Portfolio Theory and the Nature of Risk.

　12 Technical Analysis and Crowds.

　13 The Intuitive Approach to Asset Prices.

　14 Forms of Analysis.

PART Ⅳ: EVIDENCE AND PRACTICAL EXAMPLES.

　15 The UK Markets Prior to 1972.

　16 The US Equity Market 1960–2002.

　17 Two Forecasts.

　18 Debt Deflation, Practical Experience.

PART Ⅴ MONITORING DATA.

　19 Monitoring Current Data for the Monetary Aggregates.

　20 Monitoring Data for the Supply of Money.

　21 The Different Sectors of the Economy.

Conclusions.

Glossary.

References.

Index.

Gordon Pepper has the unusual combination of an economics degree from Cambridge and actuarial training. Immediately after he finished taking examinations, he became a dealer on the Floor of the London Stock Exchange. His ‘postgraduate university’ was th

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