Encyclopedia of Alternative Investments by Greg N. Gregoriou
By Greg N. Gregoriou
A pioneering reference crucial in any monetary library, the Encyclopedia of other Investments is the main authoritative resource on substitute investments for college students, researchers, and practitioners during this quarter. Containing 545 entries, the encyclopedia specializes in hedge cash, controlled futures, commodities, and enterprise capital. It positive aspects contributions from famous, revered lecturers and pros from worldwide. greater than a thesaurus, the ebook comprises educational references for cash managers and traders who are looking to comprehend the jargon and delve into the definitions. concerning the Editor Greg N. Gregoriou, Ph.D., is Professor of Finance within the university of industrial and Economics on the country collage of recent York, Plattsburgh, united states. A prolific writer, Dr. Gregoriou is hedge fund editor of the magazine of Derivatives and Hedge cash in addition to an article board member of the magazine of Wealth administration and the magazine of danger administration in monetary associations. His study basically specializes in hedge cash and controlled futures.
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Additional info for Encyclopedia of Alternative Investments
Dolvin Butler University Indianapolis, USA Ross et al. , IPO) 7/17/2008 10:59:53 AM 8 • Encyclopedia of Alternative Investments is initially sold to the public. Thus, aftermarket performance refers to the gain or loss associated with a security, subsequent to its issuance. The aftermarket can typically be viewed in three distinct phases. First, the initial return, or underpricing, refers to the aftermarket performance on the first day a security trades. This return varies over time with the general level of the market, but Loughran and Ritter (2005) find an average level for recent years is approximately 15%, although during the Internet bubble of 1998– 1999, average underpricing was over 65%.
On the other hand, if the price level is higher at the delivery point than at par location, the seller gets a premium. The futures contract specifies these discounts and premiums for delivering a nonpar commodity or delivering at a nonpar location. Flexibility on the delivery location and grade can increase the efficiency of futures markets by reducing the market manipulation opportunities. indd 13 of a certain variety or at a certain location (Lien and Tse, 2006). Due to this reason, Chicago Board of Trade gave up narrowly defined contracts in the nineteenth century.
The agent’s actions or the managerial effort e cannot be observed by the principal and cannot be deducible from the observation of π. The agency problem arises because there is a conflict between the interests of the principal-owner and those of the agent-manager. On the one hand, higher effort is costlier for the agent and the cost function is c(e), c′ > 0. On the other hand, higher managerial effort increases the probability of higher profits for the principal, that is, the first-order stochastic dominance property holds: F(πԽe) ≥ F(πԽe′), ∀e ∀ > e′, ∀ .