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"A rare analytical look at the financial crisis using simple analysisThe economic crisis that began in 2008 revealed the numerous problems in our financial system, from the way mortgage loans were produced to the way Wall Street banks leveraged themselves. Curiously enough, however, most of the reasons for the banking collapse are very similar to the reasons that Long-Term Capital Management (LTCM), the largest hedge fund to date, collapsed in 1998. The Crisis of Crowding looks at LTCM in greater detail, with new information, for a more accurate perspective, examining how the subsequent hedge funds started by Meriwether and former partners were destroyed again by the lapse of judgement in allowing Lehman Brothers to fail. Covering the lessons that were ignored during LTCM's collapse but eventually connected to the financial crisis of 2008, the book presents a series of lessons for hedge funds and financial markets, including touching upon the circle of greed from homeowners to real estate agents to politicians to Wall Street. Guides the reader through the real story of Long-Term Capital Management with accurate descriptions, previously unpublished data, and interviews Describes the lessons that hedge funds, as well as the market, should have learned from LTCM's collapse Explores how the financial crisis and LTCM are a global phenomena rooted in failures to account for risk in crowded spaces with leverage Explains why quantitative finance is essential for every financial institution from risk management to valuation modeling to algorithmic trading Is filled with simple quantitative analysis about the financial crisis, from the Quant Crisis of 2007 to the failure of Lehman Brothers to the Flash Crash of 2010 A unique blend of storytelling and sound quantitative analysis, The Crisis of Crowding is one of the first books to offer an analytical look at the financial crisis rather than just an account of what happened. Also included are a layman's guide to the Dodd-Frank rules and what it means for the future, as well as an evaluation of the Fed's reaction to the crisis, QE1, QE2, and QE3"--

A rare analytical look at the financial crisis using simple analysis The economic crisis that began in 2008 revealed the numerous problems in our financial system, from the way mortgage loans were produced to the way Wall Street banks leveraged themselves. Curiously enough, however, most of the reasons for the banking collapse are very similar to the reasons that Long-Term Capital Management (LTCM), the largest hedge fund to date, collapsed in 1998. The Crisis of Crowding looks at LTCM in greater detail, with new information, for a more accurate perspective, examining how the subsequent hedge

AbstractThe objective of this paper is to explore and identify inflation as it is embedded in a broad range of asset classes beyond simply TIPS, oil, gold and real estate. The analysis is conducted primarily from the perspective of investors in a range of countries that span the developed and emerging world including resource intense economies and those that have previously experienced hyperinflation. We find that an investor who is looking for a reasonable positive real return of 4.5% while minimizing the downside risk with respect to inflation will have an allocation that consists primarily of short‐term bonds, longer‐term bonds, some gold, some oil, and some emerging market equities. The weight of gold and oil together is less than 10% of the portfolio and is not always relevant for all countries. We find that achieving stable real returns during hyperinflationary periods is virtually impossible without access to a vast array of short‐term fixed income instruments. Despite this, the out‐of‐sample performance of the real return optimizations is quite promising, providing an emulative inflation protection strategy for international investors of all sorts.

Da das höchste erreichte Bildungsniveau in deutschen Umfragen gewöhnlich durch spezifisch deutsche Schul- und Ausbildungsabschlüsse erfasst wird, sind die entsprechenden Fragebogenitems für Personen mit ausländischen Abschlüssen oftmals schwer zu beantworten. Dieser Beitrag gibt einen Überblick über verschiedene Ansätze zur Messung von Bildung bei Personen mit ausländischen Bildungsabschlüssen, insbes. Zugewanderten, und ihre Eignung für verschiedene Erhebungssituationen. Zunächst wird die Codierung der Bildungsvariablen thematisiert. Diese orientiert sich entweder am deutschen Bildungssystem oder an Klassifikationen, die für den internationalen Vergleich entwickelt wurden. Auch die Herleitung von Bildungsjahren ist eine Möglichkeit, die Daten vergleichbar zu codieren. Dann werden verschiedene Erhebungsinstrumente vorgestellt, die das Problem auf unterschiedliche Art und Weise zu lösen versuchen: die Verwendung deutscher Standarditems, die Verwendung generischer Antwortkategorien, die Verwendung herkunftslandsspezifischer Antwortkategorien, und der Einsatz eines datenbankbasierten Tools. Die Lösungen, die im Sozio-oekonomischen Panel (SOEP) und im Rahmen der National Education Panel Study (NEPS) entwickelt wurden, werden ausführlich dargestellt. Zum Schluss werden weiterhin bestehende Interpretationsprobleme und Einschränkungen diskutiert, die auch die Passung des Indikators "höchster Bildungsabschluss" für verschiedene theoretische Konzepte bei Migrantinnen und Migranten betreffen.