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Financial Crises: the Economics of Creative Destruction
The (Political and Financial) Economics of Technological Transformation Dr. W. H. Janeway Faculty of Economics/University of Cambridge Warburg Pincus 5 June 2019 Economic Growth as an Evolutionary Process: I “Different abilities to innovate and imitate are central aspects and drivers of industrial evolution, shaping the patterns of growth, decline and exit over populations of competing firms, as well as the opportunities of entry of new firms….evolutionary processes driven by the twin forces of (often mistake-ridden) idiosyncratic learning by persistently heterogeneous firms…and (imperfect) market selection delivering prices and penalties – in terms of profits, possibilities of growth, and survival probabilities – across such heterogeneous corporate populations….” (G. Dosi and Nelson, R.R., “Technical Change and Industrial Dynamics as Evolutionary Processes,” in B. Hall and Rosenberg, N. (eds.) Handbook of the Economics of Innovation (Amsterdam, Elsevier, 2010) p. 113) 2 Economic Growth as an Evolutionary Process: II “We have…here the basic ingredients of an evolutionary interpretation of economic growth and development. Such an evolutionary account…would highlight the significant differences in the rates of progress at any time across different technologies and industries….[A]n important underlying variable seems to be the strength of the scientific fields that illuminate the technologies used in an area of practice….[P]rogress within a field of technology tends to become more narrowly focused and to slow down as the technology matures. While repressed in neoclassical growth theory, the process of economic growth as we have historically experienced it has been driven by the continuing introduction of new products and new technologies, and the continuing shifting of resources from older industries where the rate of advance has slowed down to new industries….” (Dosi and Nelson, p. -
The Cryptocurrency Fever and the Bubble Risk
Department of Political Science Course of Politics, Philosophy and Economics The cryptocurrency fever and the bubble risk Prof. Massimo Egidi Ludovica Morra, ID No. 086932 a SUPERVISOR CANDIDATE Academic Year 2019 - 2020 Alla mia mamma e al mio papà. Incondizionatamente presenti. Ai miei amici, che hanno saputo rispettare il mio silenzio e riempirlo con tanto chiasso. Alle cose che mi hanno portato qui e a quelle che verranno. 2 Index 1. From the “money formula” to cryptocurrency ................................................................................. 4 1.1 Money as a collective agreement based on supervised trust ...................................................... 4 1.2 Cryptocurrency Overview .......................................................................................................... 6 1.3 Adapting the money formula to cryptocurrencies...................................................................... 7 1.4 The Cryptocurrency speculative risk – The 2016 Nigerian case study ...................................... 9 2. Bubbles........................................................................................................................................... 13 2.1 What is a bubble ....................................................................................................................... 13 2.2 Bubble root causes ................................................................................................................... 16 2.2.1 Trust and market expectations ......................................................................................... -
Cambridge University Press 978-1-108-42125-6 — Boom and Bust William Quinn , John D
Cambridge University Press 978-1-108-42125-6 — Boom and Bust William Quinn , John D. Turner Index More Information Index 1720 bubbles outside of Britain, France or role in the South Sea Bubble, 24, 37 the Netherlands, 31 Bank of International Settlements, 141 Bank of Japan, 137, 142, 146, 148 Abbott, Chief Justice, 46 banking crisis. See financial crisis academic theories of bubbles during and Banks and Currency Amendment Statute after the Dot-Com Bubble, 167–9 1887, 92 Accles, Ltd., 102–3 Banque Générale. See General Bank Act to restore the publick Credit 1721, 28 Banque Royale. See General Bank Ahern, Bertie, 171 Bear Stearns, 178 algorithmic trading, 215 Berners-Lee, Tim, 153 Amazon.com, 160 Big Four Japanese securities companies, America Online, 157, 160, 163 140, 146 American International Group (AIG), Birmingham Small Arms, 111 178–9 bitcoin, 210–11 Andreesen, Marc, 153, 167 Black Thursday, 24 October 1929, 123–4, Anglo Irish Bank, 180 126 Argus, 81, 87 blockchain, 210–11 austerity Bloomberg Television, 158 after the Japanese bubbles, 148 Bretton Woods System, 136 Australasian Insurance and Banking Record, brewery boom of the 1890s, 111 78, 85, 86, 87 Brodzky, Maurice, 88 broker loans bank failures. See financial crisis in relation to the 1920s stock market Bank of Australasia, the, 93 bubble, 123, 128, 130 Bank of England in relation to the Chinese bubbles, 205–7 in relation to the British Bicycle Mania, in relation to the Dot-Com Bubble, 162 108 regulation of after the 1920s stock market in relation to the financial crisis of 1825, -
The Next Bubble?
ERASMUS UNIVERSITY ROTTERDAM Erasmus School of Economics Bachelor Thesis Economics and Business Economics UNICORNS: THE NEXT BUBBLE? Author: N.B.M. Blom Student number: 482537 Thesis supervisor: Dr. J. Lemmen Second assessor: Dr. R. Cox Finish date: August 2020 The views stated in this thesis are those of the author and not necessarily those of the supervisor, second assessor, Erasmus School of Economics or Erasmus University Rotterdam. Abstract The current stock market, that is experiencing all-time low interest rates, provides a great environment for a potential asset price bubble to develop. As a consequence, venture capital-backed start-up companies reach billion dollar valuation in a short period of time. The development of these unicorn companies shows great resemblance to the events that led to the dot-com bubble of the late 1990s. This research attempts to fill the gap in the empirical literature, by assessing the extent to which unicorns exhibit similar characteristics to historical asset price bubbles, like the dot-com bubble. A multivariate regression model and propensity score matching method indicate that unicorns experience a higher degree of underpricing than non-unicorns at their initial public offering with up to 23 percent larger returns. Right-tailed forward recursive augmented Dickey-Fuller tests detect explosive price behavior in stocks of unicorns and this explosiveness appears to be positively related to trading volume and price volatility. The unicorn events show great analogy to the dot-com bubble of the late 1990s, which strengthens the presumption that an asset price bubble is emerging in the current stock market. Keywords: Asset price bubble, Unicorns, Venture capital, Underpricing, Explosive price behavior JEL Classification: G01, G12, G24, G32, G41 2 Table of contents Abstract .................................................................................................................................................. -
Cambridge University Press 978-1-108-47127-5 — Doing Capitalism in the Innovation Economy 2Nd Edition Index More Information
Cambridge University Press 978-1-108-47127-5 — Doing Capitalism in the Innovation Economy 2nd Edition Index More Information INDEX 3D-prototyping, 295, 296 Age of Jackson, The (Schlesinger), 248 agency problem, 236 9/11 attacks, 326 features of, 115 index funds and, 116 Accenture (formerly Andersen rise of equity-based compensation, Consulting), 112 115–117 accounting agent-based models, 40, 356 generally accepted accounting agent-based simulation models, principles (GAAP), 67 39–42, 356 marking illiquid assets to “fair Aghion, Philippe, 191, 305–306 value”, 94 agricultural research, 42 New Deal and, 283 Airbnb, xxvi, xxix, 295, post-bubble enhanced requirements, 91 296, 301 Acemoglu, Daron, 346, 348 network externalities, 297 Adams, John Quincy, 245, 249 Akerlof, George, 351–352 Adaptive Markets (Lo), 366 Albertini, Nancy, 128 Adaptive Markets Hypothesis, 366–368 Alex. Brown, 52, 122 Adler, Fred, 124 Alibaba, 92, 344 author and, 56, 72–73 Aliber, Robert, 177, 178–179 Bethesda Research Laboratories and, Allen, Franklin, 178 59–61 Alphabet, xxviii, 63, 136, 314, 361 career of, 51–52 alternative-energy ventures, 89 Daisy Systems and, 52 Amazon, xxviii, 63, 92, 147, 151, 213, on cash flow, 52, 67 223, 229, 296, 314, 361 on fixed costs, 67 Amazon Web Services, 312 Admati, Anat, 234 American Bell Company, 225 ADR (Applied Data Research), 118–119 American Economic Review, 198 Advanced Research Projects Agency. See American Finance Association, 197 ARPA American Marconi, 228 Affordable Care Act, xxiii, 327 American Monetary Policy, 1929–1941 launch -
6047C446600bd.Pdf
y k y cm VOLUME 10, ISSUE 337 | www.orissapost.com BHUBANESWAR | WEDNESDAY, MARCH 10 | 2021 12 PAGES | `4.00 y k my c ANNIE MURPHY WANTS KENDALL JENNER ‘BADLY’ WEDNESDAY | MARCH 10 | 2021 | BHUBANESWAR WOODY ALLEN IN JAIL WANTS TO HAVE BABIES Emmy Award-winning actress Annie Murphy has Reality TV star and model Kendall Jenner wants to aired her views on the nearly 30-year-long feud follow the footsteps of her sisters and become a between filmmaker Woody Allen and Mia Farrow, parent as soon as possible. The 25-year-old following the sexual abuse allegations against expressed her desire to become a mother in the y leisure Allen levelled by Farrow. She urged American teaser clip of the final season of the reality show, k y m authorities to send the 85-year-old Allen to jail. Keeping Up With The Kardashians. c FORTUNE FORECAST VAANI SETS Ayushmann wants to TEMPERATURES ARIES work with new makers Ganesha sees a wonder- Mumbai: Actor Ayushmann looking to bring a fresh voice and and character choices.” ful time ahead for you. Today, you will meet SOARING IN Khurrana has a penchant at dis- a different vision to our cinema,” Ayushmann has worked with many people who will prove reliable and covering clutter-breaking Ayushmann said. He added: “Young, debutant directors like Sharat trustworthy in the future. You aim to films and roles. For this, he first-time filmmakers are looking Kataria, Hitesh Kewalya, Raaj think and work perfectly. For that, says has to look out for new sto- to make a mark in the industry Shaandilyaa, RS Prasanna, Akshay Ganesha, you will have to remain your rytellers.