Pandora’s Risk: Uncertainty at the Core of Finance
Kent Osband
eISBN: 9780231525411
2011 (304 pages 40 line drawings, 5 tables)
Available PDF Downloads
Complete Book Download
(pages 1-304)
Table of Contents
(pages 7-8)
Preface
(pages 9-14)
Acknowledgments
(pages 15-16)
List of Abbreviations
(pages 17-20)
1. Introduction
(pages 21-33)
2. The Ultimate Confidence Game
(pages 34-47)
3. Great Expectations
(pages 48-59)
4. Sustainable Debt
(pages 60-72)
5. The Midas Touch
(pages 73-85)
6. Safety in Numbers
(pages 86-98)
7. When God Changes Dice
(pages 99-111)
8. Credit-ability
(pages 112-124)
9. Insecuritization
(pages 125-138)
10. Risks in Value-at-Risk
(pages 139-151)
11. Resizing Risks
(pages 152-164)
12. Conclusions
(pages 165-176)
Appendix
(pages 177-282)
References
(pages 283-294)
Index
(pages 295-304)
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Pandora’s Risk: Uncertainty at the Core of Finance
Author of the acclaimed work Iceberg Risk: An Adventure in Portfolio Theory, Kent Osband argues that uncertainty is central rather than marginal to finance. Markets don't trade mainly on changes in risk. They trade on changes in beliefs about risk. In the process, markets unite, stretch, and occasionally defy beliefs.
Recognizing this would make a world of difference in investing. Belittling uncertainty has driven a rift between financial theory and practice and within finance theory itself. It has misguided regulation. It has stoked the greatest financial imbalances in world history.
Hoping to spark a revolution in the mindset of the investment professional, Osband recasts the market as a learning machine rather than a knowledge machine. The market continually errs, corrects itself, and makes new errors. Respecting that process without idolizing it will lead to wiser investment, trading, and regulation. With uncertainty embedded at its core, Osband's rational approach points to a finance theory worthy of twenty-first-century investing.
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Table of Contents
Pandora’s Risk: Uncertainty at the Core of Finance
Author(s):
Osband, Kent
Keyword(s):
Banking; Economics; cbsp; Business
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