Financial institutions
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Futures markets were started in Osaka, Japan in the 1600s to create an authoritative and meaningful market price for agricultural products, using standardized contracts. Since then, futures markets have been copied around the world to allow the hedging various future risks, financial and other. In the United States, the Chicago Mercantile Exchange and the Chicago Board of Trade have been the most popular futures trading markets. Although f...more
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Expert perspectives on the Financial Crisis and how to manage it.
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Professor Shiller provides a description of the course, Financial Markets, including administrative details and the topics to be discussed in each lecture. He briefly discusses the importance of studying finance and each key topic. Lecture topics will include: behavioral finance, financial technology, financial instruments, commercial banking, investment banking, financial markets and institutions, real estate, regulation, monetary policy,...more
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Portfolio Diversification and Supporting Financial Institutions (CAPM Model)
Yale / Entrepreneurship
Portfolio diversification is the most fundamental concept of risk management. The allocation of financial resources in stocks, bonds, riskless, assets, oil and other assets determine the expected return and risk of a portfolio. Taking account of covariances and expected returns, investors can create a diversified portfolio that maximizes expected return for a given level of risk. An important mission of financial institutions is to provide...more
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A series of 5 lectures from various economists and political analysts examining the roots, results, and responses to financial crises.
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Professor Costa conducts a conversation/discussion with General Sir Richard Dannatt, Former Chief of the General Staff, to examine the challenges of leadership at a time of financial and geo-political dislocation. General Sir Richard Dannatt KCB CBE MC ADC professional roles include: Former Chief of the General Staff; Constable of the Tower of London and Chairman of the Royal United Services Institute for Defence and Security Studies
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According to the rational expectations hypothesis, traders know the probabilities of future events, and value uncertain future payoffs by discounting their expected value at the riskless rate of interest. Under this hypothesis the best predictor of a firm's valuation in the future is its stock price today. In one famous test of this hypothesis, it was found that detailed weather forecasts could not be used to improve on contemporaneous ora...more
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Early Modern England: Politics, Religion, and Society under the Tudors and Stuarts (HIST 251) Professor Wrightson reviews the events leading up to the outbreak of the English civil wars and assesses the various historiographical interpretations that have been advanced to explain the war. He notes that while it is essential to appreciate the various long-term causes of the conflict, we must also recognize the role of contingency in the per...more
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Early Modern England: Politics, Religion, and Society under the Tudors and Stuarts (HIST 251)In this lecture, Professor Wrightson discusses the transformation of the English state in the twenty years following the Glorious Revolution of 1688. He examines the ambiguities of the Revolutionary Settlement which placed authority in William III and Mary II following the deposition/abdication of James II, and the manner in which parliamentary gov...more
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In order for Social Security to work, people have to believe there's some possibility that the world will last forever, so that each old generation will have a young generation to support it. The overlapping generations model, invented by Allais and Samuelson but here augmented with land, represents such a situation. Financial equilibrium can again be reduced to general equilibrium. At first glance it would seem that the model requires a s...more
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Until now, the models we've used in this course have focused on the case where everyone can perfectly forecast future economic conditions. Clearly, to understand financial markets, we have to incorporate uncertainty into these models. The first half of this lecture continues reviewing the key statistical concepts that we'll need to be able to think seriously about uncertainty, including expectation, variance, and covariance. We apply these...more
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Early Modern England: Politics, Religion, and Society under the Tudors and Stuarts (HIST 251)In this lecture Professor Wrightson provides an overview of central political issues of the reign of Queen Elizabeth I. He discusses the Queen's personal character and identity-forming experiences (and the challenges posed by her gender), the manner in which she interacted with her political advisors (notably William Cecil) and addresses the foreig...more
