rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    title: Wall Street revalued
    sub title: imperfect markets and inept central bankers
  name:
    name part: Smithers, Andrew.
    role:
      role term: creator
  type of resource: text
  genre: bibliography
  genre: Electronic books.
  origin info:
    place:
      place term: enk
    place:
      place term: Chichester, West Sussex, UK
    publisher: Wiley
    date issued: 2009
    issuance: monographic
  language:
    language term: eng
  physical description:
    form: remote
    extent: 1 online resource (x, 246 pages, 32 unnumbered pages of plates) : illustrations (some color), charts, plates
  abstract: In Wall Street revalued, leading analyst and bestselling author of Valuing Wall Street, Andrew Smithers presents a new way to value asset prices. Indifference to overvalued asset prices by investors, central banks and much of the financial press is the root cause of the current crisis. Bubbles in stock markets, house prices and financial assets cause huge damage when they fall, not only to their owners, but also to the world economy. An understanding of how to value assets is thus vital for managing the economy as well as for investors. This book explains how assets can be valued and shows how much incorrect and inaccurate information is published on the subject and how to spot this. Among investment bankers and financial journalists the two most common claims to value are, as Andrew shows, unadulterated lies. One of these is that "Shares are cheap given the level of current (or forecast) PE multiples" and the other is that "Shares are cheap relative to interest rates." Andrew also explains how asset prices affect the economy and how central banks lose their ability to stabilise it when bubbles collapse. The denial that markets can be valued has caused great damage. Markets are not perfectly efficient, nor are they are irrational casinos. This book sets out a new model for understanding the limited efficiency of financial markets, which is the key condition for improving investment and economic management today.
  table of contents: Introduction -- Synopsis -- Interest rate levels and the stock market -- Interest rate changes and share price changes -- Household savings and the stock market -- A moderately rather than a perfectly efficient market -- The efficient market hypothesis -- Testing the imperfectly efficient market hypothesis -- Other claims for valuing equities -- Forecasting returns without using value -- Valuing stock markets by hindsight combined with subsequent returns -- House prices -- The price of liquidity -- the return for holding illiquid assets -- The return on equities and the return on equity portfolios -- The general undesirability of leveraging equity portfolios -- A rare exception to the rule against leverage -- Profits are overstated -- Intangibles -- Accounting issues -- The impact of q -- Problems with valuing the markets of developing economics -- Central banks' response to asset prices -- The response to asset prices from investors, fund managers and pension consultants -- International imbalances -- Summing up -- Appendix 1: Sources and obligations -- Appendix 2: Glossary of terms -- Appendix 3: Interest rates, profits and share prices by James Mitchell -- Appendix 4: Examples of the current (trailing) and next year's (prospective) PEs giving misleading guides to value -- Appendix 5: Real returns from equity markets comparing 1899-1954 with 1954-2008 -- Appendix 6: Errors in inflation expectations and the impact on bond returns by Stephen Wright and Andrew Smithers -- Appendix 7: An algebraic demonstration that negative serial correlation can make the leverage of an equity portfolio unattractive -- Appendix 8: Correlations between international stock markets.
  note: Andrew Smithers.
  note: Includes bibliographical references and index.
  subject:
    geographic code: n-us---
  subject:
    topic: Banks and banking, Central
    geographic: United States
  subject:
    topic: Capital market
    geographic: United States
  subject:
    topic: Finance
    geographic: United States
  subject:
    topic: Monetary policy
    geographic: United States
  classification: HG4910 .S565 2009eb
  classification: 332.04150973
  related item:
    title info:
      title: Wall Street revalued
    name:
      name part: Smithers, Andrew.
    origin info:
      publisher: Chichester, West Sussex, UK : Wiley, 2009
    identifier: (DLC) 2009019921
  identifier: 9781119207016
  identifier: 1119207010
  identifier: 9780470682692
  identifier: 0470682698
  identifier: 1282291602
  identifier: 9781282291607
  identifier: 9780470750056
  identifier: 0470750057
  identifier: 229160 MIL
  identifier: 31595F95-E729-4D33-A836-DD528A6F5DDA OverDrive, Inc.
  identifier: http://proxy.library.tamu.edu/login
  record info:
    record content source: NhCcYBP
    record creation date: 090521
    record change date: 20260214211145.2
    record identifier: in00004684830
    language of cataloging:
      language term: eng