tailieunhanh - Facts and Fictions in The Securities Industry

Thesecurities industryworldwide is constructedupon the quicksandof self-delusionand socially-acceptable confabulations. These serve to holdtogetherplayers and agents whose interests areboth disparate and diametricallyopposed. In thelong run, thesecurities markets arezero-sumgamesand the onlypossible outcome is win-lose. Thefirst "dirtysecret"is that afirm's market capitalizationoften stands in inverseproportionto its value and valuation(as measured byanobjective,neutral, disinterestedparty). This is trueespeciallywhen agents (management) arenot also principals(owners). . | Facts and Fictions in The Securities Industry 1st EDITION Sam Vaknin . Editing and Design Lidija Rangelovska Lidija Rangelovska A Narcissus Publications Imprint Skopje 2009 Not for Sale Non-commercial edition. 2002 2009 Copyright Lidija Rangelovska. All rights reserved. This book or any part thereof may not be used or reproduced in any manner without written permission from Lidija Rangelovska - write to palma@ Visit the Author Archive of Dr. Sam Vaknin in Central Europe Review http authorarchives vaknin archive vaknin Visit Sam Vaknin s United Press International UPI Article Archive - Click HERE World in Conflict and Transition http Created by LIDIJA RANGELOVSKA REPUBLIC OF MACEDONIA C O N T E N T S I. Introduction II. The Value of Stocks of a Company III. The Process of Due Diligence IV. Financial Investor Strategic Investor V. The Myth of the Earnings Yield VI. Technical vs. Fundamental Analysis of Stocks VII. Volatility and Risk VIII. The Bursting Asset Bubbles IX. The Future of the SEC X. Privatizing with Golden Shares XI. The Future of the Accounting Profession XII. The Economics of Expectations XIII. Anarchy as an Organizing Principle XIV. The Pricing of Options XV. The Fabric of Economic Trust XVI. The Distributive Justice of the Market XVII. Notes on the Economics of Game Theory XVIII. The Spectrum of Auctions XIX. Distributions to Partners and Shareholders XX. Moral Hazard and the Survival Value of Risk XXI. The Agent-Principal Conundrum XXII. Trading in Sovereign Promises XXIII. Portfolio Management Theory XXIV. Going Bankrupt in the World XXV. The .