Indian Institute of Management-Ahmedabad Doctoral Colloquium | INOMICS - Jobs for Economists. Economics Conferences, Courses and Papers.

Indian Institute of Management-Ahmedabad Doctoral Colloquium | INOMICS - Jobs for Economists. Economics Conferences, Courses and Papers.

Conference takes place:
Jan 07, 2012 - Jan 08, 2012

Paper Submission Deadline:
Sep 30, 2011

Ahmedabad, India

The IIM-A Dcotoral Colloquium is a forum to initiate networking amidst management researchers, share knowledge and learn from each other, and to explore emerging areas of research in management. Participants can send papers in the domain of Agriculture, Business Policy, Economics, Finance & Accounting, Information Systems, Marketing, Organizational Behavior, Personnel & Industial Relations, Production & Quantitative techniques, Public Policy and Public Systems

http://www.iima-dc.in/

Micro-mismatch - Indian Express

Micro-mismatch - Indian Express

RCOM and R-Infra out of sensex - The Times of India

RCOM and R-Infra out of sensex - The Times of India

My Collections

Rose

Pine Trees

Rose

Rose

Rose Bud

Rose 

Interest in science, specifically fields such as quantum mechanics and relativity.

Watch TV serial :  The Science of Star Trek

Read Book : The Physics of Star Trek

JMulTi Time Series Analysis with Java

The topics include VAR, VEC, SVAR, SVEC, STR and nonparametric time series modelling. All examples in the book (Applied Time Series Econometrics) can be reproduced with JMulTi. 

Contributors are Jörg Breitung, Ralf Brüggemann, Helmut Herwartz, Markus Krätzig, Helmut Lütkepohl, Timo Teräsvirta, and Rolf Tschernig.

Free download JMulTi

Don't tell others and keep quite secret become a case in insider trading.

UNITED STATES of America, v. Robert CHESTMAN,

Facts :

Robert Chestman is a stockbroker. Keith Loeb first sought Chestman's services in 1982, when Loeb decided to consolidate his and his wife's holdings in Waldbaum, Inc. (Waldbaum), a publicly traded company that owned a large supermarket chain. During their initial meeting, Loeb told Chestman that his wife was a grand-daughter of Julia Waldbaum, a member of the board of directors of Waldbaum and the wife of its founder. Julia Waldbaum also was the mother of Ira Waldbaum, the president and controlling shareholder of Waldbaum. From 1982 to 1986, Chestman executed several transactions involving Waldbaum restricted and common stock for Keith Loeb. To facilitate some of these trades, Loeb sent Chestman a copy of his wife's birth certificate, which indicated that his wife's mother was Shirley Waldbaum Witkin.

On November 21, 1986, Ira Waldbaum agreed to sell Waldbaum to the Great Atlantic and Pacific Tea Company (A & P). The resulting stock purchase agreement required Ira to tender a controlling block of Waldbaum shares to A & P at a price of $50 per share. Ira told three of his children, all employees of Waldbaum, about the pending sale two days later, admonishing them to keep the news quiet until a public announcement. He also told his sister, Shirley Witkin, and nephew, Robert Karin, about the sale, and offered to tender their shares along with his controlling block of shares to enable them to avoid the administrative difficulty of tendering after the public announcement. He cautioned them "that [the sale was] not to be discussed," that it was to remain confidential.

In spite of Ira's counsel, Shirley told her daughter, Susan Loeb, on November 24 that Ira was selling the company. Shirley warned Susan not to tell anyone except her husband, Keith Loeb, because disclosure could ruin the sale. The next day, Susan told her husband about the pending tender offer and cautioned him not to tell anyone because "it could possibly ruin the sale."

The following day, November 26, Keith Loeb telephoned Robert Chestman at 8:59 a.m. Unable to reach Chestman, Loeb left a message asking Chestman to call him "ASAP." According to Loeb, he later spoke with Chestman between 9:00 a.m. and 10:30 a.m. that morning and told Chestman that he had "some definite, some accurate information" that Waldbaum was about to be sold at a "substantially higher" price than its market value. Loeb asked Chestman several times what he thought Loeb should do. Chestman responded that he could not advise Loeb what to do "in a situation like this" and that Loeb would have to make up his own mind.

That morning Chestman executed several purchases of Waldbaum stock. At 9:49 a.m., he bought 3,000 shares for his own account at $24.65 per share. Between 11:31 a.m. and 12:35 p.m., he purchased an additional 8,000 shares for his clients' discretionary accounts at prices ranging from $25.75 to $26.00 per share. One of the discretionary accounts was the Loeb account, for which Chestman bought 1,000 shares.

Before the market closed at 4:00 p.m., Loeb claims that he telephoned Chestman a second time. During their conversation Loeb again pressed Chestman for advice. Chestman repeated that he could not advise Loeb "in a situation like this," but then said that, based on his research, Waldbaum was a "buy." Loeb subsequently ordered 1,000 shares of Waldbaum stock.

Chestman presented a different version of the day's events. Before the SEC and at trial, he claimed that he had purchased Waldbaum stock based on his own research. He stated that his purchases were consistent with previous purchases of Waldbaum stock and other retail food stocks and were supported by reports in trade publications as well as the unusually high trading volume of the stock on November 25. He denied having spoken to Loeb about Waldbaum stock on the day of the trades.

At the close of trading on November 26, the tender offer was publicly announced. Waldbaum stock rose to $49 per share the next business day.

Read complete case analysis  

Another Link

Principal Component Analysis vs. Exploratory Factor Analysis

A good material discussion on difference between Principal Component Analysis vs.  Factor Analysis from Diana D. Suhr, University of Northern Colorado. 

Investment Lecture Notes from JohnH Cochran

This is very good lecture note on investment science for the students in Finance and Economics. The note start from return calculation to options including optimization, fixed income, probability and matrix algebra.

A tutorial on Principal Components Analysis

A good tutorial on Principal Components Analysis (PCA) from Lindsay I Smith.[Link] 

"traditional" or "classical theory" of insider trading and "misappropriation theory"

The "traditional" or "classical theory" of insider trading liability, §10(b) and Rule 10b-5 are violated when a corporate insider trades in the securities of his corporation on the basis of material, nonpublic information. Trading on such information qualifies as a "deceptive device" under §10(b), we have affirmed, because "a relationship of trust and confidence [exists] between the shareholders of a corporation and those insiders who have obtained confidential information by reason of their position with that corporation."

The "misappropriation theory" holds that a person commits fraud "in connection with" a securities transaction, and thereby violates §10(b) and Rule 10b-5, when he misappropriates confidential information for securities trading purposes, in breach of a duty owed to the source of the information. Under this theory, a fiduciary's undisclosed, self serving use of a principal's information to purchase or sell securities, in breach of a duty of loyalty and confidentiality, defrauds the principal of the exclusive use of that information. In lieu of premising liability on a fiduciary relationship between company insider and purchaser or seller of the company's stock, the misappropriation theory premises liability on a fiduciary turned trader's deception of those who entrusted him with access to confidential information.

The two theories are complementary, each addressing efforts to capitalize on nonpublic information through the purchase or sale of securities. The classical theory targets a corporate insider's breach of duty to shareholders with whom the insider transacts; the misappropriation theory outlaws trading on the basis of nonpublic information by a corporate "outsider" in breach of a duty owed not to a trading party, but to the source of the information. The misappropriation theory is thus designed to "protec[t] the integrity of the securities markets against abuses by `outsiders' to a corporation who have access to confidential information that will affect th[e] corporation's security price when revealed, but who owe no fiduciary or other duty to that corporation's shareholders.

Read the classic case of "misappropriation theory" of insider trading : 

UNITED STATES, PETITIONER v. JAMES HERMAN O'HAGAN

 

The Profitability of day traders

According to Jordan and Diltz (2003) , aspiring and novice day traders should give careful consideration to why they think they will be among the 20% who were marginally profitable.  In their study they found that 60%-70% of day traders lose money and most of them due to transaction cost.  Also advices to tyro traders that in the initial stage of trading (learning stage) take small positions and keep losses small.

Identifying Terrain Features On A Map

A very nice work to understand the terrain futures on map. [Link]

Sebi allows market-making

Sebi allows market-making in illiquid equity derivatives

Interested in technical analysis and trading.

here are some videos from Market Technician's Association - MTA (UK Chapter) meeting. 

Are you bored ?

Nice book to read when you have nothing to do. I recommend this book for kids when they get bored.
1001 Things to Do When There's Nothing to Do by Louise Colligan And Linda Aber

Greek second bailout

The European Union is urgently working on a second bailout package for Greece in a race to release vital loans next month and avert the risk of the euro zone country defaulting, Reuters

Latex Tips

The standard Table of content (TOC) in LaTex doesn't include other pages like , Declaration, Certificate, etc..  So to add additional pages in the TOC use the syntax given below just above the corresponding contents in LaTex document.

\clearpage
\phantomsection
\addcontentsline{toc}{chapter}{Declaration}



  

Latex Ideas

You can use \vspace*{20 mm} instead of \vspace{20 mm} for forced vertical alignment.  This will be useful when you creating certificate or declaration page in a latex report style .

Latex Ideas

How add a blank page after title page.
Most of the thesis kept a blank page after the title page.  There is way to use Latex command to keep the same (Blank page)  in your report.
Try these commands

\thispagestyle{empty}
\clearpage\mbox{}\clearpage

IPO - TIMBOR HOME LIMITED

• The price band has fixed between Rs 54 and Rs 63 per equity share.
• The minimum bid lot will be 90 equity shares and in multiples of 90 equity shares thereafter.
• The issue will close on June 2, 2011

http://www.timborhome.com/
http://www.nse-india.com/

Yelagiri Hills

Yelagiri is a hill station / village in Vellore district of Tamil Nadu, India, situated off the Vaniyambadi-Tirupattur road. Located at an altitude of 1,410 metres above Mean Sea Level and spread across 30 km2, the Yelagiri village (also spelt Elagiri at times) is surrounded by orchards, rose-gardens, and green valleys. [wikipedia]. There are 14 hairpin bends towards hills and it is fun to drive.

Road to the Yelagiri

Driveway

Paragliding

Boating at Yelagiri Lake

Funny Board Sign

Weaver Bird Nest

Pine Trees

at boat house

Hairpin bend

Driveway

Indicators and latent variables

In social science most of the the concepts are abstract and because of abstract concept (eg: Individual attitudes) makes the empirical research imperfect. So researchers choose indicator variable (other names : proxy,scales,scores etc)  for latent variable (variable for which no ideal measure). There is nice summary on the choice of indicator variable and its properties here.

Google starts imagery collection for Street View in Bangalore

link

Is Internet companies are at boom ?

After LinkedIn IPO , the most popular gaming site Zynga planning to go for IPO and others like  Music-streaming service Pandora Media Inc. is already on file to go public, as is HomeAway Inc., an online vacation- rental site. Cloudary Corp., a Chinese Internet company, announced plans for its U.S. IPO. Link

Watch. Practice. Learn almost anything—for free.

Khan Academy is an amazing work from Salman Khan.  He is genius and his videos have been helping me so much, I've learnt a lot and also you can. Subscribe to Khan Academy or YouTube.

Why forbid insider trading?

When insider trade on the secondary market, they serve to feed their knowledge into prices, thus making markets more efficient.  Ajay Sha, 25 March 1998

C A Yoonus in Acknowledgement

Finally, I (Ratul Lahkar) thank C.A. Yoonus for expert research assistance in programming the numerical simulations in this paper,The dynamic instability of dispersed price equilibria,2011,Journal of Economic Theory,Article in Press.

The Computer and the Brain

John von Neumann's views on the analogies between computing machines and the living human brain. "The Computer and the Brain" is a record of a lecture series that von Neumann delivered at Yale University in 1957,but never was, due to Von Neumann's tragic untimely death in his early fifties. I recommend this book for those who are interested in the intersection of computing science and brain research should read this short and sharp book.

Modeling with ODEs in Matlab

Modeling with ODEs in Matlab – Part 1

Estimating the Returns to Insider Trading

Jeng et al (2003) in their paper shows that insider purchases earn abnormal returns 52 to 68 basis points per month with statistically significant. The most of the returns (50%) comes with in one month (they considered total holding period of six month) after insider purchases.  This evidence suggests that insider buying has good opportunity of short term developments with in their firm and the followers whose trades move the market. So if you want make abnormal return of 6% per year (3% per year by closing the position with in month) follow the stocks in which insider buying.

Leslie A. Jeng, Andrew Metrick, and Richard Zeckhauser, May 2003,
Estimating the returns to insider trading: A performance-evaluation perspective
Review of Economics and Statistics,85(2): 453:471

The stock market Bibles from Benjamin Graham

These books are considered to be the immortal  for Wall Street investors in value investing.

• Security Analysis: The Classic 1934 Edition by  Benjamin Graham and David Dodd
• The Intelligent Investor by Benjamin Graham and Jason Zweig 

The Data Page

A Large bundle of data set useful for corporate finance and valuation which include beta, cash flow estimation, growth rate ,risk premium, valuation multiples for different industries in different countries (Including emerging market). Most of the data you can download in excel and use it for daily  research and valuation. I found this page is very useful researcher's in the filed of economics and finance and also people who are working in the area of corporate finance and valuation. 

Industrial Location under Globalisation in India

A Book in the field of geoeconomics in special attention to Unorganised Manufacturing Industries in India :
Industrial Location under Globalisation in India : Evidence from Unorganised Manufacturing Industries  

Author  :  Dilip Saikia, Doctoral Student at IFMR, Chennai

You can buy the book from VDM Verlag Dr. Mülle

President Obama's Asset Allocation

All the President's Money: Where the Obamas Invested in 2010

Greg Mankiw's Blog

Original article from Yahoo Finance

The world's most dangerous border

The world's most dangerous border
To reduce the risk of terror, the West must help defuse tension between India and Pakistan

Link 

MATLAB Computational Finance Virtual Conference

MATLAB Computational Finance Virtual Conference
Strategies for Risk, Trading, Economics, and Portfolio Analysis
9 June 2011
Time: 7:00 a.m. – 5:00 p.m. (Eastern Daylight Time)
13:00 – 23:00 (Central Europe Time)

Registration

Is Insider Trading to be legalized ?

The question to ask whether insider trading to be legal or not.  Survey of the debate regarding the issue on legalizing insider trading is available at Bainbridge (2000).

Corporate & Securities Articles for 2010

Here are the list Corporate Practice Commentator's "Top 10" Corporate &  Securities Articles for 2010 from  http://www.professorbainbridge.com/

MATLAB Learning

Test your basic knowledge in MATLAB (Introductory level).  Download sample question and enjoy.
 The question paper was prepared for the course, Introduction to MATLAB for the students of PGDM- Financial Engineering at IFMR, Chennai.

Logit and Probit Model in MS Excel

Example file shows that how to estimate the parameter for Logit/Probit Model using Solver in MS Excel under maximum likelihood approach. Download

Ref : Page 671, Econometric Analysis, William H Greene, (2004).