Toward finance with meaning: the methodology of finance: what it is and what it can be
Gespeichert in:
Hauptverfasser: | , |
---|---|
Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Greenwich, Conn. ; London
Jai Press
1996
|
Schriftenreihe: | Contemporary studies in economic and financial analysis
80 |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | XX, 260 S. graph. Darst. |
ISBN: | 0762301635 |
Internformat
MARC
LEADER | 00000nam a2200000 cb4500 | ||
---|---|---|---|
001 | BV011228814 | ||
003 | DE-604 | ||
005 | 20090629 | ||
007 | t | ||
008 | 970304s1996 xxud||| |||| 00||| eng d | ||
020 | |a 0762301635 |9 0-7623-0163-5 | ||
035 | |a (OCoLC)35770867 | ||
035 | |a (DE-599)BVBBV011228814 | ||
040 | |a DE-604 |b ger |e rakddb | ||
041 | 0 | |a eng | |
044 | |a xxu |c XD-US | ||
049 | |a DE-384 |a DE-12 |a DE-521 |a DE-11 | ||
050 | 0 | |a HG173.F69 1996 | |
082 | 0 | |a 332 21 | |
082 | 0 | |a 332 |2 21 | |
084 | |a QL 000 |0 (DE-625)141690: |2 rvk | ||
084 | |a QP 700 |0 (DE-625)141926: |2 rvk | ||
100 | 1 | |a Frankfurter, George M. |d 1933- |e Verfasser |0 (DE-588)138538263 |4 aut | |
245 | 1 | 0 | |a Toward finance with meaning |b the methodology of finance: what it is and what it can be |c by George M. Frankfurter and Elton G. McGoun |
264 | 1 | |a Greenwich, Conn. ; London |b Jai Press |c 1996 | |
300 | |a XX, 260 S. |b graph. Darst. | ||
336 | |b txt |2 rdacontent | ||
337 | |b n |2 rdamedia | ||
338 | |b nc |2 rdacarrier | ||
490 | 1 | |a Contemporary studies in economic and financial analysis |v 80 | |
648 | 7 | |a Geschichte 1900-1996 |2 gnd |9 rswk-swf | |
650 | 7 | |a Finances - Histoire |2 ram | |
650 | 7 | |a Finances |2 ram | |
650 | 7 | |a Financiering |2 gtt | |
650 | 7 | |a Mathématiques financières |2 ram | |
650 | 7 | |a Risk management |2 gtt | |
650 | 7 | |a Risque |2 ram | |
650 | 4 | |a Geschichte | |
650 | 4 | |a Finance | |
650 | 4 | |a Finance |x History | |
650 | 4 | |a Risk | |
650 | 4 | |a Business mathematics | |
650 | 0 | 7 | |a Finanzierung |0 (DE-588)4017182-6 |2 gnd |9 rswk-swf |
650 | 0 | 7 | |a Portfolio Selection |0 (DE-588)4046834-3 |2 gnd |9 rswk-swf |
650 | 0 | 7 | |a Wirtschaftstheorie |0 (DE-588)4079351-5 |2 gnd |9 rswk-swf |
655 | 7 | |0 (DE-588)4143413-4 |a Aufsatzsammlung |2 gnd-content | |
689 | 0 | 0 | |a Portfolio Selection |0 (DE-588)4046834-3 |D s |
689 | 0 | |5 DE-604 | |
689 | 1 | 0 | |a Finanzierung |0 (DE-588)4017182-6 |D s |
689 | 1 | 1 | |a Wirtschaftstheorie |0 (DE-588)4079351-5 |D s |
689 | 1 | 2 | |a Geschichte 1900-1996 |A z |
689 | 1 | |5 DE-604 | |
700 | 1 | |a McGoun, Elton G. |d 1950- |e Verfasser |0 (DE-588)124671926 |4 aut | |
830 | 0 | |a Contemporary studies in economic and financial analysis |v 80 |w (DE-604)BV000001516 |9 80 | |
856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007534734&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
999 | |a oai:aleph.bib-bvb.de:BVB01-007534734 |
Datensatz im Suchindex
_version_ | 1804125728382386176 |
---|---|
adam_text | CONTENTS
Page
Preface xiii
SECTION 1. INTRODUCTION AND
PHILOSOPHICAL BACKGROUND
I. Introduction 3
Finance and Philosophy 4
Finance as Social Science 5
Finance Without Meaning 6
Toward Finance With Meaning 7
II. Scientism 9
Science as Philosophy 10
The Enlightenment 11
Medieval Scholasticism 11
The Philosophy of the Enlightenment 13
Post Empiricism 16
Conclusion 18
SECTION 2. THE METHODOLOGICAL FOUNDATIONS
OF FINANCIAL ECONOMICS
III. The Philosophical Justification: Friedman s Positivism 25
Logical Positivism 25
Friedmanian Positivism 2(
Data 27
Assumptions 29
Concluding Remarks 32
vii
viii / Contents
Page
IV. A Critique of Friedman s Positivism 35
Friedman and the Philosophy of Science 35
Poppern and Poppers 35
Popper and Friedman 36
The Pitfalls of Friedmanian Instrumentalism 38
Data 38
Cordelia s Dilemma 39
Data Mining 39
Data Snooping 40
Data Dredging 40
Data Conjuring 40
Data Storking 41
Assumptions 41
Summary 43
V. The Paradigms of Finance and their Evolution 45
Corporation Finance 47
The Irrelevance Contentions 47
The MM Theory of Cost of Capital—Irrelevance #1 47
Miller Modigliani Dividend Policy Theory—Irrelevance #2 49
Post—MM Theories of Cost of Capital 50
The Trade Off Theory 51
MM in General Equilibrium 52
Informational Asymmetry and Agency Theory 53
Ad Hoc Scenerios 54
An Organizational Theory of Capital Structure 55
Dividend Policy 56
Dividend Signaling 58
Agency Theory Explanations 58
Capital Asset Pricing 59
The F.MH 61
The APT 62
Other Pricing Models 65
Pricing of Contingent Claims 66
Market Micro Structure
SECTION 3. LOGICAL INCONSISTENCIES: THE CASE OF
FINANCE AND RISK
VI. Positive, Normative, and Useful Finance (or is it a Plane, 73
a Bird, a Man): The History of the CAPM
The Alternative CAPMs 74
Contents I ix
The Positive, and Normative CAPMs 76
CAPM U 77
The Predecessors of the CAPM 79
The Expected Return Variance Maxim 79
Testing the Normative Hypotheses 80
The Original CAPM 83
Tobin s Liquidity Preference Model 83
Sharpe s Original CAPM 84
The Maturing CAPM 86
Testing the CAPM 87
The CAPM Today 88
The Failure of the CAPM—P 88
More About the Useful CAPM 90
The Notoriety of the CAPM 92
The Sociological Explanation: Academics and Practitioners 92
The Psychological Explanation and
the Academic Community 94
VII. Risk, Uncertainty, and Probability: Language and Concepts 99
Finance, Language, and Translation 99
Probability Theories 102
The Theories Defined 102
The Theories Explained 103
The Theories and the Languages 106
The Probability Calculus and Economic Risk 109
The Concepts 109
The Concepts, the Theories, and the Languages 111
VIII. The History of Risk Measurement 115
Probability and Risk in Economics until 1930 116
Interest Before 1900 116
Excitement from 1900 to 1920 118
Caution from 1920 to 1930 121
The Rejection of Probabilistic Measurement of Risk 123
The Restoration of the Probabilistic Measurement of Risk 121
Hick s Initial Reaction 121
The First Austrian Assault 126
The Brief Skeptical Backlash 128
The Triumph of Statistical Measurement of Risk 130
The Final Solution 132
x / Contents
SECTION 4. PRACTICE AND LANGUAGE
Page
IX. The Language of Mathematics 139
Science and Mathematics 139
From Numerology to Science 139
From Science to Numerology 141
Mathematics in Theory Creation 142
Finance and Statistics 143
Hypothesis Testing in Event Studies 143
Problems with Statistical Significance 148
Other Problems with Statistical Significance 151
X. The Language of Finance: A Duality of Culture 157
Figures of Speech 157
The Jargon of the Street 157
Metaphors in Finance 159
Catch All Metaphors in Finance 162
Abnormal Returns—A Possible Mumpsimus? 162
The Dangerous Metaphor—The Implicit 165
Equilibrum Assumption 168
The Duality of the Language—Academic Finance and 169
Practitioner Finance 169
World View and Content 172
Method 174
Style 175
Conclusion 175
SECTION 5. THE SOCIOLOGY OF
FINANCIAL ECONOMICS
XI. How and Why this Happened 181
What is Useful and to Whom 182
If Practitioners Use It 182
If Academics Use It 184
The Rationale for the Positivist Methodology in Finance 185
XII. The Profession and Practice 189
A Model of Scientific Activity 190
The Elements 190
The Process 192
Modigliani and Miller: An Example 193
Influence on the Intellectual Environment 195
Contents I xi
The Process 195
Modigliani and Miller 195
Informal Extractions from the Environment 196
The Process 196
The Case of Financial Economics 198
Modigliani and Miller 199
The Influence on the External Environment 200
The Process in Financial Economics 200
Modigliani and Miller 202
Implications for Finance 203
Beyond Positivism 203
The Methology of Finance 204
Counterintuitive Macrobehavior 205
SECTION 6. FINANCE WITH MEANING
XIII. Meaning 211
Meaning 212
Structuralism 212
Hermeneutics 214
Critical Theory 216
Modernity and Post Modernity 218
XIV. Alternative Methods 223
The Quantitative Research Tradition 223
New Directions in Finance 229
Alternative Methods 2.31
Grounded field Theory 231
Ethnographic Analysis 233
Histoikal Techniques 234
Case Study Research 23 1
A tion Research 23 )
XV. Concluding Remarks 239
References 243
Index 2 )
|
any_adam_object | 1 |
author | Frankfurter, George M. 1933- McGoun, Elton G. 1950- |
author_GND | (DE-588)138538263 (DE-588)124671926 |
author_facet | Frankfurter, George M. 1933- McGoun, Elton G. 1950- |
author_role | aut aut |
author_sort | Frankfurter, George M. 1933- |
author_variant | g m f gm gmf e g m eg egm |
building | Verbundindex |
bvnumber | BV011228814 |
callnumber-first | H - Social Science |
callnumber-label | HG173 |
callnumber-raw | HG173.F69 1996 |
callnumber-search | HG173.F69 1996 |
callnumber-sort | HG 3173 F69 41996 |
callnumber-subject | HG - Finance |
classification_rvk | QL 000 QP 700 |
ctrlnum | (OCoLC)35770867 (DE-599)BVBBV011228814 |
dewey-full | 33221 332 |
dewey-hundreds | 300 - Social sciences |
dewey-ones | 332 - Financial economics |
dewey-raw | 332 21 332 |
dewey-search | 332 21 332 |
dewey-sort | 3332 221 |
dewey-tens | 330 - Economics |
discipline | Wirtschaftswissenschaften |
era | Geschichte 1900-1996 gnd |
era_facet | Geschichte 1900-1996 |
format | Book |
fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02477nam a2200637 cb4500</leader><controlfield tag="001">BV011228814</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20090629 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">970304s1996 xxud||| |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">0762301635</subfield><subfield code="9">0-7623-0163-5</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)35770867</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV011228814</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakddb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-384</subfield><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-11</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG173.F69 1996</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">332 21</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">332</subfield><subfield code="2">21</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QL 000</subfield><subfield code="0">(DE-625)141690:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QP 700</subfield><subfield code="0">(DE-625)141926:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Frankfurter, George M.</subfield><subfield code="d">1933-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)138538263</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Toward finance with meaning</subfield><subfield code="b">the methodology of finance: what it is and what it can be</subfield><subfield code="c">by George M. Frankfurter and Elton G. McGoun</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Greenwich, Conn. ; London</subfield><subfield code="b">Jai Press</subfield><subfield code="c">1996</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XX, 260 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">Contemporary studies in economic and financial analysis</subfield><subfield code="v">80</subfield></datafield><datafield tag="648" ind1=" " ind2="7"><subfield code="a">Geschichte 1900-1996</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Finances - Histoire</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Finances</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Financiering</subfield><subfield code="2">gtt</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Mathématiques financières</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Risk management</subfield><subfield code="2">gtt</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Risque</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Geschichte</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance</subfield><subfield code="x">History</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Risk</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Business mathematics</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Finanzierung</subfield><subfield code="0">(DE-588)4017182-6</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Portfolio Selection</subfield><subfield code="0">(DE-588)4046834-3</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Wirtschaftstheorie</subfield><subfield code="0">(DE-588)4079351-5</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4143413-4</subfield><subfield code="a">Aufsatzsammlung</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Portfolio Selection</subfield><subfield code="0">(DE-588)4046834-3</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="689" ind1="1" ind2="0"><subfield code="a">Finanzierung</subfield><subfield code="0">(DE-588)4017182-6</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="1"><subfield code="a">Wirtschaftstheorie</subfield><subfield code="0">(DE-588)4079351-5</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="1" ind2="2"><subfield code="a">Geschichte 1900-1996</subfield><subfield code="A">z</subfield></datafield><datafield tag="689" ind1="1" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">McGoun, Elton G.</subfield><subfield code="d">1950-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)124671926</subfield><subfield code="4">aut</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">Contemporary studies in economic and financial analysis</subfield><subfield code="v">80</subfield><subfield code="w">(DE-604)BV000001516</subfield><subfield code="9">80</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007534734&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-007534734</subfield></datafield></record></collection> |
genre | (DE-588)4143413-4 Aufsatzsammlung gnd-content |
genre_facet | Aufsatzsammlung |
id | DE-604.BV011228814 |
illustrated | Illustrated |
indexdate | 2024-07-09T18:06:10Z |
institution | BVB |
isbn | 0762301635 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007534734 |
oclc_num | 35770867 |
open_access_boolean | |
owner | DE-384 DE-12 DE-521 DE-11 |
owner_facet | DE-384 DE-12 DE-521 DE-11 |
physical | XX, 260 S. graph. Darst. |
publishDate | 1996 |
publishDateSearch | 1996 |
publishDateSort | 1996 |
publisher | Jai Press |
record_format | marc |
series | Contemporary studies in economic and financial analysis |
series2 | Contemporary studies in economic and financial analysis |
spelling | Frankfurter, George M. 1933- Verfasser (DE-588)138538263 aut Toward finance with meaning the methodology of finance: what it is and what it can be by George M. Frankfurter and Elton G. McGoun Greenwich, Conn. ; London Jai Press 1996 XX, 260 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Contemporary studies in economic and financial analysis 80 Geschichte 1900-1996 gnd rswk-swf Finances - Histoire ram Finances ram Financiering gtt Mathématiques financières ram Risk management gtt Risque ram Geschichte Finance Finance History Risk Business mathematics Finanzierung (DE-588)4017182-6 gnd rswk-swf Portfolio Selection (DE-588)4046834-3 gnd rswk-swf Wirtschaftstheorie (DE-588)4079351-5 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Portfolio Selection (DE-588)4046834-3 s DE-604 Finanzierung (DE-588)4017182-6 s Wirtschaftstheorie (DE-588)4079351-5 s Geschichte 1900-1996 z McGoun, Elton G. 1950- Verfasser (DE-588)124671926 aut Contemporary studies in economic and financial analysis 80 (DE-604)BV000001516 80 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007534734&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Frankfurter, George M. 1933- McGoun, Elton G. 1950- Toward finance with meaning the methodology of finance: what it is and what it can be Contemporary studies in economic and financial analysis Finances - Histoire ram Finances ram Financiering gtt Mathématiques financières ram Risk management gtt Risque ram Geschichte Finance Finance History Risk Business mathematics Finanzierung (DE-588)4017182-6 gnd Portfolio Selection (DE-588)4046834-3 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
subject_GND | (DE-588)4017182-6 (DE-588)4046834-3 (DE-588)4079351-5 (DE-588)4143413-4 |
title | Toward finance with meaning the methodology of finance: what it is and what it can be |
title_auth | Toward finance with meaning the methodology of finance: what it is and what it can be |
title_exact_search | Toward finance with meaning the methodology of finance: what it is and what it can be |
title_full | Toward finance with meaning the methodology of finance: what it is and what it can be by George M. Frankfurter and Elton G. McGoun |
title_fullStr | Toward finance with meaning the methodology of finance: what it is and what it can be by George M. Frankfurter and Elton G. McGoun |
title_full_unstemmed | Toward finance with meaning the methodology of finance: what it is and what it can be by George M. Frankfurter and Elton G. McGoun |
title_short | Toward finance with meaning |
title_sort | toward finance with meaning the methodology of finance what it is and what it can be |
title_sub | the methodology of finance: what it is and what it can be |
topic | Finances - Histoire ram Finances ram Financiering gtt Mathématiques financières ram Risk management gtt Risque ram Geschichte Finance Finance History Risk Business mathematics Finanzierung (DE-588)4017182-6 gnd Portfolio Selection (DE-588)4046834-3 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
topic_facet | Finances - Histoire Finances Financiering Mathématiques financières Risk management Risque Geschichte Finance Finance History Risk Business mathematics Finanzierung Portfolio Selection Wirtschaftstheorie Aufsatzsammlung |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007534734&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
volume_link | (DE-604)BV000001516 |
work_keys_str_mv | AT frankfurtergeorgem towardfinancewithmeaningthemethodologyoffinancewhatitisandwhatitcanbe AT mcgouneltong towardfinancewithmeaningthemethodologyoffinancewhatitisandwhatitcanbe |