Drawing on the innovative concept of Organizational IQ and a study of companies in seventeen countries, Survival of the Smartest charts a course for managers to follow into the twenty first century.

At the heart of the book is the authors' assessment tool of an organization's future health, which they call Organizational IQ. It measures a company's ability to quickly process information and make effective decisions. As industry clockspeeds accelerate everywhere, a high IQ has become a prerequisite for survival. Low IQ companies that the authors studied, on the other hand, have...

Liquidity and Asset Prices reviews the literature that studies the relationship between liquidity and asset prices. The authors review the theoretical literature that predicts how liquidity affects a security's required return and discuss the empirical connection between the two. Liquidity and Asset Prices surveys the theory of liquidity-based asset pricing followed by the empirical evidence. The theory section proceeds from basic models with exogenous holding periods to those that incorporate additional elements of risk and endogenous holding periods. The empirical section reviews the...

Hedge Funds summarizes the academic research on hedge funds and commodity trading advisors. The hedge fund industry has grown tremendously over the recent years. According to some industry estimates, hedge funds have increased from $39 million in 1990 to about $972 million in 2004 and the total number of hedge funds has gone up from 610 to 7,436 over the same period. At the same time, hedge fund strategies have changed significantly. In 1990 the macro strategy dominated the industry while in 2004 the equity hedge strategy had the largest share of the market. There has also been a shift in the...

This book presents the theory and evidence on the effect of market liquidity and liquidity risk on asset prices and on overall securities market performance. Illiquidity means incurring a high transaction cost, which includes a large price impact when trading and facing a long time to unload a large position. Liquidity risk is higher if a security becomes more illiquid when it needs to be traded in the future, which will raise trading cost. The book shows that higher illiquidity and greater liquidity risk reduce securities prices and raise the expected return that investors require as...

This book presents the theory and evidence on the effect of market liquidity and liquidity risk on asset prices and on overall securities market performance. Illiquidity means incurring a high transaction cost, which includes a large price impact when trading and facing a long time to unload a large position. Liquidity risk is higher if a security becomes more illiquid when it needs to be traded in the future, which will raise trading cost. The book shows that higher illiquidity and greater liquidity risk reduce securities prices and raise the expected return that investors require as...

Das Informations-Zeitalter bringt dramatischen betrieblichen Wandel. Mit ihrem Konzept eines Organisations-IQ entwickeln die Autoren quantitative Instrumente, um festzustellen, wie Organisationen Informationen aufnehmen und ihre Informations-Architektur aufbauen. Mit vielen Fallstudien.