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Studies in New Economic Thinking Ser.: How Novelty and Narratives Drive the Stock Market : Black Swans, Animal Spirits and Scapegoats by Nicholas Mangee (2021, Hardcover)

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About this product

Product Identifiers

PublisherCambridge University Press

ISBN-101108838456

ISBN-139781108838450

eBay Product ID (ePID)6050088044

Product Key Features

Number of Pages300 Pages

LanguageEnglish

Publication NameHow Novelty and Narratives Drive the Stock Market : Black Swans, Animal Spirits and Scapegoats

SubjectFinance / General

Publication Year2021

TypeTextbook

Subject AreaBusiness & Economics

AuthorNicholas Mangee

SeriesStudies in New Economic Thinking Ser.

FormatHardcover

Dimensions

Item Height1.1 in

Item Length9.3 in

Item Width6.2 in

Additional Product Features

Intended AudienceScholarly & Professional

LCCN2021-024837

Reviews'This important book completes a project begun by Keynes long before The General Theory and overthrows the standard approach to uncertainty in economics. Its study of narratives, multiple equilibria, and use of machine learning to extract the contents of narratives from financial reporting is certain to be of wide interest and is a real contribution to economics.' George Akerlof, Nobel Laureate in Economics, 'Mangee provides a solid introduction to a novel approach to explaining equity instability.' Mark S. Rzepczynski, CFA Institute

Dewey Edition23

IllustratedYes

Dewey Decimal332.6019

Table Of ContentPart I. Novelty, Narratives and Instability: 1. Narrative finance and stock market novelty; 2. Unpredictably unstable; Part II. News Analytics as a Window into Stock Market Instability: 3. Narratology and other disciplines; 4. News anaytics: novelty, narratives and non-routine change; 5. The corporate Knightian uncertainty index; 6. KU Sentiment, novelty and relevance; 7. Diversity of corporate uncertainty events; 8. Macro versus micro novelty; Part III. Empirical Evidence for the Novelty-Narrative Hypothesis: 9. Corporate novelty and stock market outcomes; 10. Narrative intensity and stock market instability; 11. A manual novelty-narrative scapegoat analysis; 12. Applying novelty and narratives to other research; 13. The future of novelty, narratives and uncertainty in finance; 14. Concluding thoughts and future research; Appendices; Bibliography; Index.

Synopsis'Animal spirits' is a term that describes the instincts and emotions driving human behaviour in economic settings. In recent years, this concept has been discussed in relation to the emerging field of narrative economics. When unscheduled events hit the stock market, from corporate scandals and technological breakthroughs to recessions and pandemics, relationships driving returns change in unforeseeable ways. To deal with uncertainty, investors engage in narratives which simplify the complexity of real-time, non-routine change. This book assesses the novelty-narrative hypothesis for the U.S. stock market by conducting a comprehensive investigation of unscheduled events using big data textual analysis of financial news. This important contribution to the field of narrative economics finds that major macro events and associated narratives spill over into the churning stream of corporate novelty and sub-narratives, spawning different forms of unforeseeable stock market instability., This book is for researchers and finance practitioners with an interest in understanding stock market instability arising from the novelty of non-repetitive events and associated narrative dynamics through big data textual analysis of financial news reports.

LC Classification NumberHG4515.15.M363 2021