Clive M. Corcoran's Books

Systemic Liquidity Risk and Bipolar Markets

Wealth Management in Today's Macro Risk On / Risk Off Financial Environment

By: Clive M. Corcoran

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Systemic Liquidity Risk and Bipolar Markets

Wealth Management in Today's Macro Risk On / Risk Off Financial Environment

By: Clive M. Corcoran

The dramatic and well chronicled crisis of 2007/8 marked a watershed moment for all stakeholders in global capital markets. In the aftermath, financial markets have become even more tightly coupled as correlations in returns across multiple asset classes have been at historically elevated levels. Investors and fund managers are, to a much larger degree than previously and often much more than they realize, subject to the risk of severe wealth destruction. The ultimate hazard, which is not adequately characterized by the widely touted notion of tail risk, is the systemic risk which arises when liquidity in markets completely evaporates. Not only did this happen in the second half of 2008, but it has been repeated episodically since then – most notably in May 2010, in an incident known as the Flash Crash, and in the fall of 2011 when correlations were at historically elevated levels. Conventional asset allocation tools and techniques have failed to keep apace with the changing financial landscape which has emerged since 2008. In addition to the preponderance of algorithmic trading and the associated changes in the liquidity characteristics of financial markets, a new paradigm of risk on/risk off asset allocation has emerged. Risk on/risk off is a widely adopted style of trading and macro allocation strategy where positions are taken in several closely aligned asset classes depending on the prevailing sentiment or appetite for risk. The consequences of the day to day (and intraday) switching between either a risk on or risk off tactical strategies poses significant new challenges to investors who are still making investment decisions with outmoded notions from traditional asset allocation theory. How can one cushion the impact of systemically threatening events when the ability to exit financial instruments becomes almost non existent? How can one trust the integrity of financial models and orthodox macro financial theory which have become increasingly discredited? Can central bankers be relied upon to become the counter-parties of last resort and provide a safety net under the financial system? These vital questions, and many others, need to be addressed by everyone who has a stake in modern financial markets, and they are addressed in Systemic Liquidity Risk and Bipolar Markets. Proper functioning markets require fractiousness or divided opinion, and this needs to be lubricated by communications from central bankers, economic forecasters, corporate executives and so on. As long as such messages and market conditions remain ambiguous, providing asymmetric information to different market players, then the conditions are present to enable systemic liquidity to be preserved. Seen in this context the prevailing paradigm of bipolar risk on/risk off asset allocations is both a prerequisite to liquid markets, and also paradoxically, when one side of the polarity becomes too extreme, a major source of systemic instability. Should such polarities become critically unbalanced, and should the signals received by market players become symmetrically disadvantageous as they were in the fall of 2008, then an even more substantial systemic liquidity crisis than that seen in those troubled times is a dangerous possibility. Apart from the practical risk management tools and tactics that are recommended in Systemic Liquidity Risk and Bipolar Markets, there is a provocative and cogent narrative to provide anxious and perplexed investors with a coherent explanation of the post GFC financial environment, and which should assist them in navigating the choppy waters ahead.

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Page Count

343

Publisher

John Wiley & Sons

Published Date

ISBN 10

1118410807

ISBN 13

9781118410806

Long/Short Market Dynamics

Trading Strategies for Today's Markets

By: Clive M. Corcoran

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Long/Short Market Dynamics

Trading Strategies for Today's Markets

By: Clive M. Corcoran

Hedge funds are now the largest volume players in the capital markets. They follow a wide assortment of strategies but their activities have replaced and overshadowed the traditional model of the long only portfolio manager. Many of the traditional technical indicators and commonly accepted trading strategies have become obsolete or ineffective. The focus throughout the book is to describe the principal innovations that have been made within the equity markets over the last several years and that have changed the ground rules for trading activities. By understanding these changes the active trader is far better equipped to profit in today’s more complex and risky markets. Long/Short Market Dynamics includes: A completely new technique, Comparative Quantiles Analysis, for identifying market turning points is introduced. It is based on statistical techniques that can be used to recognize money flow and price/momentum divergences that can provide substantial profit opportunities. Power laws, regime shifts, self-organized criticality, phase transitions, network dynamics, econophysics, algorithmic trading and other ideas from the science of complexity are examined. All are described as concretely as possible and avoiding unnecessary mathematics and formalism. Alpha generation, portfolio construction, hedge ratios, and beta neutral portfolios are illustrated with case studies and worked examples. Episodes of financial contagion are illustrated with a proposed explanation of their origins within underlying market dynamics

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Page Count

358

Publisher

John Wiley & Sons

Published Date

ISBN 10

0470065311

ISBN 13

9780470065310

Antibody Drug Discovery

By: Clive R. Wood

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Antibody Drug Discovery

By: Clive R. Wood

Antibody-based therapeutics are a central driver of the success of biopharmaceuticals. The discovery technology of this field is isolated to a limited number of centers of excellence in industry and academia. The objective of this volume is to provide a series of guides to those evaluating and preparing to enter particular areas within the field. Each chapter is written with a historical perspective that sets into context the significance of the key developments, and with the provision of “points to consider” for the reader as a value-added feature of the volume. All contributors are experts in their fields and have played pivotal roles in the creation of the technology.

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Page Count

490

Publisher

World Scientific

Published Date

ISBN 10

1848166281

ISBN 13

9781848166288

Long/Short Market Dynamics

Trading Strategies for Today's Markets

By: Clive M. Corcoran

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Long/Short Market Dynamics

Trading Strategies for Today's Markets

By: Clive M. Corcoran

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

358

Publisher

John Wiley & Sons

Published Date

ISBN 10

0470065311

ISBN 13

9780470065310

Book's by Clive M. Corcoran

Systemic Liquidity Risk and Bipolar Markets

Systemic Liquidity Risk and Bipolar Markets

Long/Short Market Dynamics

Long/Short Market Dynamics

Antibody Drug Discovery

Antibody Drug Discovery

Long/Short Market Dynamics

Long/Short Market Dynamics

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