This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances. Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life. The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, François Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser.

From the end of the nineteenth century until the onset of the Great Depression, Wall Street embarked on a stunning, unprecedented, and often bloody period of international expansion in the Caribbean. A host of financial entities sought to control banking, trade, and finance in the region. In the process, they not only trampled local sovereignty, grappled with domestic banking regulation, and backed US imperialism—but they also set the model for bad behavior by banks, visible still today. In Bankers and Empire, Peter James Hudson tells the provocative story of this period, taking a close look at both the institutions and individuals who defined this era of American capitalism in the West Indies. Whether in Wall Street minstrel shows or in dubious practices across the Caribbean, the behavior of the banks was deeply conditioned by bankers’ racial views and prejudices. Drawing deeply on a broad range of sources, Hudson reveals that the banks’ experimental practices and projects in the Caribbean often led to embarrassing failure, and, eventually, literal erasure from the archives.

This book, the product of a unique international scholarly collaboration sponsored jointly by the American Council of Learned Societies and the Soviet Academy of Sciences, provides a comprehensive survey on international banking from 1870 to 1914. In that period international investment reached dimensions previously unknown, and the banking systems of the world achieved a degree of internationalization without precedent. The book's authors, twenty-five scholars from fifteen countries, are the acknowledged experts in their fields. They detail the origin and development of internationally oriented banks in each major country, and explain their role in foreign investment and industrial finance. They look at all areas of the world that were involved in international investment, either as investors, recipients of investment, or both. The definitive work on international banking from 1870 to 1914, this book will interest scholars and students in financial and banking history, bankers and economists in the finanical industry, and general historians.

From the early 1870s until his death in 1902, John Mackay was among the richest men in the world and was without a doubt the wealthiest man to emerge from Nevada’s fabulous Comstock Lode. Author Michael J. Makley explores how, from his beginnings as a poor Irish immigrant, John Mackay developed a strong work ethic that distinguished him for the rest of his life. He came west to seek his fortune in the California Gold Rush and then moved on to Virginia City, Nevada, where he dealt in mining stocks and operated silver mines. After making a fortune in mining, he transferred his energies to banking and communications. John Mackay offers new insight into the life and achievements of this remarkable man. It also places Mackay in the broader context of his time, an era of robber barons and rampant corruption, rapidly advancing technology, national and international capitalism, and flagrant displays of newfound wealth. Even in this context, he stood out, not only for his contributions to Nevada and mining history, but also for his reputation as an important business leader fighting the consolidation and venality of corporate power in the Gilded Age. His actions freed the Comstock from a financial monopoly, resulting in moderated rates for the milling, timber, shipping, transportation, and water that made mining possible and precipitated the discovery and development of the ore field known as the “Big Bonanza.” Makley’s book recounts the life and career of one of the most successful men of his age, a capitalist of immense wealth who generously helped those around him and worked diligently in the public interest. This engaging biography will appeal to readers interested in the Comstock Lode and mining in the West during the latter part of the nineteenth century as well as general western history enthusiasts.

The sands are shifting in America's public consciousness. One action has torn the country apart in a debate over the meaning of right and wrong, and Reese Greenwood is not about to stand by as the American people support the rantings of a mad man. But how far will people go to take a stand for what they believe in? Told through the perspective of an underground rapper with a political bone to pick, Max Bemis' gripping story explores a scenario in which we watch modern society gradually evolve into an evil empire. Collects issues #5-8.

Sir Charles Bruce (1836-1920) was a civil servant and colonial administrator who served for thirty-six years in various administrative and governing roles in Mauritius, Sri Lanka, the West Indies and Guyana. These volumes, first published in 1910, contain Bruce's discussions of the major problems of colonial administration. He provides a detailed survey of the development of national and colonial policy from 1815 to 1868 and imperial policy from 1868 to 1872, illustrating the historical context of late nineteenth-century colonial administration. Bruce then discusses in detail topics of importance to colonial administrators, including Crown law, labour and health, illustrating solutions to problems from his considerable experience. These volumes were intended as a reference work for students of colonial administration, and provide a wealth of information on the organisation and administration of British colonies in the nineteenth century. Volume 2 contains his discussion of education, communications, the fiscal system and commerce.